The first 500 people to use my link will get a 1 month free trial of Skillshare: skl.sh/stardustminejewellery10241 If you'd like to see more about about pricing, check out this video: th-cam.com/video/ErklaFWRsUA/w-d-xo.htmlsi=8XREo3PotY8viZX3
I think the problem us jewellers have is realising our skill and the costs of it like time, heating, tools etc etc etc etc etc!! I also find you get jewellers who price their items ridiculously cheap which can make it hard for us to charge more- though I'm realising those people aren't my clients and mine are happy to pay for my work/quality. Great video as always Basia!❤
Yes, exactly! I think an important step in our growth as jewelers and makers is realizing that we are not able to target everyone. We will have to spend extra time to figure out our target audience and make sure we can offer our customers the best work. Prices should absolutely be fair, I don't see the point in pricing as much as possible just for the sake of it - however, I'm also against keeping close to the lower end. I myself would rather pay more for quality, good materials and uniqueness than less for wonky and poorly finished pieces. So, it means that we have control over pricing, by ensuring the best materials and quality we can :)
First of all, time is non-refundable. Second: In itself, handmade should therefore cost more than anything produced by machine. Skills and handmade should also cost more because of their uniqueness. The market is there regardless of what price you put on it, but for art and crafts(wo)manship to start receiving higher praise - we need to get better at raising our price. So YES - your necklace (jewlery in general) can definitely be priced higher 💚
I remember when Megan Collin told you that you were selling your jewellery too cheap a couple years ago. You have a lot experience.Your jewellery is unique and it has a story. I don’t think that your pieces are cheap. You have to charge the real cost of the piece. If people love it they are going to pay what you ask for. 😊 ❤
you're very welcome! I was mortified after realizing how long I haven't considered taxes nor overhead cost in my pricing. Not to mention an hourly rate, which was below living, or even minimum wage... 🥲
Basia, this is one of the best reality check videos on pricing. Fantastic experiment. It is crystal clear that the perceived value bears well on pricing when using karat gold, especially now with gold prices climbing daily. Gold will always hold its value as a metal - if you ever have to trade a ring for a bag of food - or rent! Thanks for this great update. 🌺 🌺 🌺
This is an interesting/informative video. I think you have to take into account how your target market will change if you go by ChatGPT pricing. I think pricing needs to also take into account the economy. Also in my case, I’m a hobbyist and I’m process oriented: I love the process of creating as much as the final product. It puts me in a Zen space. So, I would have to charge less per hr since I’m slower.
Pricing is probably the biggest challenge! Thank you for conducting this eye opening experiment, Basia. Your creations are truly beautiful, and the AI pricing suggestions are definitely food for thought.
Profit margin seemed to be the best of both worlds, happy you are looking into changing your prices! You're an excellent teacher and jeweler and it's about damn time Basia 😅💖🙏 thank you for sharing, the imposter syndrome/beginner when you're a skilled artisan hits home, I hope chat gpt gave you a well deserved boost of confidence! 🙌💕🤩
10:15 to sustain myself and further invest in the business... THIS. We can't just make enough to merely cover our costs, because materials disappear quickly, and as our skill sets and projects evolve, so does our equipment. There's also replenishment or maintenance of tools/ parts/ accessories. Nice video getting me really thinking about pricing. I have some truly one of a kind projects coming up, and don't wish to shortchange myself. In fact, it would be better I keep the works for years to come rather than do that. My most recent is a deep bezel spinner ring with the top side being an epoxy coated glass orb filled with silicone oil, different holo glitters, and an Ethiopian opal. The bezel is stamped with my little sister's name, and the bottom of the ring has a mylar and epoxy resin opal effect. The next ring I want to do will actually be a heavy gauge silver ring with the cabochon being a mini trouble dice poppers. Lots of other kinetic designs I have been dreaming up, including a microscope ring, wearable tech, automata, kinetic designs...
So I want to say something I learned in some books for jewelry customers usually equate price to quality so selling a piece for cheap might mean you'll have a harder time selling it since people will think there is something wrong with it. Sometimes it's easier to sell a piece if you double the price then if you put it on discount. Since most will think that the higher price compared to other piece means it's higher quality. I know it's not true but tbh I do not think you should sell a piece for less than 200 or 300$ a lot of people will buy the blandest 24k gold wedding bands for more than 500$ when we all know the price should be a lot lower. Since it basically requires no skills to make. While this is a piece of art. So I deffinitly agree with chat gpt. What you could so is open a new online seller shop selling with chat get prices and check which ones becomes more popular
I'm just getting started as a silversmith, so this is really interesting to see! Pricing seems very difficult, and I don't want to underprice, especially because of the price of materials. I love your work, and hope that ChatGPT has helped you to raise your prices a bit! I feel like they are a bit on the low side. The amber piece is amazing! I don't think $700 is that far out depending on who you're selling to. I think that's definitely a major factor that should be taken into account. When I lived in Spain, for example, I know that I probably wouldn't be able to sell anything for $700, because that's just under the minimum monthly salary.
I agree with the pricing of ChatGPT !!! Oh this pricing! I still under pricing my jewels!And it is all about these thoughts,feelings,mindset! Thank you for your informations!I definetely try it!
