The Canadian dollar, the global currency used by Canadians, has been at a historically low level since the beginning of the year, with the Canadian dollar now trading at around 77 cents US.
That is lower than it was in early March, but it’s still a steep drop from the previous high of $1.0775 US in late April.
“The currency has been pretty volatile,” said Armani spokesperson Matt Hensley.
Hensley said that armanis exchange rate has fallen about 10 per cent in the last two weeks as a result of low oil prices.
“This is the biggest drop in that period in our history,” he said.
“That is the largest percentage decrease in five years.”
Hensleys statement does not provide any further detail about the reason for the drop in the exchange rate.
“Armani is one of the world’s largest retailers of high-end jewellery,” he told CBC News.
“They’re one of our most trusted brands and we believe that all Canadians benefit from this significant discount.”
The Canadian dollar is one-fifth of the value of the U.S. dollar, meaning Canadians pay twice as much for their Canadian dollar compared to the U-S.
Henships statement did say that the drop is the result of an increase in the value for other currencies.
“In the past, Armanis had used the dollar as a way to hedge against fluctuations in the dollar, so that when prices rose in the U and abroad, that the price of our products would also rise in Canada,” he explained.
“As a result, in the past the price fluctuated significantly, meaning that we had to lower the prices of our goods in order to maintain the same level of value for our consumers.”
However, Hensleys argument does not appear to hold water.
Armanis said that the exchange rates it uses to trade its goods is determined on a daily basis by its trading partners, so the Canadian market has not seen an actual drop in armanIs exchange rate since mid-April.
“When the market is trading at its current level, the exchange-rate is not affected by other factors,” he added.
“However, if there are significant fluctuations in currency prices, such as for example if the dollar loses its strength, the price may not be as fair as it was prior to the changes in the market.”
Armanias website also provides a guide on how to get a quote for a specific product, but the guide contains a long list of different products to choose from.
“We do offer discounts on some of our pricier products such as our watches, leather goods, jewellery and accessories,” the website states.
“To find out what these are, we recommend contacting your broker or buying directly from us.”
For other products, we offer a 30-day return policy, which means you will receive a full refund once you return the product to us,” the site adds.”
Our return policy applies to all armanised products.
If you are not satisfied with your purchase, we will issue a full credit for the difference in price.
“According to the Armanist website, the difference between the Canadian and U-US exchange rates is usually less than one cent.”
The difference between these two currencies is usually much less than 1 cent,” Hensys statement reads.
Armanian jewellery company Armania said that it would continue to sell its goods in the United States and continue to work with its suppliers in the country to try and resolve the exchange issues.
Armerias statement says that the company will continue to provide discounts to Canadian customers, and is working to reach an agreement with Canadian suppliers.”
Canada remains a key market for Armanian,” the statement reads, adding that Armanias will continue providing discounts to U.s. customers in the coming months.