Watch Megan lose her mind in this very fun video, where she reacts to my old (ridiculously) BAD prices of my jewelry! I DID NOT know how to price my handmade jewelry back then... So using these as examples, we will share tips and advice on how to correctly price your jewelry! ⭐ Want to see more about pricing? Check out this video, where I used ChatGPT to price my jewelry and help me set my hourly rate! th-cam.com/video/p6rysb25HjI/w-d-xo.htmlsi=VtgTLbcszvip2bE3
I made earrings and a bracelet set and asked my uncle what he thought I price it. He took a look at everything and said nothing under $50. He said this is your time, your art and people can only get it from you. Not to mention he said it was something he would buy from a department store. So I’m learning to charge my worth and not to lowball myself. ❤
I refine gold and silver as a hobby and every once and a while I get a piece that you can tell someone put a lot of time and work into and just can't bring myself to melt it so they get spared and saved to eventually be passed down to my niece. Some are so unique and others are so common, you really start to see the difference between an artist and a manufacturer.
It is always a relief to me as a beginner to find out that someone as good as you are, in the beginning also made pricing mistakes. I really appreciate your honesty....it helps.Thank you.
Trust me, we ALL DID! I don't know a single person that didn't struggle with it at least a little bit. It's completely normal. It's an adjustment, but a very important one ❤️
One time I found an incredible sculpture online. I messaged the artist to ask what the cost of their work was, expecting it to be thirty or forty thousand dollars. He said it depends on the time it took and the material etc. Then he said he would ask for more but typically pays himself forty cents per hour. This was an American person paying himself a tiny fraction of minimum wage to make remarkable art. It put things into perspective for every job I have worked since.
FOURTY CENTS??? You're kidding, right? Wow... this is the lowest I've seen someone price themselves. And so very sad 😢 I hope he improved his pricing - and the way he values himself and his art - since then.
@@jasminepetal3972 at the time I was working an art meets craft job. It made me realize that you can't pay the bills with passion and I reconsidered my career in light of this (among other things as well). It reminded me that working for free will likely never pay off and to charge what I'm worth. Once I tried to apply this to a new career, it led to better working conditions and a work life balance that is improved.
The thing is if everybody properly charged fir their time ppl would have more realistic expectations of how much handmade works actually cost. We all undermine each other by making our time worthless.
I feel this so hard, still 😂 I sold a small painting to my friend for $50 CAD, and she came back and paid be 3X because she realized I was undercutting myself. Big eye opener for me
I love friends who do that. I struggled with pricing in the beginning and I had a friend who would take advantage of that, but my good friends? Always insisted on paying me more which eventually made me raise my prices.
Sounds awesome!! Being able to cut my own gems for my designs is my dream and plan for the future. That's why knowing how to properly price all of that work and time is very important! You need to price yourself properly so that you're being paid for your hard artisan work ❤️
If you want to learn how to do metal working you can do a lot of learning at home from TH-cam. One thing they don't stress enough is proper ventilation and proper PPE like mask and goggles. But other than that you can learn at home no problem
Imposter syndrome and I are unfortunately very well acquainted, especially when it comes to pricing. I use a pricing formula and I still knock a few dollars off bc I feel my work isn’t worth it. It’s comforting to hear that others deal with this too, and that it’s something you can grow past! Thanks for being so honest and genuine in this video 🥰
Basia, the fact that you were setting stones in what you describe as your “beginner’s phase” has motivated me not to be so tentative about stone setting…! Thank you ☺️
It was so much fun doing this video with you and spending time with you in Poland! Look forward to welcoming you in Belgium sometime soon! ps: Watch part 2 here : th-cam.com/video/01Pk3kLszOU/w-d-xo.html
omg, it was awesome! I enjoyed it a lot and I think we shared the vibes haha 😁 I've had a lot of fun! Thank you so much. Looking forward to visiting you in Belgium xx
Am an artisan specialist from Kenya but the problem I personally face is clients, I design a lot based on natural occasion, events or what happening world wide , just like COVID , Ukraine war , LGBT rights, war on cancer ♋, how I wish I have like clients to supply them
Wow!! Such a relief to hear you guys talk about realistic pricing!! I have been really struggling to price my work and its now clear to me I have also been suffering with imposter syndrome whilst trying to compete with etsy pricing 🤦♀️Thankyou again for your honesty and creative insight 💕
Please please don't let the imposter syndrome and Etsy pricing stop you from pricing your jewelry as it's worth!! It's unrealistic and Etsy is no longer just handmade anymore.
My pleasure! It means a lot to hear that this discussion was helpful and hopefully motivating for you to reconsider your own pricing if perhaps you've also been cutting yourself short. It's not about trying to rip anyone off. It's about being paid fairly for our work, which is artisan and often one of a kind ❤️🙏
Wow...this brings me back to when I was first starting and pricing and my husband constantly telling me that my prices were too low. Even now over 20 years later, when I show him new pieces his first question is how much am I charging and how long did it take me, lol
Oh man! The guilt of over pricing and the feel of taking advantage of people by doing so. That's one of reasons why many creators down price their pieces. I know this cause I have done it. 💚thank you for such informative video. I will head to your friend's channel to subscribe. 💚
this is so relieving to hear, thank you so so much for this video. It’s exhausting when people react so shocked to the price you tell them and expected something about 20$ and you just end up becoming more and more confused if you are pricing it right or not when you don’t have that much experience yet. This is a very important video 🙏🏻
EXACTLY!! Handmade artisan work does not equal costume, mass produced fake jewellery. It's a form of art and craft, is most often produced in a slow, mindful process and is one of a kind. But I guess not everyone values this or even considers anything special. But those people are not our target audience, easy as that 😀 we don't have to (and in fact, aren't able to) cater to everyone's pocket and taste. We can only target a certain group of customers and that's ok!
I'm just loving seeing two of "my faves" discussing pricing! Although you are both among "my faves", I have never "analyzed" your pricing....but Basia, I have definitely felt the "ultra-nice people pleaser" in you, and it doesn't surprise me in the least that you were significantly undercharging. I know a little something about this "syndrome" because I was the same way when I was younger. For me it took some deep self examination into the reasons I was thinking in this way. Thank you Megan for helping to recalibrate this lovely lady's sense of value! And Bascia, I'm so glad to see you making this "correction" to the true value of your work! Love you both!
Your comment made my day, truly ❤ You are spot-on with the "ultra-nice people pleaser", it's such a difficult thing to realize we're doing, to overcome it and value ourselves for who we are. To recognise the value of what we have to offer to the world and to people and that we are enough. The feelings of not being enough or doing enough, feelings of not being accepted for who we are can lead to these (quite frankly destructive)behaviours. And they manifest in our work! I'm reclaiming it now and working on valuing myself and my work properly. Our work matters ❤ Thank you again for your sweet words and encouragement, it means a lot.
This vid popped up in my recommended for some reason, ended up watching all the way through! I'm a professional illustrator and oh my goodness, this is SO REALATEABLE! Everyone and I mean EVERYONE in the illustrator/painting community heavily underprices themselves at first (some still do, years later!) I still remember my first commission... $10 dollars. For a CUSTOM piece of art! And I was hesitant on it too.🤦 It is madness but understandable madness. We artists/artisans are so focused on our craft and learning that we forget our own value. We forget that all those years of honing our skills must be reflected in our prices. And the way we sell ourselves will attract different types of buyers. If you sell cheap, you'll attract buyers who do not value what you do. But if you show the world that you know your worth and value, you will attract buyers who have great respect for you and will treat your products with the care and love they deserve.💖 Your jewelry is gorgeous btw, that amethyst ring was incredible.😍
I think this is a struggle for all new silver smiths. The first things I sold only covered my materials - I was so worried about my craftsmanship, that I struggled to pay myself.
I agree - it's a struggle for all creatives, this type of work is very difficult to price, especially in the beginning. And especially when we worry about our skills and craftsmanship, just like you've said 👏
I'm getting ready to sell my stuff for the first time and I needed to see this video. Between this and asking friends and family how much they think something costs, I would have been under selling myself by a lot. Very eye opening video - entertaining too!