Very important and tricky subject. Although I think $ 700 for the necklace is a bit high I don’t think 300-400 is a good price either. The latter devalues the overall cost and art value of the piece. What I think is tricky is that costs do vary according to your country. I see all the time on-line shops in the US where a simple ring with non-precious stone is priced at $ 400 easily 🤗 if we consider those prices that necklace can’t cost the same 😆 the international scale makes pricing more challenging. I guess I would be inclined to say that we need to decide first whether to price according to our country of residence market value or, whether we target an international market mainly on countries with higher cost of living and where customers would find that $ 700 price actually reasonable or even cheap. Ask Chat GPT its nationality to have an idea of its context to price your pieces 😂😅 in any case I thank you for a great video again Basia ❤ this was great. I definitely think you can raise your prices a bit, just considering what I mentioned ealier ❤❤❤
Are you pricing in US dollars? Where do you sell mainly? I think you should charge what he market will bear. You are a talented artist. The first piece was Wow!
Yes, I used to price in pounds (GBP) while I lived in the UK and now I price in dollars, since that's where 98% of my customers are. Of course that doesn't mean my European and other customers are less important, but since I need to choose one currency, dollars make the most sense for me. And I agree with you, the market (we mostly sell to) plays the biggest role in pricing, it's important to consider. Thank you! I'm very happy you liked my necklace 💕
@ewawolny It can be tricky, especially if you have an equal number of customers from a variety of countries. I think using US dollars or Euros could be the easiest both for customers and sellers
The AI doesn't have the imposter syndrome like many makers or creators have and it is focusing on tangible or countable side of the pricing without emotions.
Exactly. It's an algorithm. Simply gives you this dry data, based on the info you feed into it, that's all. While we tend to overthink and overcomplicate things 😅 It's nice to compare our result's with the program, to get an idea and perspective
Thank you for making this video. 23% seems really high for sales tax is that instead factoring your income tax? As an artist its so hard to put a price on your creativity and the piece of yourself that goes into everything you make. I'm not your target audience and the chatgpt prices are out of the range that I can afford but its clear that the amount of care and effort you put into your work is worth the higher price.
You're very welcome! It was very interesting to see what AI comes up with, there's still room for improvements and changes, especially when we do consider all of the factors. To answer your question, this is VAT tax, it's 23% in Poland. I really appreciate your kind words, they mean a lot! 💜I agree with you, it's hard to put a price on creative work, we do need some guide we could use when pricing, though I do think that ChatGPT prices were definitely in the higher range. However, it was interesting to see the calculations and its opinion on the hourly rate. Gave me a lot to think about :)
another thing to thinkabout is the cheaper it is the more likely it is to be bought quicker and by more people but obviously if they are 1 of 1 that has to be plus a bit
hmm, to be honest, from my experience and other makers I discussed this with, it seems that not always is the case. Sometimes a low (or too low) price may indicate that materials aren't so good and that the piece isn't as special as it is described. That's why pricing is giving me a headache haha 😆 Balancing between perceived value and fair calculations, finding a price that's best suited for that jewelry piece. You're right that one of a kind pieces usually go for more
Personally I feel that 738 is a little bit too much for that necklace. And I think that you would have a hard time selling it at that price as well. I personally make jewelry as well and have been to multiple gem shows including every year at the Tucson gem show. I think that you were more on the right track with your original price $400 $350 somewhere in there. Now if you would have switched the gemstones out for more of a precious stones then I could see the price increase. Especially if you were to carve your own gemstones because that would include more work hours.
I agree, $738 surprised me, though I think the price ended up being high was mostly because of that experimental hourly rate of $40. AI did calculations based on several factors, which I believe can change and can be adjusted accordingly. Amber is a lovely stone and the ones I used here are very unique, but like you said - it's not a precious stone. There's a lot of silver in this necklace though, as it's a large, statement piece and silver prices have skyrocketed. It was interesting to see how AI priced it, but right now, I think I'll calculate the price myself and go for something lower 👍
@@TheArtOfMetalsmithing yeah silver has skyrocketed, because gold is it an all-time high as well. It makes me wish that I was still gold mining in California making 2,000 to 4,000 a day. That was 1 to 2 oz I could pull from the river each and every day that I went. It was a lot of work but also a lot of fun. If you can just imagine being at the river after walking 3 mi and then shoveling all day. Until I had a deal with Bigfoot lol Yes he's completely real. 7 runnings over 10 years. Then you don't know his mindset they seem like curious creatures but at the same time you can't trust them and I know they're dangerous. So that's when I switch to gemstones. I've been following your channel for quite some time and I would really like to see you start carving and shaping your own gemstones. You can go around and mine your own gems for free or or just purchase gemstones in the rough and then carve them out. This would increase your profitability by a huge amount. Plus it's really fun to do. And just where is your guy jewelry at I would keep telling you that I would love to purchase something from you but you never have any guy jewelry. Lol Make something and I promise to buy it. In the meantime I'll look over what's on your page and consider purchasing it for my fiance in the future. I just got done making her a beautiful necklace myself. And I really like to spoil her. 😉
@@canadiangemstones7636 he is very hard to video. To understand his concepts of forest life there is much to understand. I do have countless hours of me interacting with spirits though. Banging on walls sitting on my bed and just talking. But that's not all. When you finally accept this is crazy world we live in. You will see much and experience much more, just pay attention to the world around you that we live in and listen to your body.
