I agree, a substantial premium attaches to all of these points. The differential...

I agree, a substantial premium attaches to all of these points. The differential between that premium (Gold, diamonds, R&D and Swiss labour) and the price used to be relatively small.

There is a magnificent analysis of this process of "luxurification" here : http://www.ablogtowatch.com/rolex-prices-past-60-years-revea...