How to Price Your Jewelry

Pricing Variables

In general, I think most jewelry makers do not ask enough for their jewelry, and I think some of this is connected to self-esteem. We feel intimidated by large stores that import jewelry, but if you really stop and think about it, nine times out of ten, your work is going to far superior in quality. Plus, if you want to make your jewelry business into a serious, viable occupation rather than just a hobby, you need to be a serious business person and that means pricing your jewelry seriously, paying yourself a reasonable

Final Pricing Words

Busting a Selling Myth

wholesale necklaces uk |By Yang Tingting on August 04, 2010
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Labor Costs

Even if it's something you love to do, you have to eat. Therefore, be realistic about how much you need to make per hour. Once you have an hourly rate figured out, the next step is to figure out approximately how much time it takes for you to make your jewelry. You don't have to time yourself on every single piece from now until eternity, but you need to have an idea of how much time most jewelry items take to construct. This will help you later on when you are trying to determine the final price of your jewelry pieces.

How much do you make per hour at your current job? How much money do you need to make per hour to live the lifestyle you are currently living? These are really important questions. I've seen too many jewelry makers make the mistake of working for free or below minimum wage. But, how realistic is that if you really want to make your jewelry business a full-time occupation or even a part-time job?

I've hesitated to write too much about how to price fashion jewelry before because there seems to be as many ways to do this as there are ways to cook a chicken, and I can't say one is more accurate or correct than another. So I do not say much about my ideas about how to pricing your Korean jewelry.

First, I'd like to address the myth that low prices make merchandise sell more quickly. This isn't always true, especially when it comes to hand-crafted items. As a result, many hobby and craft business owners cheat themselves out of making a reasonable profit. This is easy to do because you want that money to start coming in as quickly as possible. It's tempting to believe that the lower the price, the quicker it will sell. However, sometimes super low prices may make customers suspicious. Why so low? Is there something wrong with it? Also, if someone really wants an item (as long as the price isn't outrageous), they will pay what you ask.

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I briefly mentioned in my introduction that variables such as where you live can affect the total cost of your jewelry pieces. This comes under the "how much can I realistically get for my jewelry?" category. Factors like where you sell your jewelry can affect the price you should ask. While you need to be consistent, in fact it can just be too difficult to manage if your pricing is all over the road, you need to be aware of your audience. Selling your jewelry at a small town farmers' market is not going to be the same as selling it at high-end gallery. You may want to think about this before you come up with your final prices.