I'm also making jewelry and hopefully I can also succeed in making some kind of content, and find a marketplace if not make a website myself to sell my jewelry. It truly hurts me to see how competitive jewelry pricing is on etsy, when I look at it i realize they don't incorporate labor into the price at all, if even the price of materials.
I'm not a jewelry guy, but looking at that necklace, if I saw it in a jewellry shop I'd guess around €1000. That said the shop would have to have it's own markup so ~€750 is probably around right for selling online. Don't forget, your prices shouldn't just cover the cost of materials and time spent making that piece, they should also cover everything else you spend on your business. Marketing, research, tools, experimentation etc. It all adds up and your profits have to cover it all (unless it's just a hobby).
I can accept your valid premise for your worth, Basia, I don't think that is fair to your self, as you do organize yourself meticulously for a presentation. There we go again, precious time. At the very least 15 dollars more per hour. I can appreciate that setup is just a necessary chore, but time, it is. All the very best,,,,,,Arohanui...........
Thank you! That's what I was thinking :) While I'm glad to see the calculations AI provided, it gave me an idea of how I should approach pricing, the final prices it's given me were a bit much. I think we should always take into account how intricate something is, the value of gemstones and skills and other factors and adjust the price accordingly
honestly i love the piece its beautiful but i think 700 plus is way high for silver jewelry of any kind and thats not to put your work down in any way at all so please do not think that , but i think 300 to 400 would be a more reasonable price
I think so too. It is a large piece, lots of silver, which keeps getting more and more expensive (ugh! Why... 😵), but I do think closer to 400-500 would be much more appropriate considering the stones, which - while very unique and of good quality, are not precious.
I would absolutely review and increase your pricing-it those calculations feel like a lot, maybe go $100 or so lower to begin. So many makers under price their jewelry and it actually hurts us, who spend so much time, money and skill to create.
That’s my stumbling block, I feel guilty charging more than what to costs to make! I have zero business head, never have. Having dyscalculious and dysgraphia don’t help! I’m a back room type not a front of house! I’m like you I think that chat got prices are “ouch” but then as the maker we know what it costs to are and it feels so wrong to charge too much! At the same time look at things online and the prices and that’s big industry prices not home made designer maker prices. Not to mention the time you need to go gemstone hunting as well the time to source materials etc. it’s not easy. 😊😊😊😊
This was very interesting... I also think I am pricing way too low. It's like Im embarrassed to set the price where I'm actually payed a fair wage, just because the number seems to high. But we are all entitled to a fair wage.
I have found the reality of business competition is to come in at a better price than your competitors. However savay customers don't always look at the price but at the quality of the product.If you price your work at realistic value...people will buy.
$30-$80 an hour?! Not in my area. I wouldn't sell a single piece. I no longer sell online, though. I only sell in local gift stores that get a lot of tourist traffic. Since there is already a markup due to the store profit, I have to pay myself less. (Your jewelry is beautiful, but I think the prices suggested by ChatGPT are outrageous.)
40$/hour is wayyyyy too little. I’m a programmer and hobbyist goldsmith and I’d go for at least 65$/hour. BUT the prices of ChatGPT imo are too high for silver jewellery. If you’re gonna price it that high, your finished pieces need to look absolutely impeccable. You have a lot of experience and your jewellery looks good and I would totally buy them, but I feel like you still have room for improvement.
I find that the prices chat gpt suggested are a bit high. But your prices seem low. So maybe you need to work on your pricing formula. Dont forget chatgpt is just an algorithm... it doesnt consider everything. It doesn't see your work, your pieces. So we dont know what it considered to give you its suggestions. What market did it look at? Fine jewelery on the higher end? Or Etsy... Hourly rates depend on skills, training. Reputation, ... all sorts of considerations. Jewelery is a perceived value. Sell for as high as you can to keep selling. But dont give away your pieces. And dont sell wholesale prices to consumers. Always enjoy your videos.
Thank you for your comment 💜 I really appreciate your insights and things you pointed out, it's very helpful. I agree that pricing is far more complicated and what AI was able to come up with here was based on an algorithm and unknown sources and references. Seeing these calculations gave me food for thought and made me realize that my current prices are indeed to low (at least for some pieces). Same with the hourly rate. While the hourly rates AI came up with felt high, I think my previous rates of $15 were way too low and outdated. Can't make a living like this. You're absolutely right, jewelry is a perceived value and it's not a necessity - it's a want. An addition. And artisan jewelry is usually priced higher. So it's all about finding that sweet spot. Thank you for watching today! 🧡
Andrew Berry gave a class on pricing. I am not selling at this point in my life. But I thought it was very helpful. You can access if you register with at the bench.
i think chat gpt’s prices are way too high.. as you’ve asked for a consumer’s opinion, I sure wouldn’t pay those prices for silver pieces.. it’s almost the same as those priced in Tiffany & Co 😅
I appreciate you sharing your opinion. It's ok if you wouldn't be willing to pay this much for these pieces and that's absolutely fine. It means that none of them called out to you, that you personally don't like silver and what I mean by all of this is that if you stumbled upon a design that was perfect for you and was made with the materials you love, you may be willing to pay a higher price for it. Jewelry is perceived value - since we don't need it and it's not a necessity. It's a want. It's something extra, to make us feel good. That's why we are willing to save up and pay for what we actually want and love and I think this allows for niches, where each maker or brand has their own customers. I hope it makes sense! Some of these ChatGPT's prices indeed were a bit high, though I wouldn't make a comparison between Tiffany & Co, completely different styles, principles, values, production type and time than artisan jewelry.
