Adjusting Jewelry Prices with the Metal Market
Question:
Should I adjust the prices of my wire wrap jewelry at today's prices? I have some pieces that I made when the silver price was at $11.00.
-Lia in Santa Ana, California
Should I adjust the prices of my wire wrap jewelry at today's prices? I have some pieces that I made when the silver price was at $11.00.
-Lia in Santa Ana, California
Instructions
Answer:
Wow, that's such a great deep dive into the realities of pricing jewelry materials over time! It's wild to think how much gold and silver prices have soared since 2009 from silver at $11 an ounce to $35, and gold hovering over $1400 (and even higher now). That definitely changes the game for pricing your pieces fairly and sustainably.
Your point about recalculating prices based on current replacement costs is spot-on. If you don't adjust, you risk selling yourself short and not being able to replenish your materials. The example with doubling the cost of sterling wire is a perfect way to show how simple it can be to update pricing without getting overwhelmed.
And I love the smart idea about clearing out old inventory with a "Yesterday's Prices Today!" sale both practical and customer-friendly.
The forecast you mentioned silver potentially hitting $50+ an ounce means we all need to keep a close eye on metal prices and factor that volatility into our cost and pricing strategies.
Are you personally leaning more toward buying in bulk now to hedge against future price increases? Or maybe exploring alternative metals like copper or brass more seriously?
Answer contributed by Dale "Cougar" Armstrong
Wow, that's such a great deep dive into the realities of pricing jewelry materials over time! It's wild to think how much gold and silver prices have soared since 2009 from silver at $11 an ounce to $35, and gold hovering over $1400 (and even higher now). That definitely changes the game for pricing your pieces fairly and sustainably.
Your point about recalculating prices based on current replacement costs is spot-on. If you don't adjust, you risk selling yourself short and not being able to replenish your materials. The example with doubling the cost of sterling wire is a perfect way to show how simple it can be to update pricing without getting overwhelmed.
And I love the smart idea about clearing out old inventory with a "Yesterday's Prices Today!" sale both practical and customer-friendly.
The forecast you mentioned silver potentially hitting $50+ an ounce means we all need to keep a close eye on metal prices and factor that volatility into our cost and pricing strategies.
Are you personally leaning more toward buying in bulk now to hedge against future price increases? Or maybe exploring alternative metals like copper or brass more seriously?
Answer contributed by Dale "Cougar" Armstrong
Materials
Wire
Sheet
Tools
WireJewelry - Ultimate Wire-Pliers Jewelry Pliers with Case, Set of 5
G15-20
- G15-20
- Lesson Quantity: 1.00 pieces
- Purchase Quantity: 1.00 each
- Price: $170.72
- Gold Club Price: $128.04
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- Category: Selling
- Technique(s): Selling, General Education
Dale Armstrong
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