[Jewelry making - Article 00352] - Re: [Orchid] Gemstones Purchase price vs. market price

[Roseann Hanson]

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Hi Jeanne --

    I've just completed a thorough study of my costs of goods sold per
    piece (including overhead) and my pricing and profit margins, and
    then I've just completed some serious sourcing for stones at the gem
    shows here in Tucson - so I'm with you in spirit on how to price
    those things! 

    As for the post above, I guess I would have to remark that NO! Don't
    lower your markup if you have the same design energy, workbench time
    and overhead into it as other pieces. Rejoice that you've got some
    extra profit now built in! Use that extra profit as padding to get
    you through lean times. I feel that if the line is selling, then
    don't lower prices, it cheapens your work if you do that a lot. 

    I am trying hard to source for a certain line right now - keeping my
    stones under $20 total for a piece that sells for $150 wholesale. If
    I can get the same stones for $5 or $10, which I just did at the
    shows, it's all gravy and I want that gravy! 

    So, price for your time and your minimum possible profit taking into
    account cost of good sold to make back that minimum but at all times
    maximizing your margins! 

Good luck. Love your work!
Roseann

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