No one will buy it if i charge what i think it worth. it is soooooo frustrating. why should i spend 40 hours on a amazing piece when no one will pay the price. so i hve found simple is better very little time in it. 30 -60$ pieces. they still have a hard time moving.
I do a lot of vending and definitely under price mine but i charge 3 times more in better locations and people say what a bargan my higher prices are, it really depends on where you are selling at and if you have to make a sale, i am offten competing with people selling cheap things made in the 3rd world and mass made so then i am having to lower my prices and do more volume
I don't like the multiplier. "profit margin" is just another phrase for "how much more you can get out of people." Your profit is already the amount you get paid per hour spent on the project. If item cost and everything else is included into the price then why add an extra "fee?" Money. $369 ($40 per/hr.) - $516 (60 per/hr.) is true value of amber necklace in my eyes. Just raise your hourly rate, you have the experience and your work is lovely. Don't follow industry BS in my opinion.
Saying that "'profit margin' is just another phrase for 'how much more you can get out of people.'" shows that you have a fundamental misunderstanding about economics, accounting, and the role profit plays in a business. Profit isn’t just an “extra fee” or a way to squeeze more money out of people-it’s essential to keeping a business sustainable and, ideally, able to grow. The only reason that "profit" is such a dirty word these days is due to greedy corporations who prioritize profits over people, but that doesn't apply here or to the majority of businesses. In a sole proprietorship, yes, profit technically goes to the business owner, but it’s not the same as their hourly wage and shouldn't be treated as such from an accounting perspective. Profit is what allows the business itself to make money, not just the person doing the work. This distinction is important because without profit built into the pricing, the business has no funds to reinvest in things like tools, marketing, future growth, or savings for slower months. Raising the hourly rate alone can’t cover all of these long-term costs and actually limits the business's ability to operate sustainably. That’s why adding a profit margin or multiplier is standard practice, not just "industry BS.” Ensuring our small businesses are profitable is key for anyone who wants to turn their craft into a viable, lasting business rather than just breaking even.
@TinaLakepia I disagree. Increasing hourly rate when you're a business of one person absolutely can cover long term expenses. You're already including the price of materials which is what you reinvest into more materials already so not sure why your saying you won't have funds to reinvest. Simplifying your business plan is more successful and when outlined with profit margins your going to lose out on customers and be out-competed. Sorry your education on accounting & "industry standard" has convinced you.
@@11Evalone like I said, you’re fundamentally misunderstanding what profit is and the purpose it serves. The cost of materials that is built into the price is to cover the cost that you ALREADY paid. Many of us have spent thousands of our own dollars into setting up our businesses and we deserve to see a return on that investment. Profit pays for things like new/better tools, eventually being able to outsource or even employ people, learning new techniques, and the general growth of your business. Just because we are sole proprietors does not mean our businesses can’t grow and that we don’t deserve to be profitable.
@@TinaLakepia Fundamentally profit is the difference in amount earned and spent. Period. If you can't see how $60-$80 per hour is enough to get everything you need to live and grow then I think you're greedy.
How about the price our environment pays when people constantly use ai technology for mundane purposes... it's time for influencers to let go of the ai craze and stay focused on helping people develop practical skills rather than teaching them to rely on environment killing technology. Please take that into consideration when you continually promote it
I wonder if you use Google to google things? 🤔 A recipe, travel info, movie review, shops etc. I'm sad you misunderstood the video and my message. I clearly said this was an exercise and stated that there are other ways, formulas and strategies, that I will be getting into in another video. Ignoring technology and its capabilities is, well, ignorance and that's not smart nor good. It's here to stay, just like the internet and Google and it's up to us to learn what it is and make informed decisions when it comes to using it. Making a video that shows what it does isn't instantly promoting it. I believe people have the ability to be mindful and use critical thinking, to learn.
