Pricing is an issue that many people in the jewelry business often worry about. However, there is a method that you can easily use, whether you purchase jewelry wholesale or make your own jewelry. Pricing is very important. You don’t want to charge too much, because you won’t sell anything. On the other hand, you want to make sure that you charge enough to make a profit.
If you purchase your jewelry at wholesale prices, a markup of 15% to 30% is usual, and people will pay these prices. In the grand scheme of things, apply the 30% markup, and make that the ‘regular’ price. When you need to move merchandise hold a sale, and use the 15% markup price as the sale price.
If you make your own jewelry, determine the total cost of the piece, including the cost of supplies, shipping, warehousing and packaging, then apply a 15% markup. With the 15% markup, your jewelry will be priced at the wholesale price. If you sell the jewelry to the general public yourself, as opposed to selling it to retailers, apply the retail price, which in this case would be about 45% above your costs.
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