A Casual Place To Talk About Our Favorite Shiny and Sparkly Objects
This is for all you artistic folks in the audience…
My last post on energy/healing jewelry got me wondering how these people/companies come up with the prices for which they sell their jewelry. I wondered about this, because at first glance, a lot of them seem rather, well, expensive. We aren’t talking about an emerald pendant surrounded by diamonds, an object whose value could be verified fairly objectively; this is in reference to the beaded semi-precious stone bracelets and necklaces with pendants of quartz, chinese coins, or other minerals. I have been wondering how one decides how much these adornments are worth.
So if you are of an artistic sort, and you make jewelry, how do you determine a piece’s value? How do you know how much to charge for your creations?
Interestingly, I came upon this website while looking for something completely unrelated, and there it was: a simple jewelry pricing formula! It can be found at Home Jewelry Business Sucess Tips: Jewelry Pricing Formula.
I suppose this formula could be used to apply to anything, really. For you professionals, is this realistic? When you do your pricing, do you follow a similar formula? If not, how do you make your pricing determinations? Finally, if you do use a formula like this, does it work? Are you able to sell your wares using this setup and make enough profit to live on?
I’d love to hear any comments from anyone reading this regarding how you have set up your pricing structures, what you’ve found works, and what absolutely does NOT work. Who knows? Maybe someone who’s trying to get in to the jewelry business is looking for exactly this kind of information. You never know…