[Jewelry making - Article 00055] - [Orchid] Dealing with the increase in metal prices...

[Allan]

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    FWIW I agree with Peter. Yes, you bought the silver/gold/whatever at
    a given cost which was below what it is now. But you have to replace
    your stock, and the only way to replace it is to charge what it's
    now worth. 

    You may see a drop off in sales as a result, but this will happen
    regardless as soon as you have to raise your prices to match your
    supply costs. Otherwise you end up working at a discount, which
    isn't fair to you. 

    It is probably inevitable that there will be at least a minor drop
    in sales due to the increase in precious metals prices, so you'll
    have to be creative in marketing to see how to get around that. If
    you're in a rarified-enough market you probably are immune to
    economics... but since most of us aren't, we'll have to figure out a
    way to maintain our living in spite of these changes. 

-Allan
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