December 29, 2008

Tips for Pricing Your Jewelry

Do you make your own jewelry? Have you wondered how much you should be charging? It really doesn't have to be complicated. In fact, if done right, pricing your jewelry can be quite simple and quick. 

Let me give you an example. Have you ever spent $20 on supplies and then doubled the sales price? That sounds logical right? The problem is, you'll never be profitable that way. Sure you're covering the cost of your supplies, but are you making a fair return for your time? Are you covering your rent? Insurance? Business license fees? Taxes? Do you show your jewelry at shows? There's a cost for that as well. If you're working hard to make a quality product, you deserve to be compensated (and your customers will agree).  

Here's a better way, first calculate the cost of your supplies. Then calculate how long it took you and multiple that by how much you should be making per hour. Now multiply the result by about 10 or 15% (to cover other overhead). 

Does that seem expensive? Worried you'll lose customers? That's a valid concern, but remember that people's priorities can change quickly when they find something they really like (or that goes with multiple outfits). Try this, create 3 (or more) necklaces of varying levels of quality. Now use a different pricing strategy for each. For the simplest one, use your regular pricing strategy. For the nicest one, try the strategy outlined above. Price the other one somewhere in the middle. I think you'll quickly see that people aren't that bothered to spend quite a bit more when they find something they really like. 

What do you think? Have a better strategy? Think this is unfair? Add your comments below. 

December 26, 2008

GIA Donates Over $8000 to Charity

Voices for Children received some happy news this holiday season; the Gemological Institute of America (GIA) donated over $8000 worth of food, gifts, toys, and other supplies to the non-profit organization who assists abused, neglected, and abandoned children. GIA has been raising money for Voices for Children since 1996 and has contributed a total of $61,000. (via: JCK Online)

September 28, 2008

The World's Largest Diamond?

A newly discovered 478-carat diamond (and the 20th largest ever found), could become a new "world's largest round cut diamond". Initial analysis suggests that the stone may have a flawless center and could dwarf the "Kohinoor" diamond that is part of the Crown Jewels which weighs in at 150-carats. <via>

September 27, 2008

Diamonds cut from 316-carat Stone

On October 15th, Christie's will be auctioning (among other beauties), two stones cut from the 316.15-carat "Ponahalo" diamond. The smaller stone weighs in at 70.87-carats and the larger stone is an impressive 102.11-carats. It took a year-and-a-half to fashion the stones from the original rough cut diamond. 

A percentage of the sale of the stones will be donated to Russell Simmons' Diamond Empowerment Fund. The "DEF" helps promote and sustain educational programs in Africa where many of the world's diamonds come from. (via)