Thanks Pedro. We cut and set “dimension stones” big and small. I do
not have any skills on cutting/setting small stones in rings etc and
maybe the economics is entirely different when we use bigger stones.
The main project I have going now is a backyard garden with stone
paths, stone walls and a pond the size of a typical living room which
is being “stoned in” above and below water.
It is quite a challenge in aesthetics and in craftsmanship. The
stones we are working with are (1) rounded mountain river stones of
all kinds and colours; (2) junk jade; (3) slate family stones. The
stones themelves cost little. Labour is the big cost.
What will the final stones:labour ratio be?
The stone mason I hired did a great (but expensive) job cutting some
granite for about 60 feet of wall and I gently joke about him being
Michaelangelo (he comes from a part of the world close to Italy). But
it is no joke at all if he does a magnificent mosaic for me now.
The pond has a small pump and water fall (over stones of course). He
has a floral picture which he is going to put on a 4 ft x 5 ft.
section of wall behind the waterfall. I told him that I have to judge
artistic merit as well as economics of his stone mosaic and if I
think I can recover the cost on property resale we go on with his
work… indefinitely. Otherwise it stops there. He gets paid cash.
I take the risk and I do the managerial work.
So you see what I mean about the final stones:labour ratio. Let’s
say the stones cost me $2,000. The labour could be worth 10x that by
increasing property value and I would be getting the equivalent of
$650 for a $65 stone and trying to pay less so I get a fair return
for my effort and risk. I might very well pay him $200 or more to
work $65 stones!
But I repeat that the economics of small stone cutting and setting
may be very different.
I implemented a similar practice. Instead of getting into a standoff
with a customer about price I would pause, contemplate for a little
while and then suggest to the customer that on Thusdays I had things
to do other than at my bench. I then offered to allow them the use of
my workbench at a rate of $25 per hour and let them know that I could
further assist them, for additional fees, since I would not be going
anywhere should they have a problem that required my assistance.
I DO like to involve the customer when “we” design their jewelry. I
never had any takers, however MANY were excited to at least watch.
at $200 each than spend the time to set 100 stones at $20 each.
It's also a matter of what else I could be doing with that time.
Price it at the level you are willing to work and let the customers
decide whether it's an acceptable price.
Well, Pat you see there just is no customer willing to pay $200 to
set a stone. Maybe once, but not twice. It’s just a fantasy and/or
retail robbery - see Pedro’s story about the $2000 silver rings.
Yes, they got a $2k sale, but that’s all they got.
Of course, you need to define “setting”. I DID charge $200 to set a
large opal in a white gold bezel, because it required much work. A
setter I know charged a store I know $200 to set a 3ct. diamond in a
platinum bezel ring, and the store owner ranted and raved about what
a crook he was, to me. “What ‘stone insurance’? He’s not going to
buy me a $75k diamond if there’s some problem!!!” Setter got $200,
but that’s all he got…
So - a $65 stone - either prong set or basic bezel or even channel
set. If it takes you longer than 15 minutes to set it, then you are
no setter. At $20 that’s $80/hr, which is $160,000/yr., depending on
what you call a year (250 days, here). It takes me around 5 or 10
minutes to set a 1ct. size stone in 4 or six prongs, ready for
polish. I make $100/hr getting $2-3/stone setting tennis bracelets -
takes an hour or less, ready for polish.
Sure, you can charge $200 and you might even get it once. That will
be until your customer meets real jewelers in this competitive
world. I know 12-15 setters personally - I can’t count how many
goldsmiths, store owners, casters, CNC people, reps, etc. I know and
we all know what things are worth in this business. You can’t fool
all of the people all of the time.
I had an angry customer say to me “What! $18 for just a piece of
solder!” My reply to him was, “No sir, the solder is free (I held out
my hand to give him a snip-it. It’s me doing it that is $18.” We have
to stick to our prices.
You should be getting about the same hourly charge for every hour
you work.
You should get about $125+ per hour for your time (shop income). No
matter what you do. To reduce your hourly income because the stone is
cheap is pure madness.
if you charge $60 an hour to do this and charge $200 the next hour
FINE, but most folks don’t get EXTRA $$ for the next hour.
but if it takes the same knowledge, time and effort to set an
inexpensive stone as an expensive one, then the charge should be
the same.
I disagree, try to set green glas, green CZ and compare it with the
setting of a real emerald. Some stones -like opal, emerald etc- need
more knowledge on how to set or how to handle the gem during the
procedure of setting it. Some stones are subject to crack or chip and
other ones are easy to set.In this way, I’ll informe the customer and
set my price. The choice is up to the customer and I believe that
this is fair enough. The little 1 mm “biches” and smaller are not for
my eyes and they go straight to a setter with proper equipment and
the customer get this aswell.
Traveling salesman’s car breaks down, he pulls off the road on a
lonely stretch of highway. Some good hearted person offers to help,
looks under the hood but is mystifed at the maze of tubes and hoses
and wires. Somebody else checks it out and says “Mister, I think you
need a tow truck”. Finally an off duty mechanic pulls over, opens the
hood, pops the coil wire back on and the car starts with a satisfying
roar. “Oh thank you, thank you”, exclaims the salesman, “How can I
repay you”?
“I think twenty five dollars would cover it”
“Twenty five dollars!? All you did was push a wire, it took you a
second, how can you charge that much”
“Because I knew which wire to push”
So it depends on the stone ya know. And what do you mean by ‘set’.
Hand me a problematic stone and a mismatched mounting that everyone
else you tried first turned down and I’ll likely hand it back to you
in a flash. Hand me that same problematic stone and ask me for good
solution and you’ll get it, along with an appropriate bill.
But Geller’s intent was not about whether $X is too much to do Y.
Its metaphorical. Its about be the man.
As a specialist stone setter my minimum charge for any kind of stone
whether it be a CZ or diamond is $7.If the stone cost you 10 cents
the price is $7. I don’t recall in complaints about my prices in the
entire time I’ve been doing setting. Sure I don’t get too many people
asking me to set CZ’s and Garnets etc and I’m very gladabout that.
To replace a V8 engine block which cost about $800 to cast once cost
me $18,000 in labour.I didn’t complain considering the time that was
involved and the value of the car. A plank of wood is about $20 to
buy. A good builder charges at least $40 an hour We could go on and
on and on and on…