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33. Permanent Jewelry Pricing - Strategies And Examples - Free Permanent Jewelry Training
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- Опубліковано 25 лис 2022
- I live streamed this discussion on pricing for permanent jewelry based on the many requests I received. Everyone wants to know what they should price their permanent bracelet offerings at!
Full disclosure
About us: Stones And Findings is a wholesaler of premium jewellery components. We supply many stores that weld permanent bracelets. Our chains and components are high quality and well made (all 925 silver chains are made in Italy and gold filled chains are American).
You can shop our extensive collection online at wholesale prices by first creating an account (you do not need a business license). You will get instant access to prices and shopping cart at the bottom of this page:stonesandfindings.com/my-acco...
Note on Micro Welder I have used in this video:
Orion Micro Welder mPulse 30 is made by Sunstone Engineering, in the USA. Stones And Findings is a premier licensed distributor for Orion Micro Welders.
You can purchase it here 👉 bit.ly/orion-micro-welder-sf
FREE SHIPPING in USA and Canada ✈️
🌎 If you are located elsewhere, you can email me and I'll find the licensed reseller in your country.
I REALLY ENJOY YOUR VIDEOS!!! Thank you and I appreciate you!!!
Thank you so much for this note!!! You have made my morning!
as always, such wonderful and valuable information. now to come out of my home and actually do this in person without being so nervous!
LOL - just get over it! If I can get over my dislike of my own voice, freckles...anyone can get over their own nervousness. You only live once and best to live it outside of your comfort zone! Good luck and slay it, Sister.
I’m just staring the industry and I’m loving all of your videos! Thank you for giving such valuable information and for free! Already made an account on your online store and I’ll definitely be buying products there, you’re such a genuine person that the fear of not buying quality products has been eliminated. ♥️
Thank you, Amanda, for this note of encouragement and for watching my low-budget videos :). I really appreciate the support!!
Thank you so much! I loved this presentation. I love this idea of permanent jewelry and watch all the videos on it. I’m still on the fence because of the initial cost for the Orion. Thank for all you do. I will continue watching and enjoying.
You are so welcome! You have made my weekend - I love sharing things I am passionate about. Often I get no feedback. It's wonderful to read that someone finds it useful; it is very encouraging.
Thank you for this info. This was very informative! I am looking to do this in the future and believe this video answered a lot of questions I had. I will keep watching your videos!! Thanks
Thank you for this note and I am really happy that you have found this useful - I will keep making business strategy videos and not just jewelry making tutorials. I don't know if you have seen my other videos about permanent jewelry and operating the welder. You may find those interesting. Best, Dana
I'm definitely interested in how to do premium pricing!!😁....I'm going to be offering this along with my current beauty service. I'm also binge watching your videos🥰
Wow!!! I feel so privileged that my content is being binge watched - right up there with Netflix, LOL.
This is absolutely helpful ♥️. Thank you so much.
I'm so glad to read this! Thank you for watching.
I love your videos ❤thank you for your wealth of knowledge
Thank you for this message, Michelle! Your comment has made my day.
An amazing video and always great quality components ❤️
Thank you, Andrea!! Thank you also for watching and supporting me.
@@stonesandfindings always your the best ❤️❤️
Yes definitely interested in the premium branding!
Thanks for watching!
Thank you for the outline.
You're welcome 😊 thanks for watching.
Hi! Thank you for all of the information you offer up, it’s very much appreciated. I’m curious to hear what you would suggest when it comes to pop ups in salons/boutiques. What should a permanent jewelry artist be paying the salon/boutique to use their space for an event?
It's a great question and there are some important things to consider. Is the salon going to help advertise the event and bring in their regular clients. THey should, and they should work with you to bring in and book the people. If they are doing a lot and shelling out $ to bring people in, then you should give them a bigger cut. Some things that salons have done: call, adv social media, have nibblies and drinks, specials (mani-pedi with bracelet special).
If they are simply giving you space, then you can offer a flat fee, and perhaps a nominal amount equivalent to 10-15% of the income to them. So, they have cut on the upside if it's busy, but essentially you're bringing in the people and you're using some table space and and 40W of electricity. To determine what is a fair amount, take a look at how much craft market rental is in your area. It should be less expensive at the salon as that because there is usually much more foot traffic at weekend or artisan markets.
If they are promoting it and booking people (side note - if they don't have a booking system, consider using Google Calendar or Google Sheets that you can both view and enter bookings - just back things up!!), then it's a partnership. Depending on your markup (and whether you're offering solid gold, which has less % margin than gf and 925 silver), you can split 3 ways - 1/3 for salon, 1/3 for materials and machine, and 1/3 for your time and travel. You are both working hard to promote.