I really appreciate this video because I do this ALL THE TIME. As a beginner, I feel like I should be practically giving something away because it isn't "professional" enough (even though its just a simple gem set ring). As makers, We really do need to stand by our work and charge our own worth. Thanks for the reminder. (I just recently started following Megan as well on TH-cam. I love watching both of your channels!!! 🥰 ❤
SO HELPFUL! Just hearing that you went through the same doubt and low pricing because you didn't want to be seen as an imposter, has really opened my eyes to the fact that I'm not alone in that feeling, thank you so very much for sharing Basia! Heading over to Megan's now to learn the formula 😁🙏💖
You are SO NOT the only one!! Oh my goodness, we all share this experience, trust me ❤️😁 I hope both of our videos were helpful and encouraging. Thank you for watching! Wishing you all the best in your pricing and your Jewellery making adventure 💜
I am fortunate to know fellow creators that will honesty tell I'm pricing too low. I have been creating off and on I recently started again. I call it experimental mode 😂 but I am learning new things. One of the reasons I enjoy your content. As far as I'm concerned creating is a never ending learning experience.
oh absolutely! It's a journey, on which we constantly learn and experiment, gather new skills and progress :) I'm glad you are able to get back to it again, make sure you don't put pressure on yourself and just have fun! This should be something fulfilling and not stressful for you ❤
Kudos to you for doing this video! I know your honestly and sense of humor will help others. You are not the only gal to underestimate the worth of your talent.
Thank you soooo much. Your video hit me just in time. Just started creating and struggle a lot when it comes to pricing. Feels good knowing that I'm not the only one. 🙏🏻❤️
I absolutely loved this!!! I have learned so much from you. You are always full of so much information and show us all of your mistakes. It’s so helpful. Keep doing what your doing. Just please raise your prices my dear. Your worth so much more. ❤
I think we could all relate to this. One other thing I would suggest for custom work is to get the estimated cost of materials up front and have the customer sign acknowledgement that deposit is non refundable.
Wow I really found this extremely interesting and super helpful.. my friends tell me I charge too much sometimes, especially for my woodworking projects, so I always try to come down a little from what I price my jewelry pieces at 🙈.. pricing, is difficult, you want to make your money back and a little profit but you don't want to be so high that you alienate people from buying also lol . Great video Basia, I hope you are doing great 😃👍🏼
Love this video! Thanks for sharing it! Can you explain how you made the leaves come over the Amazonite ring? Would love to see a video of something like that!
Warning: The brutal honesty of this comment may blow you away. I must absolutely comment on this video and will continue on Megan's channel in part two. Brace yourself, because I can be long-winded but must make several statements and points to ponder from and learn. Let me begin, by revealing myself. I am from the US. I do not have a youtube channel, I only have an account for the purposes of subscribing to individuals for inspiration and to learn. I subscribe to both Megan and Basia. Statement #1: Knowledge is everything. Being of the mindset to be flexible enough to change on a "dime" when necessary is key. Kudos to Basia for knowing this. I am in my 60s and have made jewelry for many years since childhood. I have changed on many different "dimes" and have reinvented myself numerous times. I have made mistakes, but I have succeeded many more times than not. Transparency is important, so a side note: I have recurring brain tumors and have had 3 in the last twenty years. God spared my fine motor skills and I was still able to make jewelry after some very hard work in physical therapy. I have been a successful Jewelry Artist for many reasons, and pricing is one of the reasons. Certainly, I know some will go directly to my website to view what I make. My website is not up currently because I am once again changing on the "dime" that has presented itself and reinventing myself as an artist to continue to not be a "Starving Artist". You can see a statement of explanation on my site. I am on Shopify, not Etsy. I teach classes at the University and other locations about the business side of jewelry making including pricing as well as completely separate classes on jewelry-making techniques. In order to be prepared for my pricing class, one must ONLY attend if they have the following in place, not to be deviated from, for purposes of the class: Critical Assumptions to not confuse the watcher: 1. Determine Your target market. Retail demographics and Wholesale demographics. Women / Men or both who purchase quality jewelry or costume jewelry. Which are you? What is your target market? 2. Assume Handmade Jewelry with some factory findings. 3. Determined Costume jewelry or Fine jewelry? The caliber of the quality is tied to your target market. 4. Developed relationships with vendor accounts for the best pricing of materials and stones. ie: Rio Grande, Amazon, and many others. 5. Home studio or off-site studio. 6. Software affiliation for payments, For Example, if you sell fine jewelry, then it might make better sense for your brand to be tied to Shopify rather than Etsy or Square. Your branding. 7. Assume you are a jewelry business for profitability to make a living and not just a hobby. In this video, these factors should have been stated in the beginning clearly as assumptions to clarify in a serious matter rather than in a laughable way. Pricing is not a laughing matter. Statement #2: If you don't have these factors in place, then you are not ready to discuss pricing. If you feel confused or perplexed after watching this video, then it could be for the reason that you haven't yet clarified the above factors for your jewelry business. I have followed Basia since the beginning. She doesn't know me, but I feel that I know her very well from her channel and the latest changes to her name and reinventing her channel. Kudos! I also subscribe to Megan's channel and feel like I have gotten to know her as well. Statement #3: exercise Statement #4: Jewelry making is an art and a business. Yes, we are Artist and Jewelry makers, but must do what we can to avoid the term, "Starving Artist" which exists for a reason. Be careful to not have your mind in a lock position forcing you to become a "Starving Artist". absolutely
I'm not actively making or selling my jewelry right now but this video helped so much with what I struggle with in my creative life. I charge people very cheaply for tattoos and the people close to me spent a lot of time trying to convince me that I deserve more. I just have faced many potential clients who don't want to pay for a good tattoo and it makes me wonder if I shouldn't just lower my prices. But now I know I shouldn't let those people who are unwilling to pay for quality art get to me. This will also be very helpful when I pick up metalsmithing again! Thank you.
Great video. Brings back memories of when I started and keeping my prices "reasonable." Still working on the pricing, but better. How do you handle people asking for me selling at a lower price versus not making a sale.
Haha seems i am not the only one that loved low on pieces that took 3 hours and more to make... I am now stating to understand that it's quit hard to find THE formula. Think a to you two for the video 😊
You're very welcome! There's many formulas out there, to be honest. I think it's a matter of trying them out and seeing what works for you. But each one is based on a main factor - accounting to all of your time, materials and any other costs! Good luck dear and thank you for watching 😍
Basia, when you see Super busy Megan again, please ask her about her consignment experiences (“stocking 3 shops…)”. This would be a great topic and I still can’t get an answer anywhere, and she’s so busy. I’m so glad you are charging better, you are worth it - Megan is right!!!
This helps so much with the Impostor Syndrome that’s been popping it’s head around lately 😂 (what I hear as well is that Beginner Basia was all, “It’s me, hi, I’m the problem it’s me” 😂)
Oh my goodness, I went through the same thing in my beginnings stages, but that was cut very short. I appreciate your candor. I think we've all been there before. Your jewelry is beautiful. Hope you have learned from this and are making what you are worth now.
Such a fun video, you ladies are hilarious! ❤ yet such a typical sad story. Also there is time spent on finding supplies and shipping them or going by transport to get them (here is where buying wholesale makes sense but it can also mean if you use a credit card higher interest rate depending when you manage to pay that money back). Let alone other business costs and paying for rented housing, internet, utilities etc. In reality Asian market with their lower prices and super affordable cost of production crossed the road to local designers in North America and Europe where cost of living and cost of materials and services is much more. I think this video should be shown in every design school :).
I totally made this mistake starting out (I only started selling in the last year) and still make this mistake, but I trying to price better and the true value of my labor and the materials. It's so tough to feel confident about selling it at the correct price, especially since many of my clients are friends! Thank you so much for this great information!!! Love you girls!!!
