The Tricky Business of Putting a Price on Custom Designs
What are your labor, creativity, and time worth? You can check the price of gold with a quick Google search, keep up with diamond costs through online sources such as Rapaport and Idex, and comparison-shop for stone setters. But how do you monetize a morning of researching historic jewelry styles, or an afternoon of free-form sketching?As the popularity of custom-designed jewelry grows—and jewelers eagerly respond to that demand—the standard formula for how to price product has been muddied. After all, how do you put a price on creativity?David Alan Jewelry Lunette ring in platinum with 18 ct. aquamarine and diamond pavé; $16,000Peter Norman, owner of Peter Norman Jewelers in Los Angeles, has been making custom pieces for clients for decades. Pricing out materials and labor is a daily chore. But when it comes to marking up pieces for retail, he always puts a premium on his unique
This content is exclusive to JCK Pro subscribers. Subscribe now to access this and much more with discount code GOPRO21 for $199 for an entire year of access (reg. $249).
A JCK Pro subscription is your all-access pass to people and resources on the
cutting edge of the retail jewelry industry, from the industry authority you
know and trust