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Daily Wire Tip July 16: Making Money with Jewelry

By on July 15, 2010
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Daily Wire Jewelry Making Tip
July 16, 2010

Question:

My husband and I are just starting to do jewelry items, and one of our biggest concerns is how we go about pricing. We want to be reasonable, but at the same time let people know that our creations are not nickel & dime items. How do I price my items?

-Liz in Sunbury, Pennsylvania

Answer:

This is a question that comes up a lot. One thing you can do is check out my recent article, How to Price Your Wire Jewelry. There is absolutely nothing wrong with charging the price that your piece is worth. Pricing is a key aspect of selling your jewelry!

Just remember that the items you sell need to be appropriate for whatever venue you are in. Example; do not expect to sell a 14kt gold filled piece made with a natural emerald at a flea market! Rather, a sterling silver piece made with a beautiful cabochon should do nicely.

Another thing you can do, and I want to tell this to all our jewelry artists hoping to learn more about “the biz”: Wire-Sculpture has a HUGE announcement today, and it’s all about business! Click here to find out the big news. If you’re serious about your jewelry business making money for you, I really recommend you check this page out.

Answer contributed by Dale “Cougar” Armstrong

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4 Comments

  1. avatar

    Joyce

    July 16, 2010 at 11:37 am

    I have been a contributing author to a number of books on pricing and selling crafts of all kinds. There are a few “standards” that are recommended. I find it works for pricing wire wrapped jewelry and have been very successful selling my pieces.
    1. Make a list of the exact cost of the materials. This includes calculating the cost of the wire per foot.
    2. Your time: Be accurate about the number of minutes or hours it took to create the piece. Multiply this by the minimum wage in your area.
    3. Multiply the total cost of materials and time by 3. This is the retail price of the item.
    4. If you are asked to sell an item wholesale or have an “end of the year sale, etc.”, divide the price in half.
    Follow these steps and you will always have a fair price and make a profit.

    • avatar

      dalecgr

      July 18, 2010 at 5:39 pm

      Thanks Joyce, for confirming what the WS Faculty and I also advise.

  2. avatar

    Sherrie 3ingerfelt

    July 22, 2010 at 10:01 pm

    Hi Dale,
    I always enjoy your tips!
    Even though I’ve been selling jewelry for several years, I still occasionally have issues when pricing for the different venues where I sell. I’m looking forward to getting the Definitive guide WS is offering. Maybe I can finally put some of those issues to rest!
    Sherrie

  3. avatar

    Tami Bowdon

    December 11, 2011 at 7:50 pm

    I thoroughly enjoyed this article, this has really been inspiring. I like your the way you think on this. keep up the excellent work.