Wonderful video! I subscribe to Megan's channel as well and loved seeing you both discuss a very important topic. I've lost out with pricing as well. Thank you both🕊🕊💖💖
So glad you found the videos useful and interesting! Means a lot and makes me motivated to make another video. I think that this subject deserves more attention now, especially after seeing that many of you struggle with it as well. Sending love! Thank you for watching 💜
I really enjoyed this collaboration! Thanks for the pep talk ❤️ I really needed this reminder for the 1 millionth time 😅 Stop. Underpricing. Your. Work. 📝 👏🏻
oh totally! We need to keep sharing it and keep hearing it and keep reminding ourselves! It takes a lot of time, because pricing is a very difficult subject when it comes to art, craft and handmade ❤ Thank you so much for watching :)
I don't know if you were talking about already flatened underside for the first amerhyst ring with the two crystals but this is a pretty common shape for natural amethyst points so you should be able to find more :)
you'd think so, but unfortunatley I wasn't lucky so far! :(( I mean, there are some available, but not this particular shape, this one was perfect. I'll keep looking though ❤
I am a silversmith and I do make a lot of jewellery. Pricing has always been a concern of mine. With that said I have always known I don't want to build a reputation for selling cheap jewellery. I want a reputation for selling the best materials and workmanship I can put into each piece I make. I came to an understanding with myself that folks who buy jewellery are not buying their main staples in life. Jewellery is a luxury product and should be something to cherish and the customer should be proud to wear it and it should cost more. Anything of real value does. Because I don't have a real formula for pricing I tend to do the opposite I think. I tend to price pieces to high. I am not really sure. I do sell pieces now and again usually by word of mouth and to folks that know me. I am not sure how if I would sell anything in a store or online. So your video here is very helpful and I will look at your guest video about pricing formulas. Thank you.
I love your comment and your approach, thank you for sharing this with us! I think every jeweller would benefit from reading this, reminding themselves what is the true value of their work. And I think that even if you feel that you priced your work a bit higher, if it sells, then it means it was worth that price and you priced it correctly. There's something like a "value added price" and I strongly believe that almost every jeweller would have a panic attack even thinking about considering this in their pricing hahaha 😆 I know I did! Because... how come could I price for something else than work/time and materials?? For customer perceived VALUE?? Hell nah! BUT - that's a very wrong approach and I think that, by pricing your work higher, you tapped into this category of value added price, which is BRILLIANT!
@@TheArtOfMetalsmithing Thank you for your kind words. I have decided to take my jewellery designs or creations to the next level. Listening to you and your guest has motivated me to do this. I am going to build a website after I stock up on some pieces I design and make. Then maybe find someone to partner with like Amazon or Shopify to also help in selling my creations. I watched a video your guest made regarding folks concern that the market right now is just too flooded with jewellery businesses online. They are right to be concerned, however, what I have noticed from some research into this problem is most of those businesses sell their jewellery it seems for a loss and have no real direction for their business. They make a plethora of different types of jewellery with no real specialization in their work. Nothing that will set them apart from the rest. It is sad but this is true. For myself I have come up with a one word description of the type of jewellery I will be offering and creating. If something does not fit into that description then I pass on it regardless of how great a piece I think it would be and stick to the direction I have created for myself. I think something like this in the long run will help to set my jewellery apart from the masses out there. I think this is how you have to look at a jewellery business if not indeed any business venture you go into. I never would have thought my silversmith hobby would take me to this point today, but I really enjoy creating. I have had many of my own businesses in the past but never got the enjoyment I get from this. I will be using your guest formulas for pricing that she shared as I watched that video and I thank you for sharing all of that with us. You do create some beautiful pieces.
I’m an apprentice jeweler right now still learning at a company but plan to work t words selling my own stuff on Etsy and eventually have my own business! This is really great info expeciallt for a beginner like me ty!
I LOVE THAT POINT!!!! THEY VERY WELL MAY THINK SOMETHING IS OFF WITH LOWER "us trying to be fair" PRICING!!! I love you both so much!!!!! I ABSOLUTELY LOVE THESE VIDEOS!!! Thank you both so much for tackling this NERVE RACKING, yet make or break topic!!!! 🥰🥰🥰🥰🥰🥰🥰
Danae, thank you so so much sweetheart!! ❤❤❤ Always makes my day to see your comment. I'm glad you enjoyed this video, indeed it's a very difficult and tricky subject!
I’ve had two jewellery exhibitions here in Japan. Both times I had to change all my prices. The two ladies I was sharing the space with advised me on the new prices. I try to use all sterling silver for my findings but that isn’t important for Japanese customers. Clip on earrings are the winners. I’m glad I’ve had people to make suggestions for the Japanese market. Great video, thank you 💜
That's a very good and interesting point! Pricing is one of those fields where we have to be mindful and consider our market and target audience as well. Thank you for sharing this, I think it's very good to keep in mind. ❤
I havent started working with silver but i do lapidary and make lots of turqouise beads and necklaces. I felt the exact same way with the prices haha Great video, very relatable!
This is great to hear, I think pricing your own work is incredibly difficult, only you know what you put into it. And it isn't always about the materials, whatever you use, you need the skill and the knowledge to make the materials do what you want them to. Asking someone else to price it up for you (not your best friend) can help. But this video misses out the crucial info - WHEN were those sales made, we don't know what the material costs were at the time, turquoise jumped up in price when several mines were closed, also, how good was the quality of the work - it takes time to build good skills. You need to be critical, realistic and confident.
An interesting perspective. I am wary of "pricing formulae" for several reasons - primarily because there are a LOT of amateur jewelers out there and the market is incredibly saturated. Ultimately, people in the US and Europe will never be able to compete against .800 silver and fake stones manufactured in Asia, but some people are very unrealistic with their prices.
when i do pricing on customs the base price is 40.00 per hour base cost. i then ask them how much they have to spend and then I get back to them with what I can do within their budget. most people do compare us handmade jewelers to Walmart or things they see on amazon or cheep sites.
I am glad I am not alone! I have a hard time pricing my work. It’s partly because I am extremely judgmental about my jewelry and I make it, then pick it apart. I guess it’s imposter syndrome. Can’t wait to hear what Megan has to help. I’m on my way there now. Thanks ladies!!
We're our worst critics! Always super hard on ourselves. It helps, in one way, to be better and deliver quality work, but at the same time it can be very limiting, stressful and takes away the joy from making and sharing our art and work! We gotta be our biggest fans as well 😍 ❤
Interesting video, I love the labradorite, so iridescent. I have never bought a ring in these styles before, but now looking to… would love to get a moss agate, lapis lazuli and chariote. I found a silver rutilated quartz ring priced at 350 cad, the stone was beautiful with threads forming an x, but the setting was really really cheap, and only held on by jewelry glue and four prongs that went halfway up the gem. I passed on it, but do think of it from time to time.
I had this problem in the beginning too, but not for long. Once I started doing the math and realizing I was basically working for free, my prices went up QUICK! I mainly do art shows, but another I don't do is haggle. The only way I give a discount is if they buy $300 or more ($500 at the "ritzy' shows). I think a big part of this problem is that there a lot of very new jewelry creators that have entered the industry and THEY are pricing cheap. So the consumer gets used to seeing these prices and it tends to become "the norm." Then when we come along, they look at us like we have three eyeballs because they're not used to seeing REAL prices. It's the newbies we really need to educate on pricing.
This is very helpful. I (as a new smith) don’t want to price gouge out the other creators. That’s just detrimental to everyone. I will keep this in mind moving forward.
Im making wire rings and a few other things, they sell pretty good locally but not so well online. Kinda feel like my prices are too high at times but I'm offering free shipping as well as my time that's put in and still barely able to make even.
I used to (an still struggle with) price my art works really low when I first started out my little shop. Always had an awful problem with my self worth and own pricing my works, feeling like they couldn't or flat would never sell due to overall costs. An THEN Id get those folks that will walk up look at my jewelry/art for sale an either say "Oh I cant make that myself a home, an better" or call it costume jewelry trash. Took me a while to appreciate my self worth an set my prices accordingly. The only thing I still struggle with now though are folks selling similar or the same thing as I but at SUPER low slave labor prices.
I love this video, I'm also from Belgium, where does mrs Collin get her materials here in Belgium? I know Herens&Herens and Bijou Moderne, but or there other deliverers? Thank you.
Nice video. You were pricing low, but it seems the guest's estimates were a bit to high considering the market and the types of similar pieces/stones available at lower prices. I was wondering if the much larger mark up has moved your pieces at the same or a higher rate, especially if you are selling on a site like Etsy, which has a large selection of crafted pieces?
I have been searching for jewelry like yours & not the costume cheaper quality jewelry? You have beautiful jewelry & I’d love to know where to look for it? Being I can buy it it at the infamous sale prices,lol? I’m kidding as clearly you are very talented & you make exquisite jewelry. 😉
haha, you're so sweet! Thank you so much ❤😍 If you'd like, you can check out my available jewelry here, maybe something catches your eye 😊 www.stardustmine.art/ I will be updating my shop with lots of new jewels and designs in the new year! :)
Great video and very useful. But What about Hallmarking? It's my understanding, if you want to sell silver in the UK, and the piece is over 7g in weight, then your piece should be technically be hallmarked. There is then another cost involved in sending the piece to an Assay Ofice for verification and hallmarking. Any advice on this would be welcome, as I wouldn't want to fall foul on Trading Standards.
