Pricing Your Jewelry

​Hi Members!  I made you a little PDF with a sample of a spreadsheet formula you can use to help you price your jewelry.  There is more coming about this too, but here is a basic start for you...  I also suggest you pay yourself more than the $10 an hour shown in the sample. ;)  Happy selling!

Click to download the PDF with instructions and a link to a Percentage Markup Calculator.

ptj_pricing_spreadsheet_2024.pdf
File Size:	103 kb
File Type:	pdf

Download File

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There isn't a one-size-fits-all formula for marking up jewelry, but there is a common method that considers your costs and profit margin. Here's a breakdown:

1. Factor in all your costs: This includes the materials, packaging, chain. Don't forget to consider your time spent designing and building the jewelry, including design, patina, polish and chain assembling or making findings such as hooks and clasps.  That time counts too!
2. Choose your markup percentage: This depends on several factors, including:
   • Type of materials: Precious metals and gemstones will typically have a higher markup than costume jewelry.  (300 Percent markup on your precious metals and higher-end, real or lab-grown gemstone pieces)
   • Your target market: If you're selling to high-end customers, you can charge a higher markup than if you're selling at craft fairs.  You can charge premium for specialized or custom orders.  Why?  Because that is dedicated and exclusive time that you are giving to a single customer, so the hourly rate you charge should be more then your standard everyday studio rate you pay yourself to stock your store.  (400 percent markup)
   • Your Bread and Butter Market:  I always suggest keeping a line of jewelry you can make quickly, abundantly and sell quickly, along with your masterpiece pieces!  (100 or 150% mark up)

A typical markup range for handmade jewelry is between 1.5 to 4 times your total costs. So, if your cost is $18.50 and you choose a 300% markup, your retail price would be:
Cost ($18.50) x Markup (300%) = $74.00 retail price (see your PDF worksheet for examples and instructions) - I suggest you make a spreadsheet i in your favorite spreadsheet maker ;)  I use Google Sheets, it's free.

Here are some additional tips for marking up your jewelry:

• Do your research: Look at competitor pricing for similar pieces to get a sense of the market.  Don't look at just what is listed for sale, but try to find the similar items that have sold... this will give you a more realistic idea of what the finished piece might sell for.
• Consider your brand value: If your jewelry is one-of-a-kind or made with high-quality materials, you can justify a higher markup.  Our wire wire-wrapped, wearable, gemstone jewelry is indeed, handmade, and one of a kind items.
• Start with a competitive price: You can always adjust your pricing later on based on demand.  Start high, wait... I give it 3 months ... if it doesn't sell, you can always run a sale or drop the price, it's totally under your control!  You're the Creator, seller, decision maker as well as the Artist.  Don't under price your work, don't under value yourself as an Artist.  DO have more than one price point and design collection.
• The markup can be different for the different types of jewelry based on the above logic.

Ultimately, the best way to determine your markup is to experiment and see what works best for you and your business.  I always teach the 'masterpiece' and bread and butter lines of jewelry as a balance to keep money flowing while you wait for the masterpiece items to sell at much much higher prices.  

Many times, as Artists doing business, we tend to give our labor away to entice the sale.
As Artists who are focused on growing our business, we should never give our labor away.  Being in Business, means paying yourself too.

​Much love! I hope this helps.