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Pricing your work

I’ve seen people here talk about triple key pricing. I understand
that is charging 3xs the purchase price of the piece of jewelry? If
I have a ring that weighs 8.6 grams. How do I figure the value in
silver for that ring?

Also, how do you price your pieces? The ring that weighs 8.6 grams…

I’m wondering what to charge for it, and any others I produce. Hope
this is clear enough…I’m not a mathematical person…thank you for
your help! Joy

Joy Kiefner
Rhapsody Jewelry Design

Joy I have struggled with this for some time now.

So, 8.6 grams times 3 = 25.8 grams.

There are 31.1 grams in a Troy ounce, so take the cost of your
silver and divide it by 31.1 = this is you cost per gram.

Now multiply 25.8 grams times you cost per gram. This is you price
for the silver.

Here is where I get into trouble. How much do I charge for my time
to design and fabricate the piece?

I could say my time is worth $X.00 per hour, which is probably what
I should do, but then I have to look at my market to try to determine
what I can charge and not price myself out of a sale. This is
probably one of the hardest thing to try to determine for my friends
and myself.

I hope this will help some and not further confuse you or others.

Ken Moore

When weighing metal to figure its cost, remember that besides the
spot price of whatever there’s also the milling fee. Personally, I
mark the total cost of each mill good on its packaging, divided by
ozt or dwt (as relevant) and also as linear measurement for wire etc.
I include the shipping- pro-rated- in this.

Keystone, or triple keystone, works great if one is basically
assembling prefabricated components. If one is doing much fabrication
oneself, one needs to add one’s time and effort (and studio costs) to
the price. And then one needs to look at what the market might bear,
and adjust- sometimes up, sometimes down (though if it’s too far
down, that means that one should not make that design).

I usually use keystone, plus labor etc., for pricing. It’s one of
the hardest parts of making jewelry for sale, that’s for sure! And
for some things, I’m not making that, though I’m trying to either
make those items more efficiently or phase them out.

Amanda Fisher

Ken, thank you for the Here’s what I figured - would
you tell me if I’m right or wrong, please? 806gr x3 = 25.8 gr So, if
I have 25.8 gr divided by 31.1 = what?.80 cents? If that is the case
then I take the.82 times 25.8 = 21.56? This is the price for the
silver??? Then do I triple that to equal $64.68, plus the cost for
the stone/cabachon? Now, I need to know how much is to be charged
for a piece that, say cost me…35.00…do I triple that too, then
add a sum for my work? 64.68+105. (stone), + 5 hrs labor, including
pickling, and soldering, etc… say 10/hr = 50.00. equals: $219.68
sellinag price for a ring???

Thanks so much for the help…love Ganoksin people Joy

Joy Kiefner
Rhapsody Jewelry Design

Ignore my previous post Re: pricing. I left out my cost for the
silver. So, here how I think it must go (I hope)… Silver today is
$27.17 oz. My ring is 8.6 gr 27.17 divided by 31.1 =…87 gr my silver
cost… .87 x 8.6 =.75 x 3 = $22.45 the cost for the silver ring. Then
I add on labor, stone costs… Right??? I wasn’t kidding when I said
I was no math oriented…! Joy

Joy Kiefner
Rhapsody Jewelry Design

Yes Joy, but you also need to triple your stones cost as well. I
think you are getting it.

Keep the peace,
Ken Moore

Joy- when figuring your silver cost based on the spot price, be sure
to add the milling charges. Even casting grain has milling charges.
Unless it’s tubing or something, I usually estimate the milling to be
about $5US/ozt (if I don’t have the exact records, which I do try to
attach to the various mill goods; in fact, I generally add in my
prorated shipping to MY ozt price), which makes a $27 spot price more
like $32 when you buy it as wire, sheet. etc. And that doesn’t
include shipping, possible fees for special orders, etc.

Amanda Fisher