Interesting question about hallmarking. In the the UK you are legally required to hallmark any silver item over 7.78 grams. Often people don't hallmark because it is expensive. Without hallmarking work loses a lot of its value and people may not buy. I was a jewellery and silverdmithing tutor for many years. I said to my students if work dosnt sell put the price up. It generally worked! Don't be afraid to charge proper prices for work. You need to make a profit to keep working.
Oh absolutely! Good point. It's definitely another cost of making an item that need to be included in the pricing process and formula. One way to do it is to work in batches. Collect a batch of 10-20 pieces and send them together (via recorded and insured shipping). So then it's easier to decided the cost into all of these pieces. If you live in the city where the assay office is based, then you can save on the shipping. Any cost that goes into making precious jewellery needs to be accounted for. I hope this explains it. I plan on making another video, where I'll try to go into more details regarding this! ❤️
Excellent advice Richard! And yes, hallmarking isn't just legal, it also adds to the value of the jewellery piece 👏 Thank you so much for sharing your insight and advice ❤️ and for watching!
Even though hallmarking is a legal requirement on precious metal items people often don't bother to save money. As I already said it's false economy. Sending or taking work in bulk really does save money. Don't forget if you have fragile work that be easily damaged by a punched hallmark. The mark can be done by laser. Dosnt need any cleaning up.
Omg I need to take down all my listings and reprice them. I made handmade sterling silver and 14k gold one-of-a-kind pieces. Used to make mostly beaded jewelry, but now I hand make rings, pendants, and necklaces. It seems I’m pricing my items way too low. It’s just difficult to complete with other sellers, especially the sellers who claim their jewelry is handmade, but it’s not.
I love this video. When I was making jewelry, my goodness I had the exact same thoughts. No wonder the profit margin was non existent. Lmao. Great video, and incredibly entertaining too!
Oh my lanta, I feel so seen 😅 I’ve been pricing my art so low from the beginning & now that I’ve taken some Time Off , i understand that my original art is worth much more than my imposter system tells me.
I'm selling 14k gold plated chains and charms at Target prices, like 14 to 20 dollars lol. I'm trying to get enough money to give my kids a Christmas, so I'm looking to sell quickly. I wonder if I could get more for them and still sell them in time?
I have been silversmithing for about 10 years and I feel like my brain is on the same level with you on pricing lol. I now mainly cut turquoise instead of silversmithing, because price of cabochons is very easy to track and categorize based of where the material comes from.
Same here! 5 years of jewellery making and I still struggle a lot. Because it's not a skill thing but a mindset thing, mostly. And it needs to be improved :) There's nothing wrong in valuing ourselves and our work correctly and fairly. That being said, I completely understand why you prefer lapidary now ❤
So in my opinion you should at minimum triple the cost of materials plus your hourly labor. So if materials cost twenty five dollars and you charge twenty dollars an hour for two hours of labor then it would be one hundred fifteen dollars. This is a basic starting point. More expensive stones may not be able to be marked up as much. Also you may be able to mark items higher because they are exclusive one of a kind or custom. Figure out what your time is worth and keep track of ALL material costs.
Yes, keeping track of all materials and cost, as well as the time spent working, is vital for proper pricing 🙏 We shouldn't be guessing prices, but knowing what exactly goes into them
The problem with Etsy I've found is that there are so many cheap pieces, (especially rings) from India, that are priced so, so low! They look great in photos, but if you look at the reviews, you find that people are complaining that the item doesn't look like the one in the photos, is much smaller than it looks in photos, the quality is bad, and took months to arrive, etc. I wish people would check the reviews before they purchase these cheap items....If it looks too good to be true, it usually is!
Megan introduced me to your channel via the great video that you both made together for Megan's Channel. Wow 23 dollars for the first piece. I looked up Jade and top of the list on Ebay was almost 30 pounds each. There must be some discrepancy regarding the type of Jade in my search perhaps? Sub'd. Another really good point is the more someone pays for a piece, possibly the more they value it, AND LOOK AFTER IT. So there is less damage, repairs etc. Amelanite? ring. This is Beautiful. Love it. If I could afford it, Id pay twice your selling price, plus airfares and accommodation for you and your partner to drop it off over dinner somewhere nice. Unfortunately, I cant afford it (yet). BUT, maybe with what Zina, my partner and I, do with this information and the part two video on Megans Channel, who knows. Thank you so much both. I am going to play these to Zina now. She used to make Jewellery many years ago.
I agonize about prices. I just selling my work in July. Set a goal to sell a piece a month on average and $300 by end of year. Sold over 50 pieces. Still agonize about pricing.
People have been exceptional positive about my work. It’s definitely boosted my confidence. I was really worried about “meanies” but that has not been my experience selling at events. I gave up on online sells.
I wire wrap jewelry and seem to be pricing your pieces the same as you did lol I also feel I have imposter syndrome and am constantly being told I price my pieces too low 😅 thank you for this video! It’s making me consider my time on my work a lot more❤
I feel like i price most mine $35-50 for most my stuff and its all one of a kind because of my limited supplies for stuff. People think its over priced but similar artists sell their for like 2 or 3x more and my patterns are pretty unique, I want to get better quality wire so it will last longer but I don't have the money to invest it in yet
I would be priced out of buying jewellery if the spreadsheet was used by most jewellers. Also, there is no way anyone would buy from me if I tried those prices. I also have a small knitwear business and I cannot include time in pricing at all for that business so I feel lucky to be able to include some time in my jewellery work
This is how I dropped off from goldsmithing. I was the best in my class and still i couldn't overcome the imposter simdrome. I was selling fully hand made engagement rings, the stone set by me, engraved and a personalised box for 100€. It was too exausting and I felt so bad asking for money. It felt like i was begging although I was just asking for a are minimum payment for hours and hours of work and practice
Watch Megan lose her mind in this very fun video, where she reacts to my old (ridiculously) BAD prices of my jewelry! I DID NOT know how to price my handmade jewelry back then... So using these as examples, we will share tips and advice on how to correctly price your jewelry!
⭐ Want to see more about pricing? Check out this video, where I used ChatGPT to price my jewelry and help me set my hourly rate! th-cam.com/video/p6rysb25HjI/w-d-xo.htmlsi=VtgTLbcszvip2bE3
I made earrings and a bracelet set and asked my uncle what he thought I price it. He took a look at everything and said nothing under $50. He said this is your time, your art and people can only get it from you. Not to mention he said it was something he would buy from a department store. So I’m learning to charge my worth and not to lowball myself. ❤
That's wonderful to hear! Good luck my dear ❤❤❤
@@TheArtOfMetalsmithing thank you 😊
I refine gold and silver as a hobby and every once and a while I get a piece that you can tell someone put a lot of time and work into and just can't bring myself to melt it so they get spared and saved to eventually be passed down to my niece. Some are so unique and others are so common, you really start to see the difference between an artist and a manufacturer.
@@PHUCKyoutube689 That is so cute 🥺Your niece will probs love it when it comes with such a lovely history
Your uncle is a wise man!
It is always a relief to me as a beginner to find out that someone as good as you are, in the beginning also made pricing mistakes. I really appreciate your honesty....it helps.Thank you.
Trust me, we ALL DID! I don't know a single person that didn't struggle with it at least a little bit. It's completely normal. It's an adjustment, but a very important one ❤️
One time I found an incredible sculpture online. I messaged the artist to ask what the cost of their work was, expecting it to be thirty or forty thousand dollars. He said it depends on the time it took and the material etc. Then he said he would ask for more but typically pays himself forty cents per hour. This was an American person paying himself a tiny fraction of minimum wage to make remarkable art. It put things into perspective for every job I have worked since.
FOURTY CENTS??? You're kidding, right? Wow... this is the lowest I've seen someone price themselves. And so very sad 😢 I hope he improved his pricing - and the way he values himself and his art - since then.
What new perspective did it give you ??
@@jasminepetal3972 at the time I was working an art meets craft job. It made me realize that you can't pay the bills with passion and I reconsidered my career in light of this (among other things as well). It reminded me that working for free will likely never pay off and to charge what I'm worth. Once I tried to apply this to a new career, it led to better working conditions and a work life balance that is improved.
