U-Handbag writes a very good post about putting a price on your work:
This has always been a big topic in my jewelry studio. My teacher says to triple the price of materials and that’s your wholesale price. In the past I have doubled the price of materials, added an hourly wage for myself, and added a fixed amount to cover packaging and other expenses. Sometimes I only add up the price of materials and add an hourly wage for my wholesale price, then I double it for my retail price. And sometimes, I admit, I’ll just wave the magic wand in my head and come up with a price that really has nothing to do with anything, except maybe emotions. I guess the question then becomes “How much does someone have to pay to get me to part with this precious baby?”
Yes, it’s all very scientific, this thing called pricing.
Even the women in my jewelry studio who do much more selling than I do seem to be stumped when it comes to pricing. For example, I recently asked one of them how much she was charging for a particular piece (it was a custom order for an acquaintance) and she quoted one price. When I said I might be interested in having her make one for me, she said she’d charge me a different (lower) amount. So in this scenario, we have wholesale pricing, retail pricing, acquaintance pricing, and friend pricing.
I suppose with all of this housecleaning I’ve been doing, I’m going to have to figure out a pricing system and stick to it, because frankly, that little magic wand in my head is getting a bit worse for wear.
Bracelet: raw diamond beads wire-wrapped in 14k yellow gold.