Pricing handcrafted jewelry

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Pearly64 wrote
on 7 Oct 2010 7:47 AM

I am about to put up a store on my Website: http://www.jewelry-and-polymerclay-tutorial-heaven.com, but I have absolutely no idea about what to charge for my jewelry.

I have looked around at other sites,  and it seems that prices are generally low.  Many are selling their handcrafted necklaces for only 30 US dollar.  Isn't that very low?

I don't want to sell my jewelry off too cheap, because I know how much work I have put into each piece.  Pricing after supplies used is not allways easy, since I use stuff I bought a long time ago and no longer remember how much costed.   So what do I do?  Can any one help me with some guide lines on jewelry pricing PLEASE.

Thanks!

Pearly64

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SunCrow wrote
on 7 Oct 2010 11:34 AM

Hi,  Yes the is quite a "Catch 22".  If you sell for less than you think your work is worth.  "Why Do It"  On the other hand, "If you don't join the crowd and sell at their prices, "Will you make a sale"?

Think about this:  "Know Your Target Market".  Are you selling to Wall Mart or K-Mart customers or is your work good enough to be considered "quality HandCrafted" work. 

Is a sales worth the effort if you lose money on the deal and feel you have to start skimping on material that goes into your product or quality of workmanship.  Myself I would rather make fewer sales and know that I have been given a "decent price" for "decent goods".

You can follow the crowd or be a leader with good self-esteem.   My thoughts: Feel good about your work, get paid for what its really worth and your work and reputation will grow much wider and faster. 

 Do follow up on each and every sale.  Customers who are satisfied with your product will gladly return for more.  Also it is these satisfied customers who will spread the word faster and wider. 

Repeat Sales should be part of any marketing plan.  How can you expect others  to appreciate your work  if you aim at the "bottom of the barrel" customer.  Are you competing with the "Hand Made Cottage Industry" here in America or are you competing with items that come out of China, Indonesia,  or anywhere else who uses "slave labor"  I would like to see a new "HandMade Cottage" industry become robust here in America.  We all have to do our small part.

I'd like to hear other opinion on this subject.  Pricing in HandMade market place needs to be fully discussed.  

 

 

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Pearly64 wrote
on 7 Oct 2010 2:35 PM

Hi SunCrow

Thank you for a very good answer to my question.  You kind of express my own thoughts in such a good way.   I do not want to sell my jewelry off too cheap, since they will then be looked upon as such.  It is after all hand crafted jewelry.   But so many who sell jewelry online have such low prices, and I wonder why?  Is this because they think that is all they can get for their jewelry or because the market is not willing to buy hand crafted jewelry at the price they are really worth?

I kind of compare it a bit to the market of paintings.  Some sell for close to nothing, and some people buy, but not many.  Others sell for close to crime high prices and sell out everything like a piece of cake.  Like you say, it seams that reputation has lots to do with wether you have sucess or not.  If you sell quality, take a price that matches quality work, sells a bit less in the beginning, you may gain on that in the future..  So, I think I will do just that.  Take the price I think my work is worth and cross my fingers for the best.

Thank you again, you made this a lot easier for me.

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JanineB@7 wrote
on 9 Oct 2010 8:37 AM

Pricing is the hardest aspect of trying to sell hand crafted Jewelry.. Locally, I know some take the cost to produce and double it...Some people look at the cost of goods and factor in an hourly rate..

It really is a personal preferance on how you go to market with your work... I tend to look at the cost of goods and double the price...I do not always do this, as some items have a minimal amount of money in them and a lot of time....

I do not sell any of my Jewelry online and do not intend to, for at least, in the short term and I have been making Jewelry for over 10 years. I have found the internet is a very competative arena to market handmade, quality work....Although, I have run across many people that wanted to know if I had a site for them to go to..In this aspect I think I should put up a site and it may produce more sales for me. Not ready to go there, as I do not want to get so busy that my fun time turns into a job...Laughs

Good luck with your sales,

Janine

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LeeAnne70 wrote
on 12 Oct 2010 6:31 AM

Hi all,

I read a few blogs on pricing a few weeks ago and here is a link to them.  There are about 5 blogs on the subject from established , quality jewelers.  I thought it was all very interesting and may be helpful to you I know it was to me.    http://istanbuldesigns.blogspot.com/2010/09/game-of-numbers.html    At the bottom of Alice,s blog on the Numbers Game are links to the other blogs.

Pricing is hard and I do not have a great system yet but we do need to get paid for our time.