@@TheArtOfMetalsmithing I’m sad you didn’t take anything I said into account and are in denial about promoting it. Of course I’m sure you will make great videos that offer other methods, but you are still very much promoting ai when you literally tell the audience to go to ChatGPT and use it, that is promotion. Doubling down and saying ai is here to stay is the lazy answer, it’s perfectly fine to “ignore” the technology because it’s extremely flawed, unnecessary, threatening to creative industries, and very damaging to the environment. What’s “not good” is making several videos presenting it as a tool with, as far as I see, no mention of its issues outside of inaccuracy. I was hoping maybe you would take those things into consideration in the future
The first 500 people to use my link will get a 1 month free trial of Skillshare: skl.sh/stardustminejewellery10241
If you'd like to see more about about pricing, check out this video: th-cam.com/video/ErklaFWRsUA/w-d-xo.htmlsi=8XREo3PotY8viZX3
I think the problem us jewellers have is realising our skill and the costs of it like time, heating, tools etc etc etc etc etc!! I also find you get jewellers who price their items ridiculously cheap which can make it hard for us to charge more- though I'm realising those people aren't my clients and mine are happy to pay for my work/quality. Great video as always Basia!❤
Yes, exactly! I think an important step in our growth as jewelers and makers is realizing that we are not able to target everyone. We will have to spend extra time to figure out our target audience and make sure we can offer our customers the best work. Prices should absolutely be fair, I don't see the point in pricing as much as possible just for the sake of it - however, I'm also against keeping close to the lower end. I myself would rather pay more for quality, good materials and uniqueness than less for wonky and poorly finished pieces. So, it means that we have control over pricing, by ensuring the best materials and quality we can :)
First of all, time is non-refundable.
Second: In itself, handmade should therefore cost more than anything produced by machine. Skills and handmade should also cost more because of their uniqueness. The market is there regardless of what price you put on it, but for art and crafts(wo)manship to start receiving higher praise - we need to get better at raising our price. So YES - your necklace (jewlery in general) can definitely be priced higher 💚
I remember when Megan Collin told you that you were selling your jewellery too cheap a couple years ago. You have a lot experience.Your jewellery is unique and it has a story. I don’t think that your pieces are cheap. You have to charge the real cost of the piece. If people love it they are going to pay what you ask for. 😊 ❤
It really was eye opening to see what should be considered when pricing jewellery. Thanks so much Basia
you're very welcome! I was mortified after realizing how long I haven't considered taxes nor overhead cost in my pricing. Not to mention an hourly rate, which was below living, or even minimum wage... 🥲
Basia, this is one of the best reality check videos on pricing. Fantastic experiment. It is crystal clear that the perceived value bears well on pricing when using karat gold, especially now with gold prices climbing daily. Gold will always hold its value as a metal - if you ever have to trade a ring for a bag of food - or rent! Thanks for this great update. 🌺 🌺 🌺
This is an interesting/informative video. I think you have to take into account how your target market will change if you go by ChatGPT pricing. I think pricing needs to also take into account the economy. Also in my case, I’m a hobbyist and I’m process oriented: I love the process of creating as much as the final product. It puts me in a Zen space. So, I would have to charge less per hr since I’m slower.
Thank you for creating this video. 👍 It is a topic I'm currently struggling with. I really enjoy the speed, and clarity of your speaking.
Amazing information 👌. Great work.
Pricing is probably the biggest challenge! Thank you for conducting this eye opening experiment, Basia. Your creations are truly beautiful, and the AI pricing suggestions are definitely food for thought.
Profit margin seemed to be the best of both worlds, happy you are looking into changing your prices! You're an excellent teacher and jeweler and it's about damn time Basia 😅💖🙏 thank you for sharing, the imposter syndrome/beginner when you're a skilled artisan hits home, I hope chat gpt gave you a well deserved boost of confidence! 🙌💕🤩
I think the baltic amber pendant, necklace is spot on its gorgeous and you are very talented artist. So i think the chat pricing is fantastic ❤❤
10:15 to sustain myself and further invest in the business... THIS. We can't just make enough to merely cover our costs, because materials disappear quickly, and as our skill sets and projects evolve, so does our equipment. There's also replenishment or maintenance of tools/ parts/ accessories. Nice video getting me really thinking about pricing. I have some truly one of a kind projects coming up, and don't wish to shortchange myself. In fact, it would be better I keep the works for years to come rather than do that.
My most recent is a deep bezel spinner ring with the top side being an epoxy coated glass orb filled with silicone oil, different holo glitters, and an Ethiopian opal. The bezel is stamped with my little sister's name, and the bottom of the ring has a mylar and epoxy resin opal effect. The next ring I want to do will actually be a heavy gauge silver ring with the cabochon being a mini trouble dice poppers. Lots of other kinetic designs I have been dreaming up, including a microscope ring, wearable tech, automata, kinetic designs...
definitely helped me out a lot with this as its been a conflict of mine for a while
I'm glad to hear that! think AI it's great as an additional tool, to double check and compare 👍
So I want to say something I learned in some books for jewelry customers usually equate price to quality so selling a piece for cheap might mean you'll have a harder time selling it since people will think there is something wrong with it. Sometimes it's easier to sell a piece if you double the price then if you put it on discount. Since most will think that the higher price compared to other piece means it's higher quality. I know it's not true but tbh I do not think you should sell a piece for less than 200 or 300$ a lot of people will buy the blandest 24k gold wedding bands for more than 500$ when we all know the price should be a lot lower. Since it basically requires no skills to make. While this is a piece of art. So I deffinitly agree with chat gpt. What you could so is open a new online seller shop selling with chat get prices and check which ones becomes more popular
I'm just getting started as a silversmith, so this is really interesting to see! Pricing seems very difficult, and I don't want to underprice, especially because of the price of materials. I love your work, and hope that ChatGPT has helped you to raise your prices a bit! I feel like they are a bit on the low side. The amber piece is amazing! I don't think $700 is that far out depending on who you're selling to. I think that's definitely a major factor that should be taken into account. When I lived in Spain, for example, I know that I probably wouldn't be able to sell anything for $700, because that's just under the minimum monthly salary.
