Comments on: My Jewelry Pricing Confidence Conundrum

By: Karen Escalera

Karen Escalera — Tue, 05 Jun 2018 13:29:56 +0000

One important factor not to forget is adding dollar amounts for your time spent on creating pieces. 🙂

By: Susan Carpenter

Susan Carpenter — Sat, 23 Jul 2016 14:30:29 +0000

Stacey, I have been designing and selling my enameled jewelry for 50 years this fall, and one thing I want to add to the conversation is that presentation is also important. I find that packaging and possibly gift wrapping is also really helpful. I look at it as solving someone’s problem. If they need a gift, it is so wonderful to have attractive boxes and pretty bags and tissue and a gift tag to close the sale. They then go off thrilled to have solved a gift giving problem. Work those costs into your pricing as well, but it does make a difference for the harried people who want a beautiful piece of handmade jewelry ready-to-give. Often while wrapping, someone will comment that gee, they also need a gift for someone else and the next thing you know, they are buying multiple items. Good luck!

By: Dianne

Dianne — Fri, 22 Jul 2016 18:46:43 +0000

Sounds like I am pretty close to Rena’s formula but I sell wholesale as well as retail so I have to have a different formula. Cost of materials X 2.5 + hourly rate=wholesale, double that for retail. Don’t worry about what everyone else is charging, the formula will keep you fair due to the cost of materials. If you don’t value your work, no one else will so use the formula and don’t forget to add an hourly rate! I have also raised prices on pieces that sit around and they sell at the higher price. It’s all about perceived value. Go figure! Good luck and keep us posted!!

By: Janet

Janet — Fri, 22 Jul 2016 17:01:57 +0000

I cannot offer you any advice because I have the exact same scenario. I just do it because I love it.

By: Rena Klingenberg

Rena Klingenberg — Fri, 20 Feb 2015 00:00:36 +0000

In reply to Stacey.

Fantastic, Stacey – look forward to hearing how it goes! Wishing you all the best! 🙂

By: Stacey

Stacey — Thu, 19 Feb 2015 23:22:29 +0000

I am so glad I posted here! You are all so helpful and encouraging. I’ve had renewed excitement about making my pieces, and I can’t wait to try out my new prices! I’m hoping to do a show sometime in April, so I will let everyone know how it goes:)

By: Rena Klingenberg

Rena Klingenberg — Tue, 17 Feb 2015 23:06:00 +0000

In reply to Liz Brummond.

Liz, it’s wonderful to hear your results after using the pricing formula! You are exactly right – “charging more sells more”. 🙂 Great to hear how well you’re doing.

By: Liz Brummond

Liz Brummond — Tue, 17 Feb 2015 22:31:37 +0000

I love Rena’s formula! My sales increased over 35% once I started using her pricing scheme.
It is one of life’s mysteries – charging more sells more. I did the same as you in my first year or two at festivals – put things “on sale.” One reason was I hadn’t sold the piece at the last show. They were the more expensive pieces so my thinking was I charged too much. But I found out differently when a customer picked up a necklace I made over a year ago and said, “It’s like it’s been waiting for me!” This has happened again and again, at every single festival I’ve attended in the past three years.
Now, the only thing on sale are, as suggested on this site, fast and easy pieces like Rena’s folded rings. It helps draw people into my booth. Even those are priced for profit. Your work is gorgeous and you deserve to not only get back what you’ve paid out in time and supplies but for your artistic eye and creative design!

By: Cindi Bernloehr

Cindi Bernloehr — Tue, 03 Feb 2015 19:29:40 +0000

I agree with everything said and have used Rena’s formula for the past 5 years and it works. I feel that I have a fair price on my jewelry and I am getting $$ in return for both my actual time worked but also my artistic design work. (that usually takes more time than making it)
I also have found that if a piece had a lot of attention(touch factor) but didn’t sell, I now INCREASE the price about 10-20% and it will sell. People like to feel value in what they buy but cheap is not value.

By: KathieL

KathieL — Tue, 03 Feb 2015 17:47:08 +0000

Your artistry is beautiful. I agree with everyone else, in that you should work with Rena’s formula (as you already have). I have found that Rena’s JMJ and ALL of the information she acquires and shares is worth its weight in gold! Good luck to you – I wish amazing success!

