Raising prices on your jewelry? In this economy?

It is always the right time to review pricing and develop a creative pricing strategy – this was true when gold was $1200, and it is still true. It’s the one truism of pricing that doesn’t change regardless of where gold and silver prices are at. Whether you are ensuring that (at a bare minimum) that you aren’t losing money, or whether you are seeking a better approach with more profit, reviewing your pricing is a process that can always work for you.

I have a video that I made recently that also addresses sky high gold prices.

Getting creative with your jewelry pricing

Pricing is a formula, but it isn’t ONLY a formula.

Pricing intersects with your brand identity, your production practices, business model (i.e. wholesale and/or direct to consumer), your marketing plan and your profit margins. Taking in all of this information and spitting out your best price on a piece of jewelry requires that you start with a formula, but it certainly doesn’t end there.

The question of “should you raise your prices” might have more to do with all of those factors that AREN’T math – how well do you know your audience, and what are their price thresholds? You might also have to take into account your production practices – can you shave off some time from your labor on a piece by adopting a more efficient process?

OK, but what if you still haven’t reviewed your jewelry pricing?

If you took your eye off of your COGS in the last year, that’s understandable – the cost jumps over the last 12 months have been significant and overwhelming, but not insurmountable.

According to some data that we do have, gold sales were down in terms of volume – that’s scary! – but they were up in terms of profit – that’s amazing! And maybe a little confusing.

My interpretation is that fewer people may be buying, or that people are limiting their gold jewelry purchases to only one or two pieces a year. But it also means that the folks still buying gold jewelry are accepting the higher prices. And that means people are still buying.

It’s a hard one to wrap your head around, but here’s what I do know – all of the businesses I know who keep their eye on their profit and keep their eyes on their cash flow tend to stick around a long time.

What can we do together to work on your jewelry pricing?

We can examine your pricing strategy, or develop one from scratch if you’ve never developed your own process. A pricing strategy consists of a radical examination of your costs, combined with an understanding of your brand, a definition of your target audience, and, most importantly, setting your goals.

If you have a goal of increasing sales, attracting more custom clients, attending your first trade show, or aligning with your direct to consumer customers, having a pricing strategy will help set you on your path to profit no matter your business model.

How to get started on re-pricing your jewelry

New to pricing and haven’t launched yet, or do you just need some support to know that your math is mathing? Start with the $99 pricing course – this course is always open and you can watch and process it in your own time.

Already in business and you want to dig deeper with an expert guide? Check out the details on The Pricing Strategy for Jewelers. Then, let’s start with a discovery call to ensure this service is the right fit for your business.

Hear what people are saying about working with me on jewelry pricing

“Who knew pricing could be creative? 🤯 Working with Sharon on Ofrenda Jewelry‘s pricing strategy was an exercise in thinking outside the box, having more flexibility around the craft, and considering alternative options creatively. It allowed me to see and understand my brand with a broader perspective, and be confident in trying new things. Sharon was respectful, kind, and generous throughout the process and I now have a ton of ideas, resources and examples to price my jewelry.”

-Cecilia – Ofrenda Jewelry