I think that program is pricing high. It all depends on your market area. I think your original prices are right on
I agree with the pricing of ChatGPT !!! Oh this pricing! I still under pricing my jewels!And it is all about these thoughts,feelings,mindset! Thank you for your informations!I definetely try it!
Very important and tricky subject. Although I think $ 700 for the necklace is a bit high I don’t think 300-400 is a good price either. The latter devalues the overall cost and art value of the piece. What I think is tricky is that costs do vary according to your country. I see all the time on-line shops in the US where a simple ring with non-precious stone is priced at $ 400 easily 🤗 if we consider those prices that necklace can’t cost the same 😆 the international scale makes pricing more challenging. I guess I would be inclined to say that we need to decide first whether to price according to our country of residence market value or, whether we target an international market mainly on countries with higher cost of living and where customers would find that $ 700 price actually reasonable or even cheap. Ask Chat GPT its nationality to have an idea of its context to price your pieces 😂😅 in any case I thank you for a great video again Basia ❤ this was great. I definitely think you can raise your prices a bit, just considering what I mentioned ealier ❤❤❤
Are you pricing in US dollars? Where do you sell mainly? I think you should charge what he market will bear. You are a talented artist. The first piece was Wow!
What if you sell worldwide?
Yes, I used to price in pounds (GBP) while I lived in the UK and now I price in dollars, since that's where 98% of my customers are. Of course that doesn't mean my European and other customers are less important, but since I need to choose one currency, dollars make the most sense for me. And I agree with you, the market (we mostly sell to) plays the biggest role in pricing, it's important to consider.
Thank you! I'm very happy you liked my necklace 💕
@ewawolny It can be tricky, especially if you have an equal number of customers from a variety of countries. I think using US dollars or Euros could be the easiest both for customers and sellers
The AI doesn't have the imposter syndrome like many makers or creators have and it is focusing on tangible or countable side of the pricing without emotions.
Exactly. It's an algorithm. Simply gives you this dry data, based on the info you feed into it, that's all. While we tend to overthink and overcomplicate things 😅 It's nice to compare our result's with the program, to get an idea and perspective
Thank you for making this video. 23% seems really high for sales tax is that instead factoring your income tax? As an artist its so hard to put a price on your creativity and the piece of yourself that goes into everything you make. I'm not your target audience and the chatgpt prices are out of the range that I can afford but its clear that the amount of care and effort you put into your work is worth the higher price.
You're very welcome! It was very interesting to see what AI comes up with, there's still room for improvements and changes, especially when we do consider all of the factors.
To answer your question, this is VAT tax, it's 23% in Poland. I really appreciate your kind words, they mean a lot! 💜I agree with you, it's hard to put a price on creative work, we do need some guide we could use when pricing, though I do think that ChatGPT prices were definitely in the higher range. However, it was interesting to see the calculations and its opinion on the hourly rate. Gave me a lot to think about :)
And, when buyers see a higher price they take you more seriously-make sure you name yourself as the artist. A name add a lot of value to your products
another thing to thinkabout is the cheaper it is the more likely it is to be bought quicker and by more people but obviously if they are 1 of 1 that has to be plus a bit
hmm, to be honest, from my experience and other makers I discussed this with, it seems that not always is the case. Sometimes a low (or too low) price may indicate that materials aren't so good and that the piece isn't as special as it is described. That's why pricing is giving me a headache haha 😆 Balancing between perceived value and fair calculations, finding a price that's best suited for that jewelry piece. You're right that one of a kind pieces usually go for more
Thank you for sharing the good video❤❤
Personally I feel that 738 is a little bit too much for that necklace. And I think that you would have a hard time selling it at that price as well. I personally make jewelry as well and have been to multiple gem shows including every year at the Tucson gem show. I think that you were more on the right track with your original price $400 $350 somewhere in there. Now if you would have switched the gemstones out for more of a precious stones then I could see the price increase. Especially if you were to carve your own gemstones because that would include more work hours.
I agree, $738 surprised me, though I think the price ended up being high was mostly because of that experimental hourly rate of $40. AI did calculations based on several factors, which I believe can change and can be adjusted accordingly. Amber is a lovely stone and the ones I used here are very unique, but like you said - it's not a precious stone. There's a lot of silver in this necklace though, as it's a large, statement piece and silver prices have skyrocketed. It was interesting to see how AI priced it, but right now, I think I'll calculate the price myself and go for something lower 👍
@@TheArtOfMetalsmithing yeah silver has skyrocketed, because gold is it an all-time high as well. It makes me wish that I was still gold mining in California making 2,000 to 4,000 a day. That was 1 to 2 oz I could pull from the river each and every day that I went. It was a lot of work but also a lot of fun. If you can just imagine being at the river after walking 3 mi and then shoveling all day. Until I had a deal with Bigfoot lol Yes he's completely real. 7 runnings over 10 years. Then you don't know his mindset they seem like curious creatures but at the same time you can't trust them and I know they're dangerous. So that's when I switch to gemstones. I've been following your channel for quite some time and I would really like to see you start carving and shaping your own gemstones. You can go around and mine your own gems for free or or just purchase gemstones in the rough and then carve them out. This would increase your profitability by a huge amount. Plus it's really fun to do. And just where is your guy jewelry at I would keep telling you that I would love to purchase something from you but you never have any guy jewelry. Lol Make something and I promise to buy it. In the meantime I'll look over what's on your page and consider purchasing it for my fiance in the future. I just got done making her a beautiful necklace myself. And I really like to spoil her. 😉
@@ProspectingMonkey😂 Did you get a photo of Bigfoot? 😂
@@canadiangemstones7636 he is very hard to video. To understand his concepts of forest life there is much to understand. I do have countless hours of me interacting with spirits though. Banging on walls sitting on my bed and just talking. But that's not all. When you finally accept this is crazy world we live in. You will see much and experience much more, just pay attention to the world around you that we live in and listen to your body.
