[Jewelry making - Article 00006] - Re: [Orchid] Dealing with the increase in metal prices...

[Jim Reitze]

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    In the various places I've worked over the years, I've seen 2 basic
    ways of dealing with rising metal prices when it concerns existing
    stock. Some will adjust prices on the fly to reflect the days
    market, as do many of our suppliers (Stuller included). Other will
    use prices based on the actual costs when the piece was produced and
    use that as a sales tool as well. The general line is to tell the
    potential buyer that you can't replace the piece for that price, so
    grab it now. If you have to reproduce it, the price will be higher.
    That is the method I usually prefer. The place I have been caught
    recently is being caught off guard by how quickly the prices were
    rising and not quoting a high enough price to a wholesale customer,
    barely breaking even on the transaction. 

    One of the tools we have been using in our store lately is Stuller's
    online ordering system. With it we can check cost on a real time
    basis before we quote prices on special orders. No need to commit
    the order until the customer is ready. Of course, most suppliers can
    give you quotes over the phone, often on their toll free number, but
    we like the convenience of the web site. Just warn reluctant
    customers that prices are still on the rise, and that the prices will
    be adjusted to reflect the prices current when the materials are
    ordered. 

Jim
http://www.forrest-design.com
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