How To Price Handmade Jewelry
How to price handmade jewelry doesn’t have to be a mystery. It is something which takes a significant amount of thought, time, and effort. After all, while many people know how to purchase jewelry at retail outlets or through online retailers, few know how to price handmade jewelry. However, by taking some time to learn about jewelry pricing, you will be able to make a healthy income selling it. After all, figuring out just the right price is an invaluable task in doing so.
First, when buying or selling handmade jewelry, be sure to consider the piece as an individual piece. By this, we mean that you must have knowledge of the piece inside and out, including its construction, composition, color, and materials used in its making. By understanding these details, you will be able to price each handmade piece with more precision, as well as accurately determine its value. Additionally, a bit of common sense goes a long way, especially if you are working with someone who does not truly understand the jewelry making process. This is especially true for items made from rare or valuable materials.
Next, be sure to take the piece through its paces. Jewelry making involves lots of steps, each of which takes a great deal of time. Be sure that you don’t overstep your mark, especially when it comes to cutting and polishing. Be conservative with your estimate of the time needed to complete each step. In this way, you can estimate how much time and effort will be required to create a finished product, which will allow you to correctly price the piece.
Finally, take time to consider how much overhead costs are involved. In general handmade jewelry producers and sellers include overhead costs in their final pricing. These include taxes and payment services such as credit cards. However, overhead costs can vary significantly from seller to seller. One way to estimate overhead costs is to work with a seller who includes them, and then provide you with an itemized list of the costs per item. Be sure to keep track of the prices to see if the numbers jive.
You should also consider the materials used to create a handmade item. Different materials create varying results and appeal. For example, a gold bead necklace may look stunning to many women, but may need to be covered with thick material to keep the appearance of weightless. In this case, the value of the handmade jewelry piece may be substantially reduced. On the other hand, a delicate silver chain may seem barely noticeable but is missing one or more important links, and be less valuable overall.
To better describe a bead or necklace, know exactly what qualities it contains. When you have the piece in your hands, inspect it carefully. Examine all the edges and corners carefully, taking particular note of any uneven surfaces, splits, cracks, or other blemishes. As you look at the piece, take special notice of the color and clarity of the beads and the clasps. The better you understand a bead or necklace’s composition, the easier it will be to price it.
Once you have understood the composition of the piece, you need to find out what quality of beads are used to construct it, and where these beads come from. For bracelets, you can use common sense to answer these questions. For example, if all of the clasps and beads on a bracelet are of the same high quality and are all solid colors, you will know that the price for this bracelet is going to be reasonably consistent regardless of where it is made. On the other hand, if all of the beads on a bracelet are different dyes with different intensities, you may need to use a bit of creative thinking to come up with an idea for pricing your bracelet.
You have just learned how to price handmade jewelry, which helps the customers who want to purchase it. In addition, as a jewelry artist, you learn that there is always room for improvement, so you work on your craft and strive to become even better. As you create new designs, customers will come back for more, which will keep your customer base intact and increase your profit margin as well!