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Pricing metal with fluctuating market


#1

I didn’t see this addressed in the archives so hoping this isn’t a
repeat issue…

I was taught to keep a chart and add up all the individual costs (ie
each jump ring, each inch of sheet/wire/etc) to calculate cost of
goods. However in this quickly moving market, surely there is a way
to calculate the cost by weighing out the project before putting the
stones in and determining a price depending on the daily market. This
makes more sense to me since I have silver I paid $8/oz for and some
at $30+. But having a tough time coming up with a fair overall rate
as one has to take into consider the spot market price, the bank fee
and fabrication charge that the vendors tack on which varies by the
amount of silver purchased.

Occasionally I work in a jewelry store and the owner prices all of
his overseas silver goods by weight alone which is what started me
thinking about this. Curious how others handle this if doing so by
weight.

Thanks,
Liane Redpath


#2

Liane- We figure out how much metal or any materials will cost for
us to replace them at current market and then double our costs of
materials to the wholesale customer. Labor is added on top of that.
Then the wholesale customer, a store or gallery, adds what ever mark
up they have on it.

Never apologize for your prices. Jewelry is a luxury item.

Have fun and male lots of jewelry.
Jo Haemer
timothywgreen.com