Ads

Collapse

Announcement

Collapse
No announcement yet.

How do you price your jewellery to sell?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • How do you price your jewellery to sell?

    I was happy with my 'formula' of working out my prices but now I'm not sure if I am charging too much after a couple of comments.

    I charge for my materials x 2 and then add on my charge for the time it has taken me. I charge an hourly rate but work out my time to each 15 minutes. Most of the time this works out ok but I think doubling my materials is hiking up my prices too much.

    I do not add any extra profit on.

    How do you work out your prices?
    www.sparklehandmadejewellery.co.uk

  • #2
    This is the guideline most of us use, Emma Jane did quite a bit of research on this one! http://www.ejrbeads.co.uk/pricingjewellery.htm

    Comment


    • #3
      I think most crafters have a problem with charging I have items that I have been quite strict about but others which I use to act as a starting point for purchases, in other words if someone buys a cheaper item, this attracts them to your stall them they usually buy something a bit dearer. I think the calculation you have stated seems about right, the other guideline is 'would you pay this for an item?' forget that you made it and know how long it took, take yourself out of that mode and think if you went into a shop etc etc. Then you can judge from a customers prospective.

      Comment


      • #4
        Your original pricing formula seems very fair to me - providing you are charging a reasonable hourly rate. Basic minimum wage is £5.52 per hour (increasing to £5.73 on 1st Oct) so you should be charging at least that and possibly more because you are using your skills.

        I personally multiply costs by 3 and charge my time at £10 per hour and my jewellery sells but i do work quickly - I can put a simple necklace together in about 15 or 20 mins.

        your pricing also depends on what you pay for your materials. I say this because after years of experience, I am a good business buyer and regularly negotiate discounts whenever I can and I always pass on the savings to my customers.

        There are times when I feel that trebling my costs makes an item a bit too expensive - like if I've paid top whack for top quality beads (there can be a big difference in the quality of gemstone beads and this does affect the price). In those cases then I will only double my costs.

        The article in the link from Peter is very good - I especially agree with the bit about costing out the price per bead. I always do this. For example I recently took a commission for a bracelet made from high quality lapis beads. I explained the difference in cost re quality to my client and she had no problem with paying the extra for the whole strand of beads as I wouldn't normally buy such expensive beads on a whim. Two days later, purely by coincidence, another client asked me to make her a bracelet with the same beads. I split the cost of the beads between the 2 customers and both were very happy as the end product worked out at half the price they originally expected to pay.

        Oh, by the way, this was one of the occasions when I only doubled the cost of the beads because they were quite expensive. (The plus side was that there were just 2 beads left which ended up as earrings just for me.)

        Stick to your original pricing strategy - whatever comments were made, ignore them. If you are being fair about your costing, what does it matter what someone else thinks especially when they probably have no idea of the costs and time that goes into making jewellery. They are probably comparing your goods and prices to the mass produced stuff that anyone can pick up in any of the shops on the high street.

        And another thing - there are far too many philistines out there that don't know the difference between an acrylic bead or a good quality glass or gemstone bead.
        Auntynet

        Step-daughter's website selling hand dyed sock yarns www.knotanotherknitter.com




        ~ * ~ * ~ Of all the things I've ever lost, I miss my mind the most! ~ * ~ * ~

        Comment


        • #5
          Hi Karen,

          I think most of us use a similar formula, i.e. cost of materials x 2 or 3, then time at £x per hour, personally I 'charge' my time at £10 per hour, some do less, some do more. I'm like auntynet though in that I can work quite quickly (when I put my mind to it!) so the total price of the whole item is still reasonable.

          I also keep an eye on the 'market' price of jewellery, if my cost x 2 + time formula puts the price of an item too low, I will happily increase the price to what I think the 'market' will stand. If you look in high street shops such as accessorize, quite simple plastic mass produced bracelets are £8 or £9 upwards, and earrings over £5, so why should I charge any less than that for handmade items. An example is a necklace I made, the total 'cost' of me making it worked out at about £18 including time, but as it has a very special and unique bead in it I am asking £27 for it, which I still feel is not too expensive. Some of my pieces that tend to 'stick' I often lower the price slightly on though.

          I think as crafters we are often too critical on ourselves and tend to underprice so as not to seem 'greedy' in any way, but if we think of ourselves as 'designers' it doesn't seem so bad to charge a little more does it?

