The demand for jewelry is growing because of the need to showcase each person’s personal style. The different materials jewellery is being made out of is expanding as well. Online consumers can find everything from antique jewellery to resin pendants and individual pieces made by an artist from scratch.
You have the jewelry readily available and now it’s time to list it for sale. A bold title can peak interest, and an enchanting description keeps attention. The final selling point is the price. It can be difficult to know exactly what the piece of jewelry is worth. Here are the aspects of your jewelry to consider when pricing for online sale.
1.Material
Sometimes the value of a piece of jewelry is made apparent by the type of material it is made out of. If it is a diamond ring, you can simply find out the quality of the diamond and begin pricing from there. It is the same case for pricing between silver and gold, the prices of these valuable metals vary from time to time. It is also important to know whether a piece is solid or only plated in such metals.
There are times when the material is not completely reflected in the cost. Some cheap materials can be applied in difficult methods, which makes them valuable in that sense.
2. Cost of Labor
Always consider how much it is costing you to either hire someone to produce it or if you are making it yourself. Add this to the cost of the materials used to see exactly what each piece of jewelry is running out of pocket.
If you are making the jewelry to sell online, you must allow yourself a wage from producing the product. If sales do increase you can find a way to reach better margins and afford to pay an additional employee.
3. Replacing Products
Keep in mind your plan for when packages go missing or if jewelry breaks on its journey to your customer. If it is a one of a kind piece or especially valuable it could be impossible to reproduce. These costs need covered and adding a small amount of ‘insurance’ to the product cost can make it less financially devastating when you have to replace sales. Insurance is an unfortunate extra cost if nothing happens, but it can be a lifesaver if you need it.
4. Think About Shipping
The cost of shipping may scare some customers away. With the many online free-shipping promotions, people are more likely to choose an item which can be sent at no additional cost. A way to not lose money and offer free-shipping is to absorb that cost in the item price.
Most online vendors allow your customers to choose their own shipping and pay more if they want. Often for these, you won’t have to pay more than typical postage.
5. Is It Vintage?
If you are re-selling jewelry, it is important to look into the date the item was made to see if you can label it as ‘vintage.’ There are standards to when something counts as vintage, or antique, and if you do this appropriately it will draw in customers interested in the unique pieces of history. Knowing the history of your piece and being able to verify it can add a great value to collectors. One of a kind or rare pieces will always become more popular for those searching for something special.
6. Compare To Similar Jewelry
Research jewelry that is similar to yours, in materials and use, and understand what the market is already like before jumping into it. If you are reselling, multiple rings of the same style exist, so you might be able to find the exact ring and the price a different seller has set.
If your handcrafted jewelry truly is unique it can be hard to find a comparison. Just attempt to price on materials and if there is any demand for your ring that can be incorporated into the price.
7. Make A Profit
Do not simply sell for the cost of materials and labor, or what you have priory purchased the piece for. Add an amount for the profit, which every business intend to make. If it’s not something you purchased or made and just something you own, focus on what it has cost you over time in order to make a net profit. These costs might come from appraisals, listing and mailing fees, or repairs.
Why Sell Jewelry Online
Pawn shops and jewelers alike may give low prices for the jewelry because their goal is to resell it for a higher price or just use the materials to do so. Jewelry shops may be useful to have things appraised but often the price is still lowballed. By skipping the shop and selling strait to a consumer that extra profit can go to you.
Online stores also give you a much wider customer base than a local market. This can be vital when it comes to beautiful individual pieces that may be harder to find an adventurous buyer for. There are even internet sites like this company that can help you know exactly what a diamond is worth.
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