[Jewelry making - Article 00655] - Re: [Orchid] Metals... the price we pay

[Judy Hoch]

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    Perhaps a better way to price your work and accommodate the current
    price of metals would be to include in your product prices on the
    market price of metals, at least while it is going up. That way when
    you need to re-order, you have already figured the cost of materials
    replacement. Try making an excel sheet with the manufacturing price
    of metal per inch or foot, and adding from a constant the spot price
    of the metal. That way when you use two square inches of gold 22
    gauge 18K, your prices would reflect the market. It would save
    recalculating and give you a fighting chance to fund your metals.

    I learned this the hard way when years ago I was running a
    deli/grocery store in a resort area. I was marking up the price of
    canned goods based on what I paid, not on what it would cost to
    replace stock. I had a great season and sold very well, but had
    insufficient funds to replace stock because the price had increased
    for new stock. Needless to say, while sales were great, the business
    is no more.

    The solution becomes obvious when you quit using your labor charges
    to cover up the increase in metal price.

Judy Hoch
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