About the Jewelry Discussion category Hi, my name is Pablo and this is my first message hope I’m doing it right. I want some input-on pricing a custom chain for a customer. It should weigh around 42 grams. I need to give him a price in 10k and 14k. I will cast the links which are 3/4" long and will be connected by jump rings. I’m going by 1850.00 gold price. any advice will be greatly appreciated. Thanks.
To begin, figure the number of hours it will take you to design, carve, cast, assemble and finish the chain. Multiply that for the rate of pay you get per hour - that gives you your labor cost. at $1850 gold, 10K will run about $1045, 14K about $1465 - add that to your labor cost. Multiply that total by the percentage you charge for overhead - your rent, utilities, shop expenses, etc. Then multiply that by your standard markup - Keystone, 2.5 Key, Triple Key, whatever - that’s your selling price. Then you can figure any discount you might offer, depending how good and steady a customer you have, how well he will talk up your work, or conversely, how much of a pain in the tail he has been, and whether he’s patient or if this is a rush job. It’s an art as much as a science, this pricing game. It will probably wind up in the $5250 range for 14K, $3900 in 10K, more if you’re in Beverly Hills, less if you’re in Peoria.
Recent discussions on pricing suggest that you double, possibly triple, the cost of the gold, add something for labor at a highly skilled labor rate ( think plumbers at $75-$100/hour) then add some profit. Gold gets expensive real fast. If you are making wax models and casting, you will have a lot of labor. I love working in gold, but I don’t do it until I have someone willing to pay the price. Good luck…Rob