          Hope that helps,

          Claire
          Website; www.midshiresmakers.co.uk
          Facebook Pages: www.facebook.com/weedoncraftmarket
          www.facebook.com/craftshoppingexperience

          Comment


          • #6
            I try to factor in what it has cost me in components to make a piece and then how long it took, then figure out what I would be happy to pay for it, and come to a figure around there.

            If I am doing a piece of beadweaving, then obviously it takes a lot longer and there is no way I can charge for all my time, the same goes for some of my wirework stuff.

            I did have one woman at a craft fair querying why I was selling a wire and Swaro piece for over £30 (Auntynet knows the piece I am talking about) I did explain to her that it had taken in excess of 20 foot of wire, both black wire and silver plated wire and all the beads were Swaros, and it had taken me about 3 hours to make, as all the wire beads were hand made. She still ummmed and ahhed, but at that point I knew that she wasn't that interested and that in all honesty I didn't want her to buy it! (I like to think that my jewellery goes to someone that will love it )
            www.jos-beaded-designs.com

            Comment


            • #7
              Thanks for your replies.

              At all of the craft fairs I have attended I have been the cheapest and I was pleased with my pricing forumla however I think being the cheapest may have gone against me although I do use high quality beads (all glass no plastic) but this weekend I was the most expensive by a considerable amount.

              1 lady was selling all of her earrings for £3 each, mine are about £8 but are using crystals. Another lady had very intricate designed necklaces for £10 which must have taken her a long time as they were the knitted look ones (which I have no idea how to do), but I have very simple pendant necklaces which cost approx £10.

              I do think they were both using plastic beads rather than swarovski crystals but people buying don't seem to notice this and were just buying the cheaper products so I made no sales.

              I also charge £10 an hour and when family ask me (although I always feel embarrased to say) they agree this is fair. Perhaps I need to reduce my hourly rate until I become a little speedier!
              www.sparklehandmadejewellery.co.uk

              Comment


              • #8
                Originally posted by Delta View Post
                I did have one woman at a craft fair querying why I was selling a wire and Swaro piece for over £30 (Auntynet knows the piece I am talking about) I did explain to her that it had taken in excess of 20 foot of wire, both black wire and silver plated wire and all the beads were Swaros, and it had taken me about 3 hours to make, as all the wire beads were hand made. She still ummmed and ahhed, but at that point I knew that she wasn't that interested and that in all honesty I didn't want her to buy it! (I like to think that my jewellery goes to someone that will love it )
                £30 is so reasonable surely if it's taken you 3 hours to make most of that should be your time charge let alone the cost of materials.

                People have no idea!

                I also make tiara's which are around £55 for crystals and pearls and people say they are expensive but are then happy to spend the same amount on manufactured tiaras which don't use the swarovski. I'm not sure whether shop brought products give people a sense of security in case anything goes wrong.
                www.sparklehandmadejewellery.co.uk

                Comment


                • #9
                  Pricing

                  I find pricing items difficult because it is often difficult to know the true cost of components. To make it easier I work with averages. I don't charge for time and generally double my cost price, if something looks a bit special and has the X factor I might boost the price a bit. I like to keep my prices low because I enjoy making jewellery, the more I can sell the more I get to make and my shop is in a deprived part of the UK.
                  Chris W.
                  x
                  Gemstone Jewellery and Gifts

                  Comment


                  • #10
                    I work on a similiar pricing structure however, do we ever take into consideration our creative and artistic gift? e not everyone can put a design together and match beads of different type together!

                    However, I must say that I find it very disheartening at markets when people don't want to pay a decent price, they think they should get it at "charity shop" price! this really annoys me whereas customers buying online come back again and are thrilled with their one of a kind piece!
                    Carol
                    http://www.facebook.com/#!/CarolShawJewellery

                    Comment


                    • #11
                      I think it's a bit like in the saying about a gemstone price: the price is as high as a customer would pay for it
                      To make it a bit more concrete, you should analyze the price range on the market for symilar items and the price range for more cheap and more expensive ones (big series vs. luxury items). For an example, in my place if you go higher than ~150 E for a silver item, the current psychology is that at such prices one would rather chose to buy gold, except that your item is an exquisite piece.
                      If you build your business in small steps, by selling to friends and acquaintances (as it happens in most cases starting from scratch) the originality of the piece is worth more than any price bargain in itself. For an example - celtic knots are perhaps one of the most usual things in UK, but in my place such works are totally absent from the market. I asked quite high rates (ok, for ellaborated works, like inlay, stuff set with stones etc.) and had no problem in selling. Same thing in UK would obviously need lower rates.

                      Comment

                      Working...
                      X