Lee Anne

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BogIron wrote
on 19 Oct 2010 1:55 PM

Pricing is really hard to do. I took a look at your jewelry and was impressed by it and also somewhat confused by the pricing of it. I will just use the bracelets as an example, they were all almost $88USD. I found that rather strange when some were obviously very easy to make and others very time consuming. The ones that had hundreds of seed beads on them surely took just a little more time and skill to produce than the ones that only had a few large beads on them, yet the price is the same, why? If I were going to buy from you this type of generic pricing would be off putting. I don't think I would feel like I was getting full value for my money. You need to fix this one price fits all items in the category, it has a very odd feel to it.

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Pearly64 wrote
on 19 Oct 2010 2:54 PM

Thank you for your honest words.  Pricing is really hard, yes.  I will follow your advice and not give all the same price.  The reason I did it, by the way, was because the large beads are made by me with polymer clay.  It is a very time consuming thing, and takes a lot of work.  I realise that it may look odd, if you don't know that, but that is why I set the price as high as the seed bead jewelry.Embarrassed   Do you by the way think that 88 USD is too much?  Please give me a hint to what you would consider a fair price for the jewelry I have made.  I would truly, truly be very grateful.  Do I need to give more information  that I have about the jewelry to make people realise that even the beads are handmade?  The -more info-links under the photos of the jewelry takes you to a page where that particular jewelry is described. 

Thank you again for your feedback.Smile

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BogIron wrote
on 20 Oct 2010 6:09 PM

It would have helped to know that the beads were handmade by you and what had gone into the making of them. I am not a good judge of pricing handmade items, if I had been I would have done better than I did, not all that well, but at least I didn't go broke. I just got real tired of dealing with the buying public. There are others that are more qualified to judge the price. The thing with all the prices being the same looks bad, it looks like you just grabbed a price and stuck it on, that's not good. You need to access how long it takes you make an item and adjust the price according to that. I have found that for most of the common jewelry items I made that the metal and stone costs were about the same for rings, bracelets, necklaces and so forth. I had different styles and I knew just about how much my material cost and how much time I had in each piece. My stones cost so much, my silver cost so much and had so much time in each piece and that hardly every varied so it was easy to go through and figure the end cost for the wholesale price or the retail price for a piece of jewelry. You need to keep track of what material and time you put into each piece so you can set a fair price for it. Just saying it's $XX doesn't work. I used the old fashioned multiplier of three times the cost of materials and then three times your hours, not the best formula for getting rich. Some things you just got to put a much higher price on because there isn't that much material or time in them and you can't give them away. Right?

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Connyd7 wrote
on 30 Jan 2011 12:11 PM

Hi, I am new at this forum, and the "pricing" posts drew me immediately.  I started making and selling  jewelry about 10+ years ago at craft shows and online. I have read many pricing strategies in my days.  Most of them say: take cost and double it - to sell wholesale; take cost and tripple it - to sell retail.  Of course that does not always work, since sometimes we have expensive components but very little work, and sometimes the other way around.  Something interesting I read in a forum yesterday which makes sense to me: our jewelry must evoke an emotional response in our prospective customers, then price becomes (somewhat) irrelevant. Of course we must know who our prospective buyer is; age group, hip folk, not so hip, affluent, not so rich. Who are we selling to?  Who like my jewelry?  I started to sell my jewelry on Etsy in November last year, and I am trying to work all this out myself, too.  Looking at other peoples prices who make similar pieces helps, too.

Hope this helps (somewhat)Big Smile 

Conny

www.etsy.com/shop/gemsbyconny

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MysticP wrote
on 31 Mar 2011 2:54 PM

I have a pretty esoteric way of pricing my jewelry, but it does sort of work for me. I had to develop a spreadsheet in order to do it, though.

Basically, I break down my materials costs to a "per unit" cost and multiply that by the number of units used. I double that, then give myself an hourly wage. This gives me an "ideal price." Then I search the internet looking for comparable handmade pieces. This part takes some time and research, but I can usually find SOMETHING made with similar techniques and materials. I average those prices together to give myself and "average price" which I then compare to my "idea price" and I generally try to price it somewhere in the middle.

If my "ideal price" is waaaaaay higher than the "average price" I generally don't sell the piece, but save it for special gifts or contest entries. I don't think that's happened more than twice. 

That's just my formula, but definitely do what works for you. Hope this helps!!

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on 1 Apr 2011 4:17 AM

Hello everyone!
This subject is very important, we exchange ideas for increasing sales to improve this issue.
I always look for quality products and service.
Thanks.
Carlos.

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on 28 Apr 2011 10:19 AM

Hi Pearly,

Here is a link to an article written by the owner of the bead store I work at in NC about how to price your work.  She used to make and sell her jewelry through J. Jill and Anthropologie so she has a lot of experience in the area.  Hope this helps!

http://www.ornamentea.com/articles.html#pricing

 

-TT

-TT

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