The Swiss Franc, the Perpetual Tariff on Rolex

Swiss franc per U.S. dollar (Source: LSEG)

Switzerland and the U.S. may have agreed in principle to cap American tariffs on Swiss exports at 15 percent, but the Swiss franc keeps rising as investors seek refuge not only in gold but also in Switzerland during times of geopolitical uncertainty.

For Rolex, which already raised prices on Jan. 1, a stronger franc acts like a tariff that never expires. This begs the question of whether another price increase could follow before year-end. Costs, including labor, are largely paid in francs, while much of the brand’s revenue is earned in foreign currencies, especially dollars, its largest market.

The franc has gained 3 percent in the past two months alone, after a 14 percent rise already last year, reaching about 0.77 francs to the dollar, its strongest level since 2015. For many Rolex employees who are frontaliers, workers who live in France and commute to manufacturing sites around Geneva, a rising franc is not all bad news.

For Rolex, a second price increase this year would not be unprecedented. In 2025, the brand raised prices in January and again in May. It also implemented two rounds of increases in both 2024 and 2023. Rolex is likely awaiting the U.S. Supreme Court decision on the Trump tariffs, expected before June, before deciding whether to implement another price adjustment this year.

Bulle Update: Rolex Will Pay Over Half a Million in Annual Property Taxes to the City

Rolex’s future manufacture. (Photo credit: Pedro Gutiérrez)

Rolex will pay the city of Bulle about 600,000 Swiss francs, roughly $780,000, in annual property taxes, according to Jacques Morand, a Bulle City Council member. Bulle is set to become Rolex’s fifth manufacturing site, scheduled to open in 2029. Mr. Morand, who retires from the City Council in April, told the Fribourg-based daily La Liberté that Rolex did not seek a tax exemption. Coronet reported in October that Rolex had quietly donated 3 million francs to support the renovation of the public library and museum in Bulle, with no sponsorship or advertising attached.

Data on how much Rolex contributes in taxes are hard to come by, as the brand does not publish financials. But the Hans Wilsdorf Foundation said last September it had declined tax-exempt status for the past five years and payed about 75 million francs annually, according to its general secretary, Marc Maugué.

In Bulle, Mr. Morand said the site will initially employ just 600 people, short of the 2,000 projected by Rolex, with expansion tied to growth. But a report published earlier this month by Vontobel, a Zurich-based bank, said Rolex had reduced production in 2025 for a second straight year “most likely by design, as the brand prioritizes scarcity and pricing power over incremental unit growth.”

Rolex does not disclose production figures, and the bank’s estimates cannot be independently verified. Still, Vontobel’s report raises fresh questions about Rolex’s investment in its new manufacture in Bulle, a project expected to exceed 1 billion Swiss francs.

As Gold Surges, a Rolex Status Symbol Faces New Math

Left: Day-Date 40 in white gold, ref. 228239, $51,600. Right: The platinum version, ref. 228236, $68,800. (Credit: Rolex)

The watches look nearly identical; both share the same movement, dial and hands, differing only in the case and bracelet metal. The 40-millimeter white-gold Day-Date, pictured left, retails for $51,600. Its platinum version costs $68,800.

Platinum — Rolex’s “noblest of metals for the finest of watches” — is rarer than gold, with annual output of about 6 million ounces versus roughly 108 million ounces for gold, and it retains a higher-status aura, from platinum credit cards to platinum records. Platinum’s density gives Rolex watches a weight many clients associate with higher value, and its 95% composition reinforces that perception.

But the market tells a different story, now more than ever, as gold tops $5,000 an ounce while platinum trades for roughly half as much, near $2,100. Even after adjusting for white gold’s 75% purity, the bullion value inside Rolex’s white-gold Day-Date still exceeds that of the platinum model, which is tagged $17,200 higher at retail.

Rolex does not publish metal weights, but estimates based on total watch weight and shared components show that the white-gold Day-Date contains about 5.3 troy ounces of pure gold. In today’s market, that is worth roughly $26,500. The platinum model contains about seven ounces of platinum, valued near $14,700.

That means buyers of the white-gold Day-Date pay roughly $26,500 for metal and about $25,100 for the rest of the watch. To compare, the platinum version, which looks nearly identical, charges $14,700 in metal and $54,100 for the watch.

Rolex Celebrates Cinema in Public; Its Foundation Rebuilds One in Geneva

Rendering of Le Plaza. (Credit: Le Plaza Centre Cinéma)

The Rolex dichotomy is that the brand sponsors champions and virtuosos in the most visible way, while the foundation that owns Rolex supports the orphaned and downtrodden quietly. Together, they are the two faces of Hans Wilsdorf’s legacy.

In the arts, the work of the Hans Wilsdorf Foundation is also on display — and behind the scenes. As Rolex prepares for the Oscars, Hollywood’s most glamorous night, where the brand is one of its biggest sponsors, few know that the Wilsdorf Foundation is quietly working to rescue a movie-theater complex.

The Plaza cinema, an iconic Geneva venue that opened in 1952, is now scheduled to reopen in early 2027, after the foundation launched an ambitious renovation. When the Plaza shut down in 2004, a public initiative to save it gathered over 11,000 signatures but ultimately failed. The Plaza was once Switzerland’s largest cinema and the country’s first equipped with CinemaScope. The Wilsdorf Foundation stepped in and purchased the site for a high double-digit million sum to save it.

The Plaza renovation is one example of Rolex funds supporting the screen arts away from Hollywood’s bright spotlights. For the first time this year, the brand also supported the independent film festival at Sundance in January. This week alone, Rolex backed a masterclass at the National Film and Television School in London, taught by Cameron Bailey, the chief executive of the Toronto International Film Festival.

Watch Dealer Lists Rolex ‘Pepsi’ at $35,000 as Rumors Persist

(Photo courtesy of My Watch LLC)

A watch dealer with years of experience and a strong reputation has listed a steel Rolex GMT-Master II "Pepsi" for $35,000, the latest sign of speculation that the model may be discontinued in April. A Pepsi priced $10,000 above market is not new, but one listed by a prominent U.S.-based dealer with a five-out-of-five Google rating across more than 700 reviews is.

Danny Tiwaini, owner of My Watch LLC near Detroit, has listed a fully stickered steel Rolex "Pepsi" from 2026 for $35,000. Mr. Tiwaini said his pricing reflects the lack of unworn 2026 Pepsis available, particularly examples like his that remain fully stickered and include the white hang tag. "This might be the only one that exists to my knowledge," he told Coronet. "And if it does indeed get discontinued in April, it’ll be the one collectors will want in their safe. Of course, we paid a massive premium to be able to purchase it, and have priced it accordingly."

The modern steel Rolex Pepsi has exceeded $25,000 only a few times in recent years and will be topping it again this year, according to the most recent data by Chrono24, which has visibility on sold prices on its platform. When the steel Rolex Pepsi exceeded $25,000, both the peak and subsequent drop coincided with Watches and Wonders. Now, with the Geneva event only weeks away, the specter of a Pepsi discontinuation has collectors and dealers jittery again.

Mr. Tiwaini said his 2026 Jubilee examples have already sold for more than $25,000, though he has only seen a handful. This year, something is different, he said. “No one can get any 2026 models. It appears the lack of production is happening ahead of an announcement.” Mr. Tiwaini’s $35,000 listing remains a risky bet, at least until next year.

The Case for Rolex to Buy Artisans de Genève

A wildcard entry. (Credit: Artisans de Genève)

There is some serious money behind the clients of Artisans de Genève, the small independent workshop that’s located less than two miles from Rolex's world headquarters. Artisans doesn't sell watches, but customization services that can top tens of thousands of dollars alone.

As the watch market has become more luxurious than ever, the 20-year-old atelier has customized watches for clients in the movie business, professional sports, Formula 1 and the music industry. Earlier this week, Artisans revealed its latest project for André Agassi.

While Rolex caters to top clients through off-catalogue pieces, that level of exclusivity is not enough for the select few, who seek bespoke services similar to those offered by Rolls-Royce, Aston Martin, Bentley, but also Vacheron Constantin and Audemars Piguet.

Rolex built its reputation on controlling every aspect of production, yet today it has little influence over the bespoke industry, which courts have allowed to operate legally. If Rolex acquired Artisans, a workshop employing fewer than 50 people, it could shape the design narrative, hewing closer to the brand’s identity while also benefiting from working with high-profile clients.

A bespoke division certified by Rolex would command higher premiums than those charged by Artisans while serving as a testbed for new ideas. John McEnroe commissioned Artisans to create a left-handed Rolex years before the GMT-Master II “Sprite” was released. In the project unveiled Tuesday, Artisans re-engineered Agassi’s Daytona with a titanium case weighing under 80 grams, designed “to be played in and forgotten on the wrist.”

(Photo credit: Artisans de Genève)

Rolex Prepares Its Biggest Boutique in Germany

Construction takes time. (Photo credit: MUC Watch)

Rolex continues its flagship expansion across the world, refining its retail footprint by building prominent stores while terminating contracts with smaller multi-brand jewelers. From Rodeo Drive (2024) to Bond Street (2025), the Ginza district (2024) and Galleria Vittorio (2024), the brand has recently had a string of grand openings for new multi-level, Rolex-exclusive boutiques.

Most recently, it opened Canada’s largest boutique in Montreal, in 2025, while in the U.S. it added new boutiques in East Hampton (2025) and the Miami Design District (2025), and has acquired a building in Brooklyn for a future multi-level flagship, as reported by Coronet in October. The brand is also set to open its new 28-story American headquarters later this year. In Europe, Coronet has further reported on plans for new multi-level boutiques in Düsseldorf and Luxembourg.

In Munich, Rolex’s newest German boutique, rivaling the size of its London flagship on Bond Street, is just weeks away from opening. While little information has been disclosed so far, Munich-based vintage specialist MUC Watch, whose offices are located just across the street, provided Coronet with photos showing Rolex showcases being moved in last week. The activity is a sign that the opening is approaching after two years of construction. The new multi-level boutique, located on Perusastraße, will be Germany’s largest and will be operated by Bucherer.

Future Rolex boutique in Munich. (Photo credit: MUC Watch)

Elsewhere in Germany, Rolex plans to revamp its headquarters in Cologne, as reported by Coronet in October. Rolex Deutschland GmbH, the wholly owned subsidiary responsible for distributing Rolex products across Germany, intended to demolish and rebuild its headquarters. The company has since disclosed that it will instead preserve the existing structure, located near a 17th-century church, a decision it describes as more sustainable. “For us, renovation, from both an ecological and economic perspective, represents the more sustainable alternative to demolition and new construction,” a Rolex representative said.

Rolex Salutes Carlos Alcaraz After Australian Open Win

Alcaraz and Dufour. (Credit: Rolex, Nick Gould via Instagram)

Rolex CEO Jean‑Frédéric Dufour congratulated Carlos Alcaraz in Melbourne on Sunday after the player’s win in the men’s singles final of the Australian Open, his first. Alcaraz is the youngest player to have completed the Grand Slam, winning all four major tournaments by the age of 22. Dufour's attendance was first reported by Australian watch writer Nick Gould.

For Rolex, Alcaraz is a bet that keeps paying off. When the brand decided to sign the Spanish player, he was just 18 and had never advanced past the third round of a Grand Slam tournament, a typical Rolex strategy: think long, move early and wait. Today, Alcaraz is No. 1 in the world.

Few brands have the patience and wherewithal to keep 32 tennis players on their roster at the same time, as is currently the case with Rolex — especially when the product is not even visible during the game, unlike apparel or, say, a tennis racquet. The visibility of a Rolex watch is largely limited to the moment a trophy is lifted at the conclusion of a tournament, and only if it is lifted by a Testimonee. On the women’s side at this year’s Australian Open, all Rolex Testimonees had been eliminated by the quarterfinals.

Alcaraz wore his go-to Daytona in 18 kt yellow gold, with a turquoise blue and black dial and an Oysterflex bracelet, a gift from Rolex last year, when the model was released in April 2025. Rolex had it specially engraved to mark Alcaraz’s Roland‑Garros win the year before. On Sunday, Rolex updated the homepage of its official website with the message: “Carlos, this crown is yours.”

Rolex's Day-Date and the Question of What Comes Next

A new term for the president’s watch. (Photo: Rolex)

The big question of this year’s Watches and Wonders is not which watches will enter or exit Rolex’s catalogue, but which will receive the new calibre 7135, whose Dynapulse escapement uses 30% less energy.

Rolex could do worse than to choose the power-hungry Day-Date, which needs to move two discs simultaneously at exactly midnight, 365 times a year. One of them must rotate through a larger distance to display a full word, needing more energy per jump.

The energy gains made with Rolex’s new calibre, which took seven years to develop, are perfect for the so-called president’s watch, as they help minimize the risk of amplitude drop or incomplete jumps in this double calendar. That’s why Rolex introduced the 3200-series movement in the Day-Date first. Today, this model’s movement, the 3255, is over a decade old and the oldest in the catalogue.

The prestige of the president’s watch, offered only in precious metal and produced in smaller numbers than the Datejust, makes it the likely candidate for the new movement. Rolex has said it wants the Day-Date, which turns 70 this year, to “remain at the forefront of innovation.” A new calibre — and display caseback — would result in price pressure on existing models.

Rolex ‘Pepsi’ to Climb, Again, as Watches and Wonders Approaches

The arrow points up and to the right. (Photo: Rolex)

The Rolex GMT-Master II “Pepsi” in Oystersteel continues its climb on the secondary market and has recently topped $20,000, according to WatchCharts, representing a roughly 70% premium.

As every year, rumors of the Pepsi’s discontinuation intensify ahead of Watches and Wonders, which begins on April 14, fueling speculation about the model’s future. The bezel color, though iconic, remains difficult to produce in ceramic, as no stable mineral pigments exist that can color zirconia red with sufficient purity. Rolex’s ceramic is made from zirconia.

Further feeding the rumor is the fact Rolex’s official retailers no longer feature the Pepsi on their websites, even though the brand’s main site, Rolex.com, still does. Rolex provides the computer code that local, independent retailers implement on their sites. The model was likely removed from the code due to high demand, as retailers struggle to fulfill orders, fueling client frustration.

Estimated pre-owned prices for the Rolex GMT-Master II “Pepsi.” (WatchCharts.com)

Still, Pepsi production is already very limited. The Batman, Pepsi, Root Beer, Bruce Wayne and Sprite all rely on the same case and movement. Each new bezel introduced divides a fixed production base, making every variant more scarce. While the brand does not communicate production data or bezel ratios, it did not deny Coronet’s logic that fewer units of each variant are produced as a result of introducing more bezel options.

“I imagine that would make sense to think that way given we are already producing at a near maximum level,” a Rolex representative told Coronet. “And if we don’t want to sacrifice quality — which we will never do — I imagine that would be the case.”

The idea of a white-gold-only Pepsi is not far-fetched, as Rolex has moved upmarket in recent editions of Watches and Wonders, releasing more precious-metal pieces than steel. Today, Rolex offers four bezel colors for the steel GMT, compared with only two for white gold and one for the other metals.

The Elusive Executive Behind Rolex’s Golf Empire

Arnaud Laborde.

Rolex on Wednesday announced a sponsorship agreement with LIV Golf, the breakaway league launched in 2022 and backed by Saudi Arabia. For some in Rolex’s and golf’s inner circles, the news came as little surprise. LIV Golf CEO Scott O’Neil was seen chatting with Arnaud Laborde last summer outside the Fownes Room at Oakmont Country Club. Laborde, largely unknown outside the sport, is an influential sponsorship manager at Rolex.

Much of the credit for Rolex’s dominance in golf is attributed to this Swiss executive. A graduate of Stanford University’s Graduate School of Business, Laborde has overseen the brand’s golf sponsorships since he started working at Rolex more than two decades ago.

Rolex’s presence in golf today is extensive. Sponsoring all major men’s and women’s championships, the brand counts 56 golfers on its sponsorship roster, more than in any other sport.

Like many Rolex executives, Laborde maintains a low profile and no social media presence. He can occasionally be spotted in the Rolex suite at golf tournaments, moving easily among players, partners, officials and guests. A journalist at Golf.com who once had lunch with him said: “Some people just have it: true style, no statement hat necessary; a thick, no-fuss head of hair; a warm and unrushed manner; an ability to make easy, sustained eye contact; easy athleticism, too. C’est Arnaud.”

As Gold Tops $5,000, Rolex’s Recycling Bet Pays Off

Gold price, adjusted for inflation. (Sources: LBMA via FactSet; St. Louis Fed)

Rolex has developed a one-of-a-kind gold recycling system, which is now paying dividends more than ever as gold hits fresh records. Gold has risen 17% in 2026 alone and 83% over the past 12 months. Rolex's competitive advantage is now widening thanks to its investment in a powerful, yet little-known, “circular gold” system, which is unmatched in the industry.

Rolex has invested in machines specifically designed to minimize precious metal loss. From washing filings to incinerating polishing cloths, its gold tracking system applies strict limits on material loss through digital monitoring. The brand says it also uses tools without nooks or sharp angles where gold could accumulate, and that its machines feature automated cleaning programs.

“Circular gold aligns with our strategy to minimize the loss of precious metal during manufacturing processes,” Rolex said.

Today, a staggering 91% of the gold Rolex uses for its watches is recycled; just 9% is mined, according to Rolex. The precious metal entrusted to an operator is quantified at each workstation using a digital tool. While the brand still purchases some gold externally and is therefore exposed to market fluctuations, most of its recycled supply comes from its internal processes.

Reaching for the crown, again. (Credit: Rolex)

Rolex Money to Boost Academic Research in Switzerland

A helping hand. (Credit: Rolex)

As research funding comes under pressure elsewhere, including an estimated 22% federal cut at American universities, the Hans Wilsdorf Foundation, the sole owner of Rolex, is moving into academic research support.

The foundation has traditionally concentrated its philanthropy on a defined set of priorities: health and social, professional training, culture, humanitarian causes and environmental protection. It is now expanding into academic research through a newly created entity, the Fondation pour l’Université de Genève (FUNIGE).

The Wilsdorf Foundation said it will commit 25 million Swiss francs a year to research at the University of Geneva through FUNIGE. The foundation has opened its first call for applications, available to full, associate and assistant professors, with grants of up to 1 million francs per project per year, typically covering about 70% of total costs. Projects may target major scientific challenges or support innovative and exploratory research that falls outside traditional funding programs. The foundation said it will not intervene in research methods or results.

This is not the first time Rolex-linked funds have flowed into higher education in Geneva. As reported by Coronet in 2023, the foundation acquired a 200-million-franc, 14-story building, purchased from Swiss Life, that it plans to transfer to the University of Geneva in 2028. The building will bring together about 3,000 students and 500 faculty and staff and will house the Geneva School of Economics and Management as well as the university’s social sciences faculty.

A Rolex Conundrum in Motor Racing

Two clocks running. (Photo courtesy: Rolex)

Rolex announced Thursday it renewed its title sponsorship of the Rolex 24 at Daytona, preserving a relationship dating back to 1992.

Rolex’s sponsorship in motor sports is a balancing act for a brand placing greater emphasis than ever on protecting the planet, as concerns grow over the sport’s carbon footprint. It exited Formula 1 in 2024 following a dispute over contract length, as first reported by Coronet, with F1 seeking a 10-year renewal and Rolex unwilling to commit beyond five.

At Daytona on Thursday, officials announced a “long-term” agreement though neither Rolex nor Daytona International Speedway disclosed its duration. Winners receive a specially engraved Daytona watch, a prize so famous that a Rolex exit is hard to imagine.

Still, motor racing is inherently resource-intensive, a reality at odds with Rolex’s Perpetual Planet Initiative, especially when done in the name of entertainment. Rolex could frame racing as a form of engineering exploration: The same innovations in motor racing that have improved road cars can be applied for cleaner fuels, longer-lasting tires and greater energy efficiency.

This year, for the first time, the race will award a new Sustainability in Racing Award at Daytona, measuring tire usage and energy consumption, including renewable biofuel and hybrid systems, against final rankings.

Rolex Adds Tennis Testimonee to an Already Large Roster

Advantage: Rolex. (Photo: Victoria Mboko via Instagram)

Rolex added this week another tennis player to its ever-growing roster of Testimonees, bringing the total to 32 in tennis alone, the latest sign of the brand’s wherewithal in sponsorship.

Victoria Mboko, the American-born, Canadian-raised 19-year-old whose parents emigrated from Congo, has joined the Rolex family after a meteoric rise last year that made it almost inevitable she would catch the brand’s attention.

Rolex watches are not worn during matches, so product visibility is largely limited to the moment a trophy is lifted at the conclusion of a tournament, and only if it is lifted by a Testimonee. Those images are then reused for Rolex’s communication, including in its boutiques.

The brand is able to sign a mix of top and emerging players, hedging its bets across a wide field of talents. The same approach applies in golf, where Rolex currently counts no fewer than 56 Testimonees. Rather than relying on exposure, which is minimal during the tournament, Rolex’s strategy is built on probabilities — and on funding a portfolio of athletes until one of them reaches for the crown.

As Rolex Consolidates Retail, a European Capital Gets Its First Boutique

Corner office. (Photo credit: Van Battel/Rolex)

Rolex opened on Wednesday its first brand-exclusive boutique in Luxembourg City. The move continues Rolex’s strategy of consolidating smaller points of sale at multi-brand jewelers in favor of large, flagship Rolex boutiques designed to offer a “Rolex experience.”

Wedged between France, Belgium, and Germany, Luxembourg is a financial powerhouse, home to the European Investment Bank and other key EU institutions. Its market-friendly regulations and tax system have helped make it one of the world’s richest countries. Rolex’s new boutique, at 1 Avenue de la Porte-Neuve, spans 220 square meters across two floors.

From Rodeo Drive to Bond Street to the Ginza district — and now Luxembourg City — Rolex is consolidating retail into larger, high-profile flagship stores that function almost as temples to the brand. Unlike traditional retailers, these boutiques go beyond displaying timepieces; they immerse visitors in Rolex’s storytelling, showcasing its heritage, innovations and expertise. The new Luxembourg boutique features an open workshop, where watchmakers work on site in full view of visitors, a sign of Rolex’s shift toward immersive, experience-driven retail.

In the Story of the Submariner, New Photos of Its ‘Father’ Emerge

Dimitri Rebikoff. (Nick Gould via Instagram)

New photographs of Dimitri Rebikoff, widely regarded as the “father of the Submariner,” have surfaced, adding rare, previously unseen images to the history of Rolex. Discovered by Nick Gould, a watch writer based in Australia, and published on his Instagram page on Saturday, the photographs come from an archive just digitized in 2025, he said. They show the pioneering diver on a beach in Cannes, France, demonstrating his torpedo-shaped underwater vehicle, the Pegasus.

Dimitri Rebikoff’s Rolex ref. 6200.

In the early 1950s, as Rolex developed its first dive watch, the brand had access to one of the world’s most experienced scuba divers, who was also a prolific engineer. From early sketches to more than 100 test dives in southern France, Rebikoff was involved at every stage of the Submariner’s development. Internally, before it was named the Submariner, the watch was referred to at Rolex as la pièce Rebikoff, a sign of how influential the diver was to its development.

The images are among the clearest known photographs of Rebikoff wearing an early Submariner, the Rolex reference 6200, with its oversized crown. Gould said he "was absolutely over the moon" when he came across them.

Dimitri Rebikoff. (Nick Gould via Instagram)