@@jeffscheurkogel Don't mind me, just gonna write down these nuggets of wisdom 📝
The thing is if everybody properly charged fir their time ppl would have more realistic expectations of how much handmade works actually cost.
We all undermine each other by making our time worthless.
I feel this so hard, still 😂 I sold a small painting to my friend for $50 CAD, and she came back and paid be 3X because she realized I was undercutting myself. Big eye opener for me
I love friends who do that. I struggled with pricing in the beginning and I had a friend who would take advantage of that, but my good friends? Always insisted on paying me more which eventually made me raise my prices.
Loving this video. I am a gem cutter. My stones can take many hours to cut. I want to learn metal smithing so I can complete my pieces.
Sounds awesome!! Being able to cut my own gems for my designs is my dream and plan for the future. That's why knowing how to properly price all of that work and time is very important! You need to price yourself properly so that you're being paid for your hard artisan work ❤️
If you want to learn how to do metal working you can do a lot of learning at home from TH-cam. One thing they don't stress enough is proper ventilation and proper PPE like mask and goggles. But other than that you can learn at home no problem
I agree with @lilrapunzel. Another way is to find a jeweler local to your area and ask if you could apprentice under them.
Imposter syndrome and I are unfortunately very well acquainted, especially when it comes to pricing. I use a pricing formula and I still knock a few dollars off bc I feel my work isn’t worth it. It’s comforting to hear that others deal with this too, and that it’s something you can grow past!
Thanks for being so honest and genuine in this video 🥰
Basia, the fact that you were setting stones in what you describe as your “beginner’s phase” has motivated me not to be so tentative about stone setting…! Thank you ☺️
It was so much fun doing this video with you and spending time with you in Poland! Look forward to welcoming you in Belgium sometime soon! ps: Watch part 2 here : th-cam.com/video/01Pk3kLszOU/w-d-xo.html
omg, it was awesome! I enjoyed it a lot and I think we shared the vibes haha 😁 I've had a lot of fun! Thank you so much. Looking forward to visiting you in Belgium xx
Am an artisan specialist from Kenya but the problem I personally face is clients, I design a lot based on natural occasion, events or what happening world wide , just like COVID , Ukraine war , LGBT rights, war on cancer ♋, how I wish I have like clients to supply them
Wow!! Such a relief to hear you guys talk about realistic pricing!! I have been really struggling to price my work and its now clear to me I have also been suffering with imposter syndrome whilst trying to compete with etsy pricing 🤦♀️Thankyou again for your honesty and creative insight 💕
Please please don't let the imposter syndrome and Etsy pricing stop you from pricing your jewelry as it's worth!! It's unrealistic and Etsy is no longer just handmade anymore.
My pleasure! It means a lot to hear that this discussion was helpful and hopefully motivating for you to reconsider your own pricing if perhaps you've also been cutting yourself short. It's not about trying to rip anyone off. It's about being paid fairly for our work, which is artisan and often one of a kind ❤️🙏
@@megan.collinsI noticed that as well, so much that i see from temu being resold on etsy and really low prices and so hard to be competitive.
Wow...this brings me back to when I was first starting and pricing and my husband constantly telling me that my prices were too low. Even now over 20 years later, when I show him new pieces his first question is how much am I charging and how long did it take me, lol
Oh man! The guilt of over pricing and the feel of taking advantage of people by doing so. That's one of reasons why many creators down price their pieces. I know this cause I have done it.
💚thank you for such informative video. I will head to your friend's channel to subscribe. 💚
this is so relieving to hear, thank you so so much for this video. It’s exhausting when people react so shocked to the price you tell them and expected something about 20$ and you just end up becoming more and more confused if you are pricing it right or not when you don’t have that much experience yet. This is a very important video 🙏🏻
EXACTLY!! Handmade artisan work does not equal costume, mass produced fake jewellery. It's a form of art and craft, is most often produced in a slow, mindful process and is one of a kind. But I guess not everyone values this or even considers anything special. But those people are not our target audience, easy as that 😀 we don't have to (and in fact, aren't able to) cater to everyone's pocket and taste. We can only target a certain group of customers and that's ok!
I'm just loving seeing two of "my faves" discussing pricing! Although you are both among "my faves", I have never "analyzed" your pricing....but Basia, I have definitely felt the "ultra-nice people pleaser" in you, and it doesn't surprise me in the least that you were significantly undercharging. I know a little something about this "syndrome" because I was the same way when I was younger. For me it took some deep self examination into the reasons I was thinking in this way. Thank you Megan for helping to recalibrate this lovely lady's sense of value! And Bascia, I'm so glad to see you making this "correction" to the true value of your work! Love you both!
Your comment made my day, truly ❤ You are spot-on with the "ultra-nice people pleaser", it's such a difficult thing to realize we're doing, to overcome it and value ourselves for who we are. To recognise the value of what we have to offer to the world and to people and that we are enough. The feelings of not being enough or doing enough, feelings of not being accepted for who we are can lead to these (quite frankly destructive)behaviours. And they manifest in our work! I'm reclaiming it now and working on valuing myself and my work properly. Our work matters ❤ Thank you again for your sweet words and encouragement, it means a lot.
This vid popped up in my recommended for some reason, ended up watching all the way through! I'm a professional illustrator and oh my goodness, this is SO REALATEABLE! Everyone and I mean EVERYONE in the illustrator/painting community heavily underprices themselves at first (some still do, years later!) I still remember my first commission... $10 dollars. For a CUSTOM piece of art! And I was hesitant on it too.🤦 It is madness but understandable madness. We artists/artisans are so focused on our craft and learning that we forget our own value. We forget that all those years of honing our skills must be reflected in our prices. And the way we sell ourselves will attract different types of buyers. If you sell cheap, you'll attract buyers who do not value what you do. But if you show the world that you know your worth and value, you will attract buyers who have great respect for you and will treat your products with the care and love they deserve.💖 Your jewelry is gorgeous btw, that amethyst ring was incredible.😍
Wow what a great subject. Tea is ready, I'm so excited!
And a very important one! Hope you enjoy watching 🥰
I think this is a struggle for all new silver smiths. The first things I sold only covered my materials - I was so worried about my craftsmanship, that I struggled to pay myself.
I agree - it's a struggle for all creatives, this type of work is very difficult to price, especially in the beginning. And especially when we worry about our skills and craftsmanship, just like you've said 👏
I think for any artist not just silversmithss
@@jasminepetal3972 It's true. There's so much of yourself in your work that it's almost "embarrassing" to sell it.
I'm getting ready to sell my stuff for the first time and I needed to see this video. Between this and asking friends and family how much they think something costs, I would have been under selling myself by a lot. Very eye opening video - entertaining too!
I really appreciate this video because I do this ALL THE TIME. As a beginner, I feel like I should be practically giving something away because it isn't "professional" enough (even though its just a simple gem set ring). As makers, We really do need to stand by our work and charge our own worth. Thanks for the reminder. (I just recently started following Megan as well on TH-cam. I love watching both of your channels!!!
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❤
I just love seeing you two in the same room! Love you ladies, always enjoy both of your valuable opinions on best business practices.
SO HELPFUL! Just hearing that you went through the same doubt and low pricing because you didn't want to be seen as an imposter, has really opened my eyes to the fact that I'm not alone in that feeling, thank you so very much for sharing Basia! Heading over to Megan's now to learn the formula 😁🙏💖
You are SO NOT the only one!! Oh my goodness, we all share this experience, trust me ❤️😁 I hope both of our videos were helpful and encouraging. Thank you for watching! Wishing you all the best in your pricing and your Jewellery making adventure 💜
I am fortunate to know fellow creators that will honesty tell I'm pricing too low. I have been creating off and on I recently started again. I call it experimental mode 😂 but I am learning new things. One of the reasons I enjoy your content. As far as I'm concerned creating is a never ending learning experience.
oh absolutely! It's a journey, on which we constantly learn and experiment, gather new skills and progress :) I'm glad you are able to get back to it again, make sure you don't put pressure on yourself and just have fun! This should be something fulfilling and not stressful for you ❤
Thank you for this vid. The fact that you have solid numbers and even explaining your mindset at the time etc, is very helpful for new jewelry makers
Very happy you think so! Thank you so much for watching. We've realised that we have something valuable to share, so I hope you'll find it useful 💜🙏
Kudos to you for doing this video! I know your honestly and sense of humor will help others. You are not the only gal to underestimate the worth of your talent.
