Pricing Jewelry When Costs for Similar Items Varies

Please come on over to my new website:

Jewelry Making Journal

I've got lots cool new things for you there - including
my videos, a unique tutorial, and Jewelry Business Insider interviews.

See you there!

- Rena Klingenberg

Pricing Jewelry When Costs for Similar Items Varies

by newbie

I'm new to this site (and to making and selling jewelry) and am grateful for all the information!

I am getting some sample stones to sell as pendants and the costs for the same stone can vary quite a bit. I'm wondering how to price the jewelry when the costs of two similar stones is quite different.

Should I keep a consistent price for the item or should I have the price reflect what I paid for that particular stone? Thanks!

Newbie Jewelry Artist

Comments for
Pricing Jewelry When Costs for Similar Items Varies

Click here to add your own comments

Pricing a Jewelry Line with Different Stones
by: Rena

Hello, and welcome to the addictive universe of making and selling jewelry! So glad you've joined us here! :o)

My understanding of your question is that you have a particular pendant design, and you're using different gemstones to make variations (stone choices / color choices) of this same design?

In that case, I would say it depends on how much the stone prices vary.

For example, if your most expensive stone is only a dollar or so more than your least expensive stone, I would probably price the entire collection (regardless of the stone) at the same price.

But if you have a really significant difference in the price of your least and most expensive stones, I would price each pendant individually, reflecting the value of each stone.

Most jewelry customers are aware that different gemstones have different values, so they'll accept your individual pendant pricing without question.

And if you're still deciding how to price your work, you might want to try my jewelry pricing formula.

further re: cost
by: newbie

Hello - Thank you for your reply. The situation I was thinking of was actually the same stone from different vendors might cost me a different amount, varying by a few dollars. So it would be the question of pricing a pendants which are the same stone, but whose costs were different for me.
Thanks!

Answering what you actually asked . . .
by: Rena

Oh! I'm sorry for my misunderstanding. Let me give you a different answer, now that I see what you're asking:

Yes, the same jewelry supply item can have widely different prices (and also widely different discounts) depending on where you buy it, and the quantity you buy.

Once you've compared prices, possible discounts (and quantities you'd need to purchase to get the discounts), shipping, etc., you can decide which suppliers tend to have the best prices for particular jewelry supplies.

I tend to use certain suppliers for wire, others for cabochons, others for beads, etc. - based on the quality, prices, and bulk discounts they offer on the items I use regularly.

If you're making basically multiples of the same item, I would keep the price the same - and try to use the same stone supplier consistently to keep your own costs unchanging (as well as to keep the quality of your stones similar).

Unless you're changing your prices for a reason such as rising precious metal costs, price swings on the same item can be confusing to customers.

Or a customer who purchased the item for several dollars more at your last show may feel annoyed to see that you're charging much less for the same item now.

I hope this helps! :o)

Average
by: Rita Juhlin

It’s been my experience over the last 9 years that we as jewelers have a tendency to under-price most of our work. You can price both based on the cost of the higher priced stone, trust me you are not cheating anybody.

You can also, take the average cost, add the two stone prices, divide by two and use that price as your cost. I’ve done that several times. One absorbs the difference of the other.

Rena’s right about customers seeing different prices for the same piece.

Click here to add your own comments