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!