Im so glad you made this video together. I'm going through this myself I really love you two ❤
Thank you thank you! Really happy you enjoyed it 😀 it was so much fun make - as well as extremely eye opening!
Such a great video and collaboration between the two of you! Thank you!
Very happy you enjoyed it! Thank you for watching, it was a pleasure to film and share with you 🥰❤️
It would be so awesome to be able to watch you two work together on a couple of designs and pieces you create !!!
That would be cool! Hopefully in the future ❤
Thank you soooo much. Your video hit me just in time. Just started creating and struggle a lot when it comes to pricing. Feels good knowing that I'm not the only one. 🙏🏻❤️
This was a delight, and very informative thank you so much.
You are so welcome! Glad you enjoyed it ❤
I absolutely loved this!!! I have learned so much from you. You are always full of so much information and show us all of your mistakes. It’s so helpful. Keep doing what your doing. Just please raise your prices my dear. Your worth so much more. ❤
I think we could all relate to this. One other thing I would suggest for custom work is to get the estimated cost of materials up front and have the customer sign acknowledgement that deposit is non refundable.
Wow I really found this extremely interesting and super helpful.. my friends tell me I charge too much sometimes, especially for my woodworking projects, so I always try to come down a little from what I price my jewelry pieces at 🙈.. pricing, is difficult, you want to make your money back and a little profit but you don't want to be so high that you alienate people from buying also lol . Great video Basia, I hope you are doing great 😃👍🏼
Love this video! Thanks for sharing it! Can you explain how you made the leaves come over the Amazonite ring? Would love to see a video of something like that!
Warning: The brutal honesty of this comment may blow you away. I must absolutely comment on this video and will continue on Megan's channel in part two. Brace yourself, because I can be long-winded but must make several statements and points to ponder from and learn.
Let me begin, by revealing myself. I am from the US. I do not have a youtube channel, I only have an account for the purposes of subscribing to individuals for inspiration and to learn. I subscribe to both Megan and Basia.
Statement #1:
Knowledge is everything. Being of the mindset to be flexible enough to change on a "dime" when necessary is key. Kudos to Basia for knowing this.
I am in my 60s and have made jewelry for many years since childhood. I have changed on many different "dimes" and have reinvented myself numerous times. I have made mistakes, but I have succeeded many more times than not.
Transparency is important, so a side note:
I have recurring brain tumors and have had 3 in the last twenty years. God spared my fine motor skills and I was still able to make jewelry after some very hard work in physical therapy.
I have been a successful Jewelry Artist for many reasons, and pricing is one of the reasons. Certainly, I know some will go directly to my website to view what I make. My website is not up currently because I am once again changing on the "dime" that has presented itself and reinventing myself as an artist to continue to not be a "Starving Artist". You can see a statement of explanation on my site. I am on Shopify, not Etsy. I teach classes at the University and other locations about the business side of jewelry making including pricing as well as completely separate classes on jewelry-making techniques. In order to be prepared for my pricing class, one must ONLY attend if they have the following in place, not to be deviated from, for purposes of the class:
Critical Assumptions to not confuse the watcher:
1. Determine Your target market. Retail demographics and Wholesale demographics. Women / Men or both who purchase quality jewelry or costume jewelry. Which are you? What is your target market?
2. Assume Handmade Jewelry with some factory findings.
3. Determined Costume jewelry or Fine jewelry? The caliber of the quality is tied to your target market.
4. Developed relationships with vendor accounts for the best pricing of materials and stones. ie: Rio Grande, Amazon, and many others.
5. Home studio or off-site studio.
6. Software affiliation for payments, For Example, if you sell fine jewelry, then it might make better sense for your brand to be tied to Shopify rather than Etsy or Square. Your branding.
7. Assume you are a jewelry business for profitability to make a living and not just a hobby.
In this video, these factors should have been stated in the beginning clearly as assumptions to clarify in a serious matter rather than in a laughable way. Pricing is not a laughing matter.
Statement #2:
If you don't have these factors in place, then you are not ready to discuss pricing. If you feel confused or perplexed after watching this video, then it could be for the reason that you haven't yet clarified the above factors for your jewelry business.
I have followed Basia since the beginning. She doesn't know me, but I feel that I know her very well from her channel and the latest changes to her name and reinventing her channel. Kudos! I also subscribe to Megan's channel and feel like I have gotten to know her as well.
Statement #3:
exercise
Statement #4:
Jewelry making is an art and a business. Yes, we are Artist and Jewelry makers, but must do what we can to avoid the term, "Starving Artist" which exists for a reason. Be careful to not have your mind in a lock position forcing you to become a "Starving Artist".
absolutely
I'm not actively making or selling my jewelry right now but this video helped so much with what I struggle with in my creative life. I charge people very cheaply for tattoos and the people close to me spent a lot of time trying to convince me that I deserve more. I just have faced many potential clients who don't want to pay for a good tattoo and it makes me wonder if I shouldn't just lower my prices. But now I know I shouldn't let those people who are unwilling to pay for quality art get to me. This will also be very helpful when I pick up metalsmithing again! Thank you.
Great video. Brings back memories of when I started and keeping my prices "reasonable." Still working on the pricing, but better. How do you handle people asking for me selling at a lower price versus not making a sale.
Haha seems i am not the only one that loved low on pieces that took 3 hours and more to make... I am now stating to understand that it's quit hard to find THE formula. Think a to you two for the video 😊
You're very welcome! There's many formulas out there, to be honest. I think it's a matter of trying them out and seeing what works for you. But each one is based on a main factor - accounting to all of your time, materials and any other costs! Good luck dear and thank you for watching 😍
Basia, when you see Super busy Megan again, please ask her about her consignment experiences (“stocking 3 shops…)”. This would be a great topic and I still can’t get an answer anywhere, and she’s so busy. I’m so glad you are charging better, you are worth it - Megan is right!!!
my 2 favorite influencer in my silversmithing journey, thank you for been so unique and awesome from San Diego California USA
Thank you so much for watching and for being here! ❤ Super happy you're finding our content useful and helpful on your journey
Lol “I will show myself out” 😂 I have a movement therapy practice & when I look at my old rates I feel the same way!
This helps so much with the Impostor Syndrome that’s been popping it’s head around lately 😂 (what I hear as well is that Beginner Basia was all, “It’s me, hi, I’m the problem it’s me” 😂)
Hahaha, omg, yes! 😂😁
And totally, that bloody impostor syndrome likes to creep up unannounced!
Oh my goodness, I went through the same thing in my beginnings stages, but that was cut very short. I appreciate your candor. I think we've all been there before. Your jewelry is beautiful. Hope you have learned from this and are making what you are worth now.
Such a fun video, you ladies are hilarious! ❤ yet such a typical sad story. Also there is time spent on finding supplies and shipping them or going by transport to get them (here is where buying wholesale makes sense but it can also mean if you use a credit card higher interest rate depending when you manage to pay that money back).
Let alone other business costs and paying for rented housing, internet, utilities etc.
In reality Asian market with their lower prices and super affordable cost of production crossed the road to local designers in North America and Europe where cost of living and cost of materials and services is much more.
I think this video should be shown in every design school :).
You both are such fun to listen to! I feel like I'm getting good friend time and great advice. Thank you!
I totally made this mistake starting out (I only started selling in the last year) and still make this mistake, but I trying to price better and the true value of my labor and the materials. It's so tough to feel confident about selling it at the correct price, especially since many of my clients are friends! Thank you so much for this great information!!! Love you girls!!!
