Pricing Jewelry Made with Gold Wire
Question:
I bought wire at $800/oz. Now it is over $1100. Should I reprice all my gold pendants to offset the price of gold wire I will need to reorder, or just keep it the same price, and raise the prices of the new pieces I make?
I bought wire at $800/oz. Now it is over $1100. Should I reprice all my gold pendants to offset the price of gold wire I will need to reorder, or just keep it the same price, and raise the prices of the new pieces I make?
Instructions
Answer:
It sounds like you're working in 14k or 18k solid gold materials that are unlikely to decrease in price anytime soon.
Because of this, I recommend adjusting the prices of your existing inventory to reflect at least 50% to 75% of the price difference.
You won't be able to replace your materials or pay yourself fairly if you don't account for rising costs.
By increasing prices only partially, you strike a balance retaining your customers while still covering your expenses.
For new pieces, always price based on your real-time material costs.
When customers ask why two similar pieces are priced differently, be honest and explain the reason.
In my experience, customers appreciate transparency and your older pieces may even sell faster.
Answer contributed by Dale "Cougar" Armstrong
It sounds like you're working in 14k or 18k solid gold materials that are unlikely to decrease in price anytime soon.
Because of this, I recommend adjusting the prices of your existing inventory to reflect at least 50% to 75% of the price difference.
You won't be able to replace your materials or pay yourself fairly if you don't account for rising costs.
By increasing prices only partially, you strike a balance retaining your customers while still covering your expenses.
For new pieces, always price based on your real-time material costs.
When customers ask why two similar pieces are priced differently, be honest and explain the reason.
In my experience, customers appreciate transparency and your older pieces may even sell faster.
Answer contributed by Dale "Cougar" Armstrong
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Dale Armstrong
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