Pricing this heavy ring! HELP!

[Clarey]

Hi!

I'm only recently trying to start selling my jewellery- which I'm finding nerve wracking anyway! And I have read so much on pricing and people have so many different ways of doing it. I am struggling to decide on how to price my work. I was thinking of pricing my cost of the material (weight of silver)+ labour and add 10% for overheads? Problems are:
1) Have no idea on what to charge per hour for my labour! (fairly new to selling my work)
2) Have noooo idea what my overheads actually amount to.

3501

Any help greatly appreciated- hope the photo attaches ok.

Thanks!

Clare
x

[Patstone]

Cant help you as far as pricing goes, but that ring is beautiful, well done.


Hi!

I'm only recently trying to start selling my jewellery- which I'm finding nerve wracking anyway! And I have read so much on pricing and people have so many different ways of doing it. I am struggling to decide on how to price my work. I was thinking of pricing my cost of the material (weight of silver)+ labour and add 10% for overheads? Problems are:
1) Have no idea on what to charge per hour for my labour! (fairly new to selling my work)
2) Have noooo idea what my overheads actually amount to.

3501

Any help greatly appreciated- hope the photo attaches ok.

Thanks!

Clare
x

[mizgeorge]

You might find this article useful:

http://www.ejrbeads.co.uk/pricingjewellery.htm

[Dennis]

This is a very comprehensive article and like others I have read pulls no punches about undercutting your retail outlets, or working for free. But they all beg the question: what can a jeweller just starting up,realistically charge for an hours work? After all an agency cleaner in London now costs between six and eight pounds an hour.
Dennis

[mizgeorge]

I agree Dennis - coming up with a realistic hourly rate is difficult.

I charge at two different rates - one for work that I'm just churning out and I'm completely confident with, the other for more experimental pieces, where I will clearly take more time first time round.

I use a rate that's comparable to my consultancy rate in my 'other' life, which is far from cheap, but which reflects a level of experience and expertise, not to mention investment in tools, training and failed experiments!

I think for someone just starting out, however, a rate comparable to an apprentice, or just above minimum wage, is probably realistic, given that it may take a great deal more time to complete a piece than would be taken by an experienced maker. That said, I often wish people would hold off selling until they are more confident about their skills, and how long it takes to make something, especially as they are unlikely to recoup the 'real' cost of the piece. I'm a great fan of wearing things until they fall apart, giving things away, making for family and friends and really refining skills before building a website and opening an etsy store. I know I now look at some of my early pieces and wonder how on earth I could have thought they were good enough to send out into the world.

Clare - please don't think this is necessarily aimed at you - I think your ring is very interesting - is it cast or fabricated? Perhaps as a starting point, especially if you're only producing occasional pieces for sale, work on the cost of materials x 3 + profit to reach a wholesale price, and then double that for retail.

[Dennis]

I think for someone just starting out, a rate comparable to an apprentice, or just above minimum wage, is probably realistic.

http://www.xperthr.co.uk/blogs/employment-intelligence/2011/05/national-minimum-wage-20112012-2.html

Right then George, I think I'd rather be a cleaner. It's less stressful, you get a cup of tea thrown in and there's no shortage of work. Regards, Dennis.

[Dennis]

On a more cheerful note Clarey, could you tell us a bit more about your flowery ring: Is it a casting, made from sheet and wire, electroformed? Dennis.

[Clarey]

Thanks for advice. The ring is cast from a wax model I made- its one of my first attempts of using lost wax casting.