Wonderful video! I subscribe to Megan's channel as well and loved seeing you both discuss a very important topic. I've lost out with pricing as well. Thank you both🕊🕊💖💖
So glad you found the videos useful and interesting! Means a lot and makes me motivated to make another video. I think that this subject deserves more attention now, especially after seeing that many of you struggle with it as well. Sending love! Thank you for watching 💜
I really enjoyed this collaboration! Thanks for the pep talk ❤️ I really needed this reminder for the 1 millionth time 😅 Stop. Underpricing. Your. Work. 📝 👏🏻
oh totally! We need to keep sharing it and keep hearing it and keep reminding ourselves! It takes a lot of time, because pricing is a very difficult subject when it comes to art, craft and handmade ❤ Thank you so much for watching :)
This is so amazing! I feel the exact same way and my husband constantly tells me I price to low. So shhhhh but he's right 🤷♀️
I don't know if you were talking about already flatened underside for the first amerhyst ring with the two crystals but this is a pretty common shape for natural amethyst points so you should be able to find more :)
you'd think so, but unfortunatley I wasn't lucky so far! :(( I mean, there are some available, but not this particular shape, this one was perfect. I'll keep looking though ❤
I am a silversmith and I do make a lot of jewellery. Pricing has always been a concern of mine. With that said I have always known I don't want to build a reputation for selling cheap jewellery. I want a reputation for selling the best materials and workmanship I can put into each piece I make. I came to an understanding with myself that folks who buy jewellery are not buying their main staples in life. Jewellery is a luxury product and should be something to cherish and the customer should be proud to wear it and it should cost more. Anything of real value does. Because I don't have a real formula for pricing I tend to do the opposite I think. I tend to price pieces to high. I am not really sure. I do sell pieces now and again usually by word of mouth and to folks that know me. I am not sure how if I would sell anything in a store or online. So your video here is very helpful and I will look at your guest video about pricing formulas. Thank you.
I love your comment and your approach, thank you for sharing this with us! I think every jeweller would benefit from reading this, reminding themselves what is the true value of their work.
And I think that even if you feel that you priced your work a bit higher, if it sells, then it means it was worth that price and you priced it correctly. There's something like a "value added price" and I strongly believe that almost every jeweller would have a panic attack even thinking about considering this in their pricing hahaha 😆 I know I did! Because... how come could I price for something else than work/time and materials?? For customer perceived VALUE?? Hell nah! BUT - that's a very wrong approach and I think that, by pricing your work higher, you tapped into this category of value added price, which is BRILLIANT!
@@TheArtOfMetalsmithing Thank you for your kind words. I have decided to take my jewellery designs or creations to the next level. Listening to you and your guest has motivated me to do this. I am going to build a website after I stock up on some pieces I design and make. Then maybe find someone to partner with like Amazon or Shopify to also help in selling my creations. I watched a video your guest made regarding folks concern that the market right now is just too flooded with jewellery businesses online. They are right to be concerned, however, what I have noticed from some research into this problem is most of those businesses sell their jewellery it seems for a loss and have no real direction for their business. They make a plethora of different types of jewellery with no real specialization in their work. Nothing that will set them apart from the rest. It is sad but this is true. For myself I have come up with a one word description of the type of jewellery I will be offering and creating. If something does not fit into that description then I pass on it regardless of how great a piece I think it would be and stick to the direction I have created for myself. I think something like this in the long run will help to set my jewellery apart from the masses out there. I think this is how you have to look at a jewellery business if not indeed any business venture you go into. I never would have thought my silversmith hobby would take me to this point today, but I really enjoy creating. I have had many of my own businesses in the past but never got the enjoyment I get from this. I will be using your guest formulas for pricing that she shared as I watched that video and I thank you for sharing all of that with us. You do create some beautiful pieces.
This was very enjoyable while also being very educational. It also makes me feel better about how low prices on Etsy are.
Two of my favorite channels united!
Notifications on. Thanks Basia.
That was amazing! Going over there now!
Have fun! ❤ Thank you for watching :)
Such a good video this makes me feel so much less self conscious about the stress of pricing
I'm glad to hear that! Thank you so much for watching 💜
This ring is gorgeous 😊
What was the ring made off silver
I make some costume jewellery now n again ❤
Very helpful, thank you both.
I’m an apprentice jeweler right now still learning at a company but plan to work t words selling my own stuff on Etsy and eventually have my own business! This is really great info expeciallt for a beginner like me ty!
I rlly needed this video. Can’t stop selling myself short
I LOVE THAT POINT!!!! THEY VERY WELL MAY THINK SOMETHING IS OFF WITH LOWER "us trying to be fair" PRICING!!!
I love you both so much!!!!! I ABSOLUTELY LOVE THESE VIDEOS!!! Thank you both so much for tackling this NERVE RACKING, yet make or break topic!!!! 🥰🥰🥰🥰🥰🥰🥰
Danae, thank you so so much sweetheart!! ❤❤❤ Always makes my day to see your comment. I'm glad you enjoyed this video, indeed it's a very difficult and tricky subject!
wow this really resonates with me. great video
I’ve had two jewellery exhibitions here in Japan. Both times I had to change all my prices. The two ladies I was sharing the space with advised me on the new prices. I try to use all sterling silver for my findings but that isn’t important for Japanese customers. Clip on earrings are the winners. I’m glad I’ve had people to make suggestions for the Japanese market. Great video, thank you 💜
That's a very good and interesting point! Pricing is one of those fields where we have to be mindful and consider our market and target audience as well. Thank you for sharing this, I think it's very good to keep in mind. ❤
I've never laughed so much watching a jewellery video lol - laughing with you, not at you. What a great video & collab. Imposter syndrome, so real.
I havent started working with silver but i do lapidary and make lots of turqouise beads and necklaces.
I felt the exact same way with the prices haha
Great video, very relatable!
Thank you for watching! Glad you enjoyed it 😊 This subject is definitely connected with any creative and artisan work
This is such a helpful video!
Glad you think so!
This is great to hear, I think pricing your own work is incredibly difficult, only you know what you put into it. And it isn't always about the materials, whatever you use, you need the skill and the knowledge to make the materials do what you want them to. Asking someone else to price it up for you (not your best friend) can help.
But this video misses out the crucial info - WHEN were those sales made, we don't know what the material costs were at the time, turquoise jumped up in price when several mines were closed, also, how good was the quality of the work - it takes time to build good skills. You need to be critical, realistic and confident.
An interesting perspective. I am wary of "pricing formulae" for several reasons - primarily because there are a LOT of amateur jewelers out there and the market is incredibly saturated.
Ultimately, people in the US and Europe will never be able to compete against .800 silver and fake stones manufactured in Asia, but some people are very unrealistic with their prices.
when i do pricing on customs the base price is 40.00 per hour base cost. i then ask them how much they have to spend and then I get back to them with what I can do within their budget. most people do compare us handmade jewelers to Walmart or things they see on amazon or cheep sites.
That 2nd Rose quartz ring was my favorite. I would die if I got that for 23$!! I love both of your channels 😍 ♥️
It was very delicate and nice. Definitely a steal for 23 hahaha 😆 Thank you so much lovely!
I am glad I am not alone! I have a hard time pricing my work. It’s partly because I am extremely judgmental about my jewelry and I make it, then pick it apart. I guess it’s imposter syndrome. Can’t wait to hear what Megan has to help. I’m on my way there now. Thanks ladies!!
We're our worst critics! Always super hard on ourselves. It helps, in one way, to be better and deliver quality work, but at the same time it can be very limiting, stressful and takes away the joy from making and sharing our art and work! We gotta be our biggest fans as well 😍 ❤
Interesting video, I love the labradorite, so iridescent. I have never bought a ring in these styles before, but now looking to… would love to get a moss agate, lapis lazuli and chariote. I found a silver rutilated quartz ring priced at 350 cad, the stone was beautiful with threads forming an x, but the setting was really really cheap, and only held on by jewelry glue and four prongs that went halfway up the gem. I passed on it, but do think of it from time to time.
I had this problem in the beginning too, but not for long. Once I started doing the math and realizing I was basically working for free, my prices went up QUICK! I mainly do art shows, but another I don't do is haggle. The only way I give a discount is if they buy $300 or more ($500 at the "ritzy' shows). I think a big part of this problem is that there a lot of very new jewelry creators that have entered the industry and THEY are pricing cheap. So the consumer gets used to seeing these prices and it tends to become "the norm." Then when we come along, they look at us like we have three eyeballs because they're not used to seeing REAL prices. It's the newbies we really need to educate on pricing.
This is very helpful. I (as a new smith) don’t want to price gouge out the other creators. That’s just detrimental to everyone. I will keep this in mind moving forward.
Im making wire rings and a few other things, they sell pretty good locally but not so well online. Kinda feel like my prices are too high at times but I'm offering free shipping as well as my time that's put in and still barely able to make even.
I used to (an still struggle with) price my art works really low when I first started out my little shop. Always had an awful problem with my self worth and own pricing my works, feeling like they couldn't or flat would never sell due to overall costs. An THEN Id get those folks that will walk up look at my jewelry/art for sale an either say "Oh I cant make that myself a home, an better" or call it costume jewelry trash. Took me a while to appreciate my self worth an set my prices accordingly. The only thing I still struggle with now though are folks selling similar or the same thing as I but at SUPER low slave labor prices.
