[Jewelry making - Article 00427] - Re: [Orchid] Gemstones Purchase price vs. market price

[Beth Wicker]

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    The other part of the price vs. market price equation, which I had
    been waiting for someone to say, is that what you bought were unset
    stones. What you are selling is (hopefully) art. That, in and of
    itself, adds value. How much value beyond the actual cost of
    production (which should, of course, include your overhead!) depends
    on the piece. I tend to set prices based on cost, then adjust upward
    to allow for added value based on the quality of my design. Some very
    basic items are priced based solely on cost. Other items have a price
    that has nothing to do with cost, and everything to do with design
    quality. This is really what you were saying in talking about the
    cameos you bought! 

    So don't forget to leave design value out of your pricing equation,
    as well as the replacement cost someone else mentioned. 

Beth in SC where it thinks it is spring already!

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