By: Judith

Judith — Tue, 03 Feb 2015 16:52:39 +0000

I am glad you have changed your thinking to more positively about your beautiful jewelry. There is a lot of money being spent on the total range of marketed jewelry. See yourself as getting in on the appropriate level for your work.

By: Stacey

Stacey — Tue, 03 Feb 2015 12:41:26 +0000

Thank you so much for the encouragement! I have been using the formula on my newest pieces this past week, and am finding I wasn’t too far off with my pricing – I just wasn’t including anything for my labor. It actually feels great to be adding a bit to the price that includes all the time and effort I put into each piece. I have had moments at craft shows where I felt as though people were overlooking my work because of the lower pricing, and have even had co-workers tell me this might be occurring, but I was still afraid to raise my prices. Thank you so much for the kind words and for the support – now I will need to stick to my new prices when I do my next craft show!

By: cebette

cebette — Tue, 03 Feb 2015 12:27:34 +0000

I agree with what everyone else has said and would add that when you raise your prices you will find that although you may not sell as many pieces per show, your overall profits will be higher. Often, people will base their perception of an items worth on its price. As Alicia pointed out, you are hand making each piece and that alone elevates your designs above those that are mass produced and sold in chain or big box stores. As long as you are not severely OVER pricing your work – and that certainly does not seem likely- your new higher prices will command the respect they deserve. I know it is hard to get to the point where you think of your work as art. Although I have been making jewelry for years I don’t call myself an artist (it seems a bit much for me since I too am not working with fine gemstones) but I do now proudly refer to myself as a jewelry designer. Your work is beautiful! Now go out and price it for what it is worth and be proud of your HAND MADE jewelry DESIGNS!

By: Leah

Leah — Tue, 03 Feb 2015 11:09:54 +0000

I think your necklaces are very pretty, Stacey!

I’ve been to big-name jewelry parties where they don’t use precious metals or real stones most of the time, and their jewelry was pretty highly priced. So I think you would be justified in charging for the time and materials it took to make your artwork. I like Rena’s pricing formula – it’s very helpful!

By: Anita Campbell

Anita Campbell — Wed, 28 Jan 2015 21:30:40 +0000

I agree with Alicia regarding setting up a pricing formula that will allow you to enjoy your craft but also allow you to recoup your expenses for materials and time. You will definitely have to tweak Rena’s formula to suit your market and economic area. If you sell at craft fairs that require you to have a sales tax number, you should incorporate the tax into your price (round up or down). If you sell on Etsy, you need to incorporate the fees there as well. If you have gotten to the point of accepting credit cards via one of the popular devices (Etsy, PayPal, Intuit or Square to name a few to use on your smart phone) you will need to allow for that charge as well in your final price. Good luck – I know it’s not easy but please PLEASE do not undersell your jewelry – you DO hurt yourself in the long run.

By: Alicia ~ JMJ Content & Social Media

Alicia ~ JMJ Content & Social Media — Wed, 28 Jan 2015 06:16:37 +0000

The definition of “costume jewelry” is very broad, but at its core it’s simply jewelry made from base metals and imitation gems.

You can certainly find cheaply made costume jewelry, made of cheap looking materials, but have you ever gone into a department store and seen the quality and prices of some of their “costume jewelry”?

You could easily spend $30+ on a simple pair of faux pearl studs from a brand name “costume jewelry” designer.

Then there is vintage costume jewelry that is collected and can sell for hundreds, if not more depending on the piece.

Most costume jewelry is also machine made. That’s certainly not what you provide. You make handmade jewelry. So as far as pricing goes, I would say, let go of the idea that your jewelry is “costume jewelry” with low value.

Set your prices the way every handmade jewelry designer should. Consider the cost of your raw materials, your overhead, and your time.

You can use Rena’s Jewelry Pricing Formula and tweak it to suit your business if you need to.

The fact that you use faux stones, glass, acrylic, or base metals should reflect in your final price and keep you fair, but competitive within THAT niche.

Let the folks who design with the more expensive stones and findings compete with each other. You can’t worry about how your product affects their bottom line. Especially if you are honest about the materials you use.

Also, do not sell yourself short, literally, because you do not consider yourself an artist. Lots of us don’t call ourselves artists and that’s fine. You don’t have to be an artist to make and sell jewelry pieces that others will value.