I'm also making jewelry and hopefully I can also succeed in making some kind of content, and find a marketplace if not make a website myself to sell my jewelry. It truly hurts me to see how competitive jewelry pricing is on etsy, when I look at it i realize they don't incorporate labor into the price at all, if even the price of materials.
I'm not a jewelry guy, but looking at that necklace, if I saw it in a jewellry shop I'd guess around €1000. That said the shop would have to have it's own markup so ~€750 is probably around right for selling online.
Don't forget, your prices shouldn't just cover the cost of materials and time spent making that piece, they should also cover everything else you spend on your business. Marketing, research, tools, experimentation etc. It all adds up and your profits have to cover it all (unless it's just a hobby).
I can accept your valid premise for your worth, Basia, I don't think that is fair to your self, as you do organize yourself meticulously for a presentation. There we go again, precious time. At the very least 15 dollars more per hour. I can appreciate that setup is just a necessary chore, but time, it is. All the very best,,,,,,Arohanui...........
Najlepsze wyceny odbywają się zawsze na klatkach schodowych, po przekupieniu wyceniającego czekoladowymi jajkami!
wiadomo!! Haha 😁 Czekoladowe jajeczka zawsze na propsie i cena leciiii w dół 🤩
I think I would go halfway between your original price and ChatGPT.
Thank you! That's what I was thinking :) While I'm glad to see the calculations AI provided, it gave me an idea of how I should approach pricing, the final prices it's given me were a bit much. I think we should always take into account how intricate something is, the value of gemstones and skills and other factors and adjust the price accordingly
Your work is beautiful and distinct!
@@liz-anna2365 aww, thank you so much! It warms my heart 🥹❤️
Brazil here.
الزين المسرار ❤
You should teach English. Your pronunciation of all words is clean and without any accent. It is pleasant to listen to you 🙂
honestly i love the piece its beautiful but i think 700 plus is way high for silver jewelry of any kind and thats not to put your work down in any way at all so please do not think that , but i think 300 to 400 would be a more reasonable price
I think so too. It is a large piece, lots of silver, which keeps getting more and more expensive (ugh! Why... 😵), but I do think closer to 400-500 would be much more appropriate considering the stones, which - while very unique and of good quality, are not precious.
I love the amber piece and think in my area, in a gift shop, it would command $500.00-$550.00. Thanks for a great video.
A lot but what do I know ❤
I would absolutely review and increase your pricing-it those calculations feel like a lot, maybe go $100 or so lower to begin. So many makers under price their jewelry and it actually hurts us, who spend so much time, money and skill to create.
That’s my stumbling block, I feel guilty charging more than what to costs to make! I have zero business head, never have. Having dyscalculious and dysgraphia don’t help! I’m a back room type not a front of house! I’m like you I think that chat got prices are “ouch” but then as the maker we know what it costs to are and it feels so wrong to charge too much! At the same time look at things online and the prices and that’s big industry prices not home made designer maker prices. Not to mention the time you need to go gemstone hunting as well the time to source materials etc. it’s not easy. 😊😊😊😊
This was very interesting... I also think I am pricing way too low. It's like Im embarrassed to set the price where I'm actually payed a fair wage, just because the number seems to high. But we are all entitled to a fair wage.
I have found the reality of business competition is to come in at a better price than your competitors. However savay customers don't always look at the price but at the quality of the product.If you price your work at realistic value...people will buy.
$30-$80 an hour?! Not in my area. I wouldn't sell a single piece. I no longer sell online, though. I only sell in local gift stores that get a lot of tourist traffic. Since there is already a markup due to the store profit, I have to pay myself less. (Your jewelry is beautiful, but I think the prices suggested by ChatGPT are outrageous.)
40$/hour is wayyyyy too little. I’m a programmer and hobbyist goldsmith and I’d go for at least 65$/hour.
BUT the prices of ChatGPT imo are too high for silver jewellery. If you’re gonna price it that high, your finished pieces need to look absolutely impeccable. You have a lot of experience and your jewellery looks good and I would totally buy them, but I feel like you still have room for improvement.
I find that the prices chat gpt suggested are a bit high. But your prices seem low. So maybe you need to work on your pricing formula. Dont forget chatgpt is just an algorithm... it doesnt consider everything. It doesn't see your work, your pieces. So we dont know what it considered to give you its suggestions. What market did it look at? Fine jewelery on the higher end? Or Etsy...
