[Jewelry making - Article 00632] - Re: [Orchid] Metals... the price we pay

[Maureen]

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Hi-

Thanks for the advice-

    I must say that I think that pricing work in silver is a bit
    different than gold---with gold and platinum there is a perceived
    value that is more prevelant in the market- Conjuring up images of
    kings and castles...while silver is looked at as less valuable
    "common" and less likely to withstand a big price increase.. The
    consumer who has no trouble shelling out thousands for a piece wont
    blink as hard at a 10% increase in price...however My market is more
    in the 100-1000$ range where the customer is less likely to be loaded
    to the gills with kuggerandsand more likely to balk at a slightly
    higher price. for example the weighing of the metals....while
    essential in gold and platinum, is not commonplace in silver retail
    (perhaps in the mexican silver market)...and I work with mixed metals
    so things can get even more hairy there.. So I guesstimate and I can
    say that approx. 15% of my wholesale cost is in materials. So my
    descision is to increase that cost (double it) to compensate for the
    market shifts. Making my total price increase about 15%for each
    piece. ( I'm not a math person, obviously) I plan on keeping an eye
    on the markets and flexing my prices if needed...but this 10%
    increase I have made is permanent. I realise I am in a better place
    than most---I am now sitting on a largebatch of work made from the
    ($7) silver and am ready to ship to my summer galleries, with the new
    pricing. Hopefully the biz is good(!) though with the increase in all
    consumer goods that seems to be coming our way due to big oil I'm not
    holding my breath.

    I am not However willing to step down from the realities of the
    market and artificially keep my prices low. I'm thankful that I have
    other financial stability in my life but not dumb enough to shoot
    myself (or others in my field) in the foot. 

    Viva la price difference!!! 

    Thanks again for your imput and thanks for letting me rant- 

Ciao- Maureen BZ
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