How do I price my time for jewelry making? I do a lot of bead weaving in my designs.
Trying to include (or even calculate) the value of your time/labor in the price of your jewelry is one of the more controversial aspects of pricing jewelry. I believe the amount of time it takes to make a piece of jewelry is unrelated to the value of the piece. Think about it this way: Should you pay more for a meal at a restaurant based on the amount of time it takes the chef to make it? What if you happen to have a really slow chef? Or should you pay less because a very experienced chef can make the dish in a lot less time? The value of a piece of jewelry is what any willing buyer will pay for it.
So, while I'm sure it makes sense to you that the more time you put in the more valuable it is, that is only true if the final product is something that people will pay much more for. Focus on making beautiful woven-bead designs, and charge as much for them as you think people will pay. If you find that customers are not willing to pay more for the designs that take you more time to make, you may consider focusing on items that you can charge more yet which take less of your time and labor.
- Dr. David Weiman
Dr. David Weiman is a respected expert in the field of marketing and selling handcrafted jewelry and a well-read contributor to Fire Mountain Gems and Beads "Ask the Experts". He is the author of Introduction to Marketing and Selling Jewelry , The Jewelry Selling Answer Book and The 5 Keys to Selling Handcrafted Jewelry. A free newsletter on selling handmade jewelry is available at his website: www.marketingjewelry.com.