If they're a really established salon and they're going all out to hold this event, then you might consider giving them 40%, or even 50-50 with them, you eating the cost of the materials if you're not selling solid gold and your markup is good. Remember, they're helping build your business. Make sure you have lots of cards and a sign with QR code for people to save your contact info on their phones. You want to get repeat business that's not dependent on the salon. Have a way to grow your mailing list that you can contact when you're holding your next event somewhere else. Build your following!
If the salon is combining your event where they give a discount if they have other salon services, and vice versa, then the salon should eat that cost. It helps their regular sales and increases foot traffic for them. For example, I used to have pop-ups at some of my best customers' galleries and stores for my finished jewelry. They would offer 10%-20% discount for my jewelry pieces from my line and the trunk show (inventory they did not have to keep because I brought it and did all the work). They would give me 50% of sales price on the trunk show items. So, if a piece sold for $100 before the 20% discount, I got $50 and the store netted $30.
Hope this helps.
Best of luck
Dana
You are so thorough, thank you SO MUCH for all of the thought and effort you put into this response. I really, REALLY appreciate it!
Is this in USD? Love this video as always!
Yes, all of the prices are in USD. Thanks for your encouragement, Cora!! You've made my evening.
I’m doing my first event soon that is 3 days !! How much FT in total of chain should i get? I don’t want to risk selling out
THe cost of the chain is small compared to time, the machine and travel.... also, considering that your price is anywhere between 12x to 20x (excluding solid gold), it would be unwise to scrimp on the chain only to lose such large potential gains.
I don't know much about your event: how many in attendance, how long will it be or whether it will be well advertised. I have heard that the average pop-up event in a store is retail $2000-$4000, I would work backwards and do it that way, but x2 in terms of choice and quantity.
The chains don't go bad and you'll have other events. So, I would buy starter kit with a variety - you'll have everything you need and have the top selling chains. For example (and your supplier will likely have similar kits): we have silver kit "Gin and Tonic" that has top 5 selling Italian silver chains x 3m ea (comes with leather welding protector and 100 jump rings) at $215. That's 48.75 ft of chain, welding 83 bracelets that are 7" long. So, only $2.60 per bracelet cost.
We have similar in gold filled "Cosmopolitan" (yeah, we like to drink as you see our instagram stories) where we have the top 5 of American made legal gold filled chains. They're 2m each (so that gives you 32.8 ft of chain) plus jump rings at $321.
We have larger kits of 10 top chains and so on.
I think having more variety is good because people tend to layer and you can give a discount on their second and third chains they weld on the spot.
By the way, the record for a customer of mine for 1 day welding (mind you, she had 2 machines) all day, with help doing the cash out, was 290 bracelets. She didn't tell me the total $ but the low end would have been $20300 for the one day. That said, she works hard advertising it on social media - that's another topic all together. It takes work and dedication.
So, without knowing much about the event, I would say to purchase gold filled and silver chains. Larger kits so you have more variety. If you sell out of the most popular, they can at least have others.
10 styles x 2m ea 20m (65ft) gold filled:
stonesandfindings.com/product/bellini-top-10-chains-starter-kit-for-permanent-jewelry-in-gold-filled/
$689
10 styles x 4m ea 80m (130 ft) sterling silver:
stonesandfindings.com/product/martini-martini-top-10-chains-starter-kit-for-permanent-jewelry-in-sterling-silver-925/
$517
Hope this thoroughly answers your question.
Good luck with your event.
Dana
Hello! I know you posted this video 1 year ago, so I am not sure if these comments are still tracked, but I was wondering if you could go into more detail on markups for 14K solid gold specifically? I know it is not as high as GF because of the price, but is there a standard industry markup from wholesale to retail?
Hello! I read and reply to all of the comments personally. For permanent bracelets, it seams the standard for solid 14k gold is about 2x to 2.5x. For the high end (with more service such as warm towels and hand creams) it would be 3x+. What you're paying for would be the service. For finished jewelry, it would be 2x markup, but sometimes a little less for more expensive pieces. I hope this helps. CHeers, Dana
Thanks so much, Dana! It is really helpful to have professional feedback on this :)@@stonesandfindings
What is the best email to reach to purchase chains?
sales@stonesandfindings.com would be the best and there are 4 people who have access to it, so the response time is very good.
thank you for the info! this was very helpful. i have a promo where customers can “build a stack” and receive $20 off their total!
Thank you for sharing this! I love "build a stack" because it does look beautiful, and interesting, with a stack of them. I agree - a slight discount should always be offered as an incentive to get it done there, instead of adding one at a time, with extra set up costs.