Jewellery pricing is a monster of a topic to cover in one blog post as there are so many factors that go into it and it's just plain confusing sometimes, even to many jewellery designers at first.
So what makes jewellery cheap or expensive? The most straightforward answer is this- materials, means of production but above all markups. What this really means is that two pieces made from the same materials and crafted the same way may abysmally vary in price based on the markup applied.
Markups are applied to cover expenses, operations, overhead, distribution, wholesale markups, retail markups, commission, importation, designer and brand intangible value, marketing, transport etc. Not all markups are evil, they are what allows businesses to stay in business.
But what is reasonable and what isn't?
In the traditional jewellery industry a piece will be marked up many, many times, sometimes even up to 8 or 10 by the time it reaches the hands of the consumer. The biggest factor are retail markups or the markup applied after retailers purchase from designers or producers. A typical retail markup will be anywhere from 2.5 to even 4 times the wholesale price of a piece. Just take a moment to reflect on how that looks when you buy valuable pieces, when you're getting an engagement ring, your wedding bands or a statement piece. It's really not the diamonds, it's the markup that makes the prices go crazy.
What is the difference between traditional retail and direct to consumer businesses, like us, and how does that reflect on price? We design, make and sell all our pieces, which means we're in charge every step of the way including pricing. We don't have pressure from retailers to reduce our costs which usually translates into decreasing the quality of materials or moving production overseas, and we have the freedom to price our products fairly.
We are the rebels. We believe you don't have to sacrifice that trip for a pair of earrings and you don't have to settle for less.
Want to see traditional retail markups in action? Here we go. We had our pieces appraised for retail and here is what we got.
Wave Diamond Ring
Our price: 425€ Appraised retail price: 900€
Curve Diamond Ring
Our price: 275€ Appraised retail price: 570€
Skinny Stacking Ring
Our price: 55€ Appraised retail price: 100 €
The list goes on.
Our first promise to you is transparency and for you to know exactly what you're paying for and what you're not. In our case you pay for ethically sourced materials, craftsmanship and a slim markup that allows us to operate and grow as a business. What you're not paying for are middlemen, distribution or crazy retail markups.
You can have your cake and eat it too. ✨💗
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When we buy jewellery, the most important factor to consider is what material it's made of. Knowledge is power and the more we know, the better choices we can make as consumers.
The jewellery industry is filled with terms that range from slightly confusing to straightforward smoke and mirrors. So let's start clearing some things out, shall we?
We launched our " Essentials" collection last week after months of exciting work-designing, researching, testing and sampling. We wanted not only to bring beautiful new jewellery but also to make sure we stayed true to our promise- to provide the best quality of craftsmanship at the best value.
or go to: https://findmyringsize.com/ to find your exact size in seconds.
Still unsure? Give us a shout at firstname.lastname@example.org and we'll gladly help you out!