I love this video, I'm also from Belgium, where does mrs Collin get her materials here in Belgium? I know Herens&Herens and Bijou Moderne, but or there other deliverers? Thank you.
Thank you for watching! 😀 As for Megan's supplies, I'm afraid I don't know that
@@TheArtOfMetalsmithing thank you Basia, I send her a message 😊
Nice video. You were pricing low, but it seems the guest's estimates were a bit to high considering the market and the types of similar pieces/stones available at lower prices.
I was wondering if the much larger mark up has moved your pieces at the same or a higher rate, especially if you are selling on a site like Etsy, which has a large selection of crafted pieces?
I have been searching for jewelry like yours & not the costume cheaper quality jewelry? You have beautiful jewelry & I’d love to know where to look for it? Being I can buy it it at the infamous sale prices,lol? I’m kidding as clearly you are very talented & you make exquisite jewelry. 😉
haha, you're so sweet! Thank you so much ❤😍 If you'd like, you can check out my available jewelry here, maybe something catches your eye 😊 www.stardustmine.art/ I will be updating my shop with lots of new jewels and designs in the new year! :)
Thank you so much for this video I feel like you pricing my jewelry I don't want to over do it but my family says I don't charge enough
Great video and very useful. But What about Hallmarking? It's my understanding, if you want to sell silver in the UK, and the piece is over 7g in weight, then your piece should be technically be hallmarked. There is then another cost involved in sending the piece to an Assay Ofice for verification and hallmarking. Any advice on this would be welcome, as I wouldn't want to fall foul on Trading Standards.
Interesting question about hallmarking. In the the UK you are legally required to hallmark any silver item over 7.78 grams. Often people don't hallmark because it is expensive. Without hallmarking work loses a lot of its value and people may not buy. I was a jewellery and silverdmithing tutor for many years. I said to my students if work dosnt sell put the price up. It generally worked! Don't be afraid to charge proper prices for work. You need to make a profit to keep working.
Oh absolutely! Good point. It's definitely another cost of making an item that need to be included in the pricing process and formula. One way to do it is to work in batches. Collect a batch of 10-20 pieces and send them together (via recorded and insured shipping). So then it's easier to decided the cost into all of these pieces. If you live in the city where the assay office is based, then you can save on the shipping.
Any cost that goes into making precious jewellery needs to be accounted for. I hope this explains it. I plan on making another video, where I'll try to go into more details regarding this! ❤️
Excellent advice Richard! And yes, hallmarking isn't just legal, it also adds to the value of the jewellery piece 👏 Thank you so much for sharing your insight and advice ❤️ and for watching!
Even though hallmarking is a legal requirement on precious metal items people often don't bother to save money. As I already said it's false economy. Sending or taking work in bulk really does save money. Don't forget if you have fragile work that be easily damaged by a punched hallmark. The mark can be done by laser. Dosnt need any cleaning up.
That's very useful! Great advice, thank you 👍
Love your videos 😊
Thank you so much Aaron!! 💕
When you said “I will show myself out” I lost it! 😂
Omg I need to take down all my listings and reprice them. I made handmade sterling silver and 14k gold one-of-a-kind pieces. Used to make mostly beaded jewelry, but now I hand make rings, pendants, and necklaces. It seems I’m pricing my items way too low. It’s just difficult to complete with other sellers, especially the sellers who claim their jewelry is handmade, but it’s not.
I love this video. When I was making jewelry, my goodness I had the exact same thoughts. No wonder the profit margin was non existent. Lmao. Great video, and incredibly entertaining too!
Oh my lanta, I feel so seen 😅 I’ve been pricing my art so low from the beginning & now that I’ve taken some Time Off , i understand that my original art is worth much more than my imposter system tells me.
I'm selling 14k gold plated chains and charms at Target prices, like 14 to 20 dollars lol. I'm trying to get enough money to give my kids a Christmas, so I'm looking to sell quickly. I wonder if I could get more for them and still sell them in time?
I have been silversmithing for about 10 years and I feel like my brain is on the same level with you on pricing lol. I now mainly cut turquoise instead of silversmithing, because price of cabochons is very easy to track and categorize based of where the material comes from.
Same here! 5 years of jewellery making and I still struggle a lot. Because it's not a skill thing but a mindset thing, mostly. And it needs to be improved :) There's nothing wrong in valuing ourselves and our work correctly and fairly. That being said, I completely understand why you prefer lapidary now ❤
The thing is: it takes times also & the eye of an expert to go & find the stone !
So in my opinion you should at minimum triple the cost of materials plus your hourly labor. So if materials cost twenty five dollars and you charge twenty dollars an hour for two hours of labor then it would be one hundred fifteen dollars. This is a basic starting point. More expensive stones may not be able to be marked up as much. Also you may be able to mark items higher because they are exclusive one of a kind or custom. Figure out what your time is worth and keep track of ALL material costs.
Yes, keeping track of all materials and cost, as well as the time spent working, is vital for proper pricing 🙏 We shouldn't be guessing prices, but knowing what exactly goes into them
I guessed 75 for the necklace knowing it was gonna be underpriced from the preview, i am in utter shock
I am sobbing for past you, imposter syndrome really is one hell of a drug 😭
The problem with Etsy I've found is that there are so many cheap pieces, (especially rings) from India, that are priced so, so low! They look great in photos, but if you look at the reviews, you find that people are complaining that the item doesn't look like the one in the photos, is much smaller than it looks in photos, the quality is bad, and took months to arrive, etc. I wish people would check the reviews before they purchase these cheap items....If it looks too good to be true, it usually is!
You're awesome!
Thanks so much!! ❤
Wow I can definitely relate thank you.
Hahaha, this subject affects us all, I'm sure! Glad you enjoyed it ❤
Megan introduced me to your channel via the great video that you both made together for Megan's Channel.
Wow 23 dollars for the first piece. I looked up Jade and top of the list on Ebay was almost 30 pounds each. There must be some discrepancy regarding the type of Jade in my search perhaps?
Sub'd.
Another really good point is the more someone pays for a piece, possibly the more they value it, AND LOOK AFTER IT. So there is less damage, repairs etc.
Amelanite? ring. This is Beautiful. Love it. If I could afford it, Id pay twice your selling price, plus airfares and accommodation for you and your partner to drop it off over dinner somewhere nice. Unfortunately, I cant afford it (yet). BUT, maybe with what Zina, my partner and I, do with this information and the part two video on Megans Channel, who knows. Thank you so much both. I am going to play these to Zina now. She used to make Jewellery many years ago.
I agonize about prices. I just selling my work in July. Set a goal to sell a piece a month on average and $300 by end of year. Sold over 50 pieces. Still agonize about pricing.
People have been exceptional positive about my work. It’s definitely boosted my confidence. I was really worried about “meanies” but that has not been my experience selling at events. I gave up on online sells.
I wire wrap jewelry and seem to be pricing your pieces the same as you did lol I also feel I have imposter syndrome and am constantly being told I price my pieces too low 😅 thank you for this video! It’s making me consider my time on my work a lot more❤
I've always had problems pricing what it's worth. I feel like nobody will spend much for my stuff. I spend hours carving but I still undercut myself
I feel like i price most mine $35-50 for most my stuff and its all one of a kind because of my limited supplies for stuff. People think its over priced but similar artists sell their for like 2 or 3x more and my patterns are pretty unique, I want to get better quality wire so it will last longer but I don't have the money to invest it in yet
I would be priced out of buying jewellery if the spreadsheet was used by most jewellers. Also, there is no way anyone would buy from me if I tried those prices. I also have a small knitwear business and I cannot include time in pricing at all for that business so I feel lucky to be able to include some time in my jewellery work
thank you yall helped me so much
Happy to help! Thank you for watching :))
This is how I dropped off from goldsmithing. I was the best in my class and still i couldn't overcome the imposter simdrome. I was selling fully hand made engagement rings, the stone set by me, engraved and a personalised box for 100€. It was too exausting and I felt so bad asking for money. It felt like i was begging although I was just asking for a are minimum payment for hours and hours of work and practice
Yeah, I get that. I'm going to reprice all my stuff and I don't even care anymore.