A Fool-Proof Formula for Pricing and Selling Your Jewelry

Warren Feld
18 min readApr 17, 2020

QUESTION:
Can you make serious money by making jewelry?

ANSWER:
Yes you can, but you have to be smart about it.

I offer a series of business of craft classes in Nashville. One of my most popular classes is called PRICING AND SELLING YOUR JEWELRY. In it, I go over a pricing formula that is easy to do, accounts for costs of PARTS, LABOR and OVERHEAD, and fits with the realities the jewelry designer faces, most notably, that they wear different hats — manufacturer, wholesale and retailer — and each “hat” requires a different way or related costs to prices.

I also go over various business and marketing strategies very related to Pricing.

In this article, I go over…

  1. BUSINESS STRATEGIES
    2. PRICING STRATEGIES
    3. APPLYING PRICING FORMULA
    4. PROFIT and POST-PROFIT
    5. MARKETING YOUR JEWELRY
    6. RETAIL, CONSIGNMENT, WHOLESALE
    7. BRANDING

BUSINESS STRATEGIES

a. Buy Parts Cheaply
When starting, go after depth rather than breadth of inventory.
Buy a limited selection of parts, colors, sizes, so you can purchase in greater volume, thus getting a lower price

Don’t try to meet every contingency. If someone wants the piece in red, and you only have purple, don’t try to get the pieces in red. You won’t be able to buy them in volume and get a good price on them.

Learn how to say “NO!” to the face.

“Pretty Please, Pretty Please, Pretty Please”

“Do It For Me” “I’m your best friend.” “I’m your sister”

“I’ll show everyone what you made for me”

“Please please please!!!!”

You have to hold your ground for 60 seconds. Just 60 seconds. Then the person usually says, OK, I’ll take it in the color you have. (Most people cannot hold their ground for 60 seconds …. But, you have to.)

Initially, you will move from a creative mode to a production mode. A lot of jewelry artists give up and fail right at this point.

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Warren Feld

Beading and jewelry making have been wonderful adventures, from custom work, production work, and teaching. *Design is about the ability to make smart choices.