4 Tips to Make Pricing Your Jewelry Easier

Does pricing your jewelry make you want to pull your hair out?

I know the feeling!

The other day, I was helping one of our mastermind designers with her pricing. One thing is for sure… pricing is so difficult!

Price too high and no one buys. Price too low and you lose money.

You must know that designers stress so much over pricing. However, there is no ONE way to price your jewelry. That’s why I want to break this down for you the best way possible to make this MUCH easier for you to price in a way that works for YOUR brand..

I must confess, when I was first starting out, I basically just eyeballed my pieces and made up prices. I have learned a LOT since then and, these days, I would NEVER take such a lackadaisical approach.

I know from personal experience that nothing sucks more than NOT pricing your jewelry in the correct way. That’s why as my business grew, my pricing efforts became much more detailed and meticulous.

Finding the RIGHT balance between perceived value and actual price is a delicate dance! Remember, there is no right or wrong way, but there are some guidelines that should help you out.

Here are 4 Tips to Make Pricing Your Jewelry Easier…

1. Get Really Clear on COGs AKA Costs

One of the reasons pricing doesn’t quite end up right is because costs haven’t been properly calculated. You Cost of Goods or COGs are everything that is involved in making a piece of jewelry – including materials, labor and rep commission.

2. Find the Formula that Works Best for You

There is NO one-size-fits-all formula that works for everyone. One thing can’t be denied: you must cover your overhead expenses. The question is, how do you cover overhead costs associated with your jewelry business?

Some designers might find the “work backwards”method works best. Others might use the “included in the price” method.

Remember, each category has a different markup threshold, so fine jewelry will definitely be priced differently than, say, costume jewelry.

3. Price for Wholesale First

The biggest mistake designers make when they’re first starting out is pricing their products directly for retail without considering the wholesale price first. When their business starts to grow, they don’t understand why they aren’t making money.

Plus, when they get approached by retail stores later on, they often can’t sell because they aren’t pricing for wholesale first. The lesson? Always consider wholesale pricing before you even begin to consider pricing for retail.

4. Use Pricing Software

My life changed when I started using jewelry pricing software! In our pricing trainings, we always recommend using software because you can enter in labor costs and materials. With pricing software, pricing a piece becomes a plug-and-play event.

Trust me, software works wonders and saves so much time and frustration down the road!

At the end of the day, pricing confidently takes courage and knowledge! Use these 4 tips and price away!

Pricing can be complicated…so let’s make this simple!

Grab our FREE simple Pricing Guide by clicking that button below! It’s an awesome resource that gives you the basics of pricing your jewelry simply so you are confident that you are selling at a price for profits.

Want more?

Diamond-topper

Download Our Simple Pricing Cheat Sheet

Take the Mystery Out of Pricing Your Jewelry and Double Your Jewelry Business!

Click to Tweet: 4 Tips to Make Pricing Your Jewelry Easier via @flourish_thrive http://goo.gl/rGkNKr

Now it’s your turn, in the comments below answer the following:

  1. What is your biggest frustration when pricing your jewelry?
  2. What is your biggest takeaway after reading this post?

If you are still searching for pricing software that works for you, you’re in luck! Our friends over at Craft Maker Pro have developed a new pricing software that is ideal for pricing your jewelry.

9 Comments

  1. Razale Scott Olivier on March 3, 2015 at 10:24 am

    Thank you so much for this post. My biggest dilemma when pricing is that I suffer from dyscalculia so dealing with any figures is nigh on impossible. I do manage though!! What I have come away from with this post is your recommendation on the Craft Maker Pro. I am actually in the process of finding software for inventory and pricing etc. Many thanks. Razale

  2. Lynda on March 3, 2015 at 10:28 am

    My biggest frustration is that other artist are pricing their items too low. Most are at wholesale pricing levels. This normally would not be an issue but many items are similar or use the same materials. I do try to price my items at where a pricing calculator see’s fit because I’m in this to make a living. It’s frustrating for me to see such low prices though of items that should be priced at retail. This is prevalent on Etsy.

    Everything that is in this post I already know and do.

  3. Stacie Meislohn on March 3, 2015 at 10:29 am

    My first retail store told me I did not price my jewelry high enough…lol! Got Jewelry Manager software, increased prices and sold three times as much…

  4. Bonnie Kyles on March 3, 2015 at 1:37 pm

    My biggest frustration has been pricing for different venues. I started with the local farmers’ market and then moved on to consignment stores and galleries. I’d never sell a thing locally if I used gallery prices so my solution has been to sell locally at 10% above wholesale. For consignment and galleries I tack on to the wholesale price the percent they take. I’m still not comfortable with the current pricing method so the frustration is still there!

  5. jakki dodds on March 3, 2015 at 2:55 pm

    i never even thought to price for wholesale first! and factoring my hourly rate is the hardest i find-hard to even keep track of make time sometimes, especially if its a fun piece to create!

  6. Ailin on March 3, 2015 at 9:15 pm

    My biggest challenge is figuring out whether or not to amortize my overhead and my personal income in each piece, or whether to have a lower price and cover my income and overhead by trying to sell more. Also awesome that we get a discount!

  7. Deb on March 4, 2015 at 2:20 pm

    My biggest pricing issues are: How to cover design time vs. make time? Obviously, the first of an item takes longer due to design. Is that part of your “overhead”?

    Also, charging at high-end retail just doesn’t fly at local craft fairs around here. You cut out a layer, so I have a price for Wholesale, Direct, and Retail. Most of the time, I sell at Direct rather than Retail and have found that to be working for me as far as actually getting sales.

    Last, I struggle with what to charge as an hourly rate. Since I’m relatively new at this, I started out at a low $10/hour rate, but more complex items I charge a higher rate. Would really like suggestions on what other Jewelry Designers value their time at for pricing purposes.

  8. Stephanie on March 5, 2015 at 11:15 am

    Can this software calculate for the fluctuations in the metal market? You could manually input the days $/oz and it would calculate pricing based on that days market. That would be amazing!

  9. alice on May 18, 2015 at 8:18 am

    I have problems pricing the jewelries that I design, most of them are authentic stones and I think the prices are to low…

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