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Thread: pricing handmade gold jewellery

  1. #1
    Join Date
    Sep 2019
    Posts
    12

    Default pricing handmade gold jewellery

    Hi.

    I am working on the price structure.

    I get this for silver
    2-x (supplies )+ labor + overhead
    Then +30% is wholesale
    2.5x is retail. Shops are charging Retail + Vat

    But when I did to gold jewellery, the price was too high.
    Do you all use different furmular for gold jewellery to silver jewellery?

    I wonder if I do this for gold.
    1.5 x (supplies) + labor + overhead
    Then +30% is wholesale
    2.5x is retail. Shops are charging Retail + Vat

    Then for my online store,

    1.5 x (supplies + labor + overhead)
    2.5x is retail. Shops are charging Retail + Vat


    For your online store, I was trying to skip 30% on wholesale?

    Ideally the retail price and online store price should match. but it feels to the price in online end up too hight to sell.

    Any opinions are more than welcome to hear.

    Thank you
    Gina

  2. #2
    Join Date
    May 2019
    Posts
    2

    Default

    Hi Gina, personally I research comparable jewellery pieces online - I know what you make is unique however try to find something "in the ballpark so to speak", particularly the weight of the piece (even email the seller asking for more details). Then use these examples as a guide to 'what the market might be willing to pay' and work plus or minus from that benchmark to suit your strategy.

    It is only a guide but it is something at least. Selling Artisan made jewellery online is far more difficult tan selling it face to face in a jewellers (or to a jeweller) or at a market or at a show etc etc. In those situations potential buyers get to feel and touch and you get the chance to sell with passion etc etc. Online is cold and the images are two dimensional.

    Hope this was useful.
    "wanting to learn ~ willing to help" clip on earrings .... harmony ball necklace

  3. #3
    Join Date
    Dec 2014
    Location
    South Australia
    Posts
    991

    Default

    If you do a search on the forum ( top right of page ) you will quite a lot of info about pricing

  4. #4
    Join Date
    Sep 2011
    Posts
    849

    Default

    While a formula is useful as a guide, the price of anything - anything - is only what someone else is willing to pay. Unique and fabulous stuff deserves a commensurate price - but at the same time what good is that commensurate price if nothing sells.
    Conversely never sell too cheap. Turn over is vanity. profit is sanity. When I started I competed on price, then a friend told me he expected to pay well for great quality pearls. It was a lesson I really did learn.
    Pricing so that items sell reasonably well is the aim - very very hard to achieve in practice!
    www.Pearlescence.co.uk
    @pearlescenceltd
    instagram: pearlescenceltd1

  5. #5
    Join Date
    Sep 2019
    Posts
    12

    Default

    Thank you very much all. should be more confidence to cost my jewellery too.

  6. #6
    Join Date
    Sep 2014
    Posts
    2,051

    Default

    If you are getting that for your silver and selling ok you are doing pretty well.
    You should actually be able to get a higher percentage profit on gold but you will likely need to find a new audience.
    People who buy silver are generally not the same people who buy gold IME.

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