Hourly rates depend on skills, training. Reputation, ... all sorts of considerations. Jewelery is a perceived value. Sell for as high as you can to keep selling. But dont give away your pieces. And dont sell wholesale prices to consumers. Always enjoy your videos.
Thank you for your comment 💜 I really appreciate your insights and things you pointed out, it's very helpful. I agree that pricing is far more complicated and what AI was able to come up with here was based on an algorithm and unknown sources and references. Seeing these calculations gave me food for thought and made me realize that my current prices are indeed to low (at least for some pieces). Same with the hourly rate. While the hourly rates AI came up with felt high, I think my previous rates of $15 were way too low and outdated. Can't make a living like this. You're absolutely right, jewelry is a perceived value and it's not a necessity - it's a want. An addition. And artisan jewelry is usually priced higher. So it's all about finding that sweet spot. Thank you for watching today! 🧡
I forgot to add, that I do need to work on my formula, indeed 😆 I have some resources that can help with it, which I plan to share in another video
Andrew Berry gave a class on pricing. I am not selling at this point in my life. But I thought it was very helpful. You can access if you register with at the bench.
Opal &400.00
i love that youre an affordable jewler :D love youre art and the design... they are just so fresh and farytale like
You love that she doesn’t get paid enough for the work she does?
i think chat gpt’s prices are way too high.. as you’ve asked for a consumer’s opinion, I sure wouldn’t pay those prices for silver pieces.. it’s almost the same as those priced in Tiffany & Co 😅
That’s totally fine that you feel it’s not for you, maybe you are not in the target group.
I appreciate you sharing your opinion. It's ok if you wouldn't be willing to pay this much for these pieces and that's absolutely fine. It means that none of them called out to you, that you personally don't like silver and what I mean by all of this is that if you stumbled upon a design that was perfect for you and was made with the materials you love, you may be willing to pay a higher price for it. Jewelry is perceived value - since we don't need it and it's not a necessity. It's a want. It's something extra, to make us feel good. That's why we are willing to save up and pay for what we actually want and love and I think this allows for niches, where each maker or brand has their own customers. I hope it makes sense!
Some of these ChatGPT's prices indeed were a bit high, though I wouldn't make a comparison between Tiffany & Co, completely different styles, principles, values, production type and time than artisan jewelry.
No one will buy it if i charge what i think it worth. it is soooooo frustrating. why should i spend 40 hours on a amazing piece when no one will pay the price. so i hve found simple is better very little time in it. 30 -60$ pieces. they still have a hard time moving.
Ring $250.00
Cool
I mean this is a basic calculation, something you can put in an excel spreadsheet, not something you really need ChatGPT for.
👍
I do a lot of vending and definitely under price mine but i charge 3 times more in better locations and people say what a bargan my higher prices are, it really depends on where you are selling at and if you have to make a sale, i am offten competing with people selling cheap things made in the 3rd world and mass made so then i am having to lower my prices and do more volume
I don't like the multiplier. "profit margin" is just another phrase for "how much more you can get out of people." Your profit is already the amount you get paid per hour spent on the project. If item cost and everything else is included into the price then why add an extra "fee?" Money. $369 ($40 per/hr.) - $516 (60 per/hr.) is true value of amber necklace in my eyes. Just raise your hourly rate, you have the experience and your work is lovely. Don't follow industry BS in my opinion.
Saying that "'profit margin' is just another phrase for 'how much more you can get out of people.'" shows that you have a fundamental misunderstanding about economics, accounting, and the role profit plays in a business. Profit isn’t just an “extra fee” or a way to squeeze more money out of people-it’s essential to keeping a business sustainable and, ideally, able to grow. The only reason that "profit" is such a dirty word these days is due to greedy corporations who prioritize profits over people, but that doesn't apply here or to the majority of businesses.
In a sole proprietorship, yes, profit technically goes to the business owner, but it’s not the same as their hourly wage and shouldn't be treated as such from an accounting perspective. Profit is what allows the business itself to make money, not just the person doing the work. This distinction is important because without profit built into the pricing, the business has no funds to reinvest in things like tools, marketing, future growth, or savings for slower months.
Raising the hourly rate alone can’t cover all of these long-term costs and actually limits the business's ability to operate sustainably. That’s why adding a profit margin or multiplier is standard practice, not just "industry BS.” Ensuring our small businesses are profitable is key for anyone who wants to turn their craft into a viable, lasting business rather than just breaking even.
@TinaLakepia I disagree. Increasing hourly rate when you're a business of one person absolutely can cover long term expenses. You're already including the price of materials which is what you reinvest into more materials already so not sure why your saying you won't have funds to reinvest. Simplifying your business plan is more successful and when outlined with profit margins your going to lose out on customers and be out-competed. Sorry your education on accounting & "industry standard" has convinced you.
@@11Evalone like I said, you’re fundamentally misunderstanding what profit is and the purpose it serves. The cost of materials that is built into the price is to cover the cost that you ALREADY paid. Many of us have spent thousands of our own dollars into setting up our businesses and we deserve to see a return on that investment. Profit pays for things like new/better tools, eventually being able to outsource or even employ people, learning new techniques, and