Jewelry Tip of the Week- Pricing your Work  

Posted by Wear Me Jewels- in , ,


Jewelry Tip of the Week:
If you are a jeweler and work with precious metals, accurate pricing can be difficult. This is a picture of one of my rings. The question is, am I pricing it correctly in a fluctuating silver market? Sam Kaffine of Sterling Bliss jewelry came up with this great pricing solution:

"Keep an index card for each of your production pieces, listing materials by piece or weight,and assembly time. Write a pricing formula, using "x" for spot market price and "y" for length of product - be sure to include your profit margin. That way it's easy to adjust prices when the market rises or falls, or for different lengths/sizes of that piece. For example: ((x+25+30)/y)1.3 In other words... Take the spot market price(x), add your hourly rate($25) and any additional materials($30). Divide that total by the length(y), then multiply by your profit margin(1.3/30%)."

I think this is a brilliant solution for the jewelry artist that works a lot with precious metals!

This entry was posted on Wednesday, October 01, 2008 at Wednesday, October 01, 2008 and is filed under , , . You can follow any responses to this entry through the comments feed .

3 comments

I am not good at math but what a great blog idea.I would like tto add you to my to read list..

October 1, 2008 at 12:46 PM

Pretty blog!
www.suaviloquy.blogspot.com

October 1, 2008 at 1:05 PM

April,
Thanks, your blog is lovely, too!!

October 1, 2008 at 1:08 PM

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