[Jewelry making - Article 00640] - Re: [Orchid] The Blue Book for repair prices?

[Douglas Zaruba]

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    The bottom line here, as in any business, is: Am I making a profit?
    I use the Blue Book, and I realize that the prices quoted do not
    always apply to every business. Like David said, if you are
    surrounded by competition, and are selling lower cost items, it may
    be impossible to get many of the prices quoted in the book. I would
    hope, however, that your overhead is correspondingly low to allow you
    to make a profit at a lower selling price, or you are able to do a
    higher volume of sales. If not, you will struggle to survive, and
    will eventually be forced out. 

    	I have the opposite problem with the Blue Book: many of the prices
    quoted are too low for my store. I use the Express pricing for most
    of the basic repairs, since they were written when gold was at
    $300.00 per ounce. Our overhead is higher than many stores, but the
    location is comfortable for our customers. We work primarily in 18k
    and platinum, so the skill level required for the work is higher, and
    so are the salaries. We do a LOT of custom fabrication, and the
    prices listed for a custom bezel, for example, are far too low for
    some projects. I simply cannot fabricate a heavy walled tapered bezel
    for a 7x7mm Assher cut emerald in platinum for only $400.00. I would
    actually lose money, would not be able to afford the equipment
    necessary for complex jobs, or take home enough money to live
    comfortably. If a plumber in my area can charge $60-$90 per hour,
    and an attorney can charge $150-$250 per hour, why shouldn't a master
    craftsman with 30 year of experience and a fully equipped shop charge
    a comparable rate? 

    	The real value of this book is that it will let you know what MOST
    stores need to charge for repairs, in order to make a profit. You
    MUST examine your own situation and use the prices as a guide.
    Honestly, I have heard more jewelers say that they were able to raise
    prices based on the Blue Book. 

Doug

Douglas Zaruba
33 N. Market St.
Frederick, MD 21701
301 695-1107
dreamgate AT earthlink.net

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