London--Fabergé announced yesterday that it will increase retail prices in the United Kingdom by 10 percent, beginning March 1.

“The U.K.’s decision to leave the European Union has had a significant effect on the watch and jewelry industry. The GBP has fallen against all major currencies,” the company explained via a press release.

The Gemfields-owned jewelry brand has two standalone retail boutiques, one in London and one in New York, plus a shop-in-shop in London’s Harrods department store.

Fabergé also has 39 wholesale accounts around the world, including in the United States.

Financial Director David Lovett told National Jeweler that, “The increase in GBP prices by 10 percent is to maintain stability across Fabergé’s global retail network.”

The company said that the increase will not affect wholesale pricing.

The British pound is currently valued at roughly 20 percent below the U.S. dollar at current exchange rates.

|Subscribe >
National Jeweler

Fine Jewelry Industry News

Since 1906, National Jeweler has been the must-read news source for smart jewelry professionals--jewelry retailers, designers, buyers, manufacturers, and suppliers. From market analysis to emerging jewelry trends, we cover the important industry topics vital to the everyday success of jewelry professionals worldwide. National Jeweler delivers the most urgent jewelry news necessary for running your day-to-day jewelry business here, and via our daily e-newsletter, website and other specialty publications, such as "The State of the Majors." National Jeweler is published by Jewelers of America, the leading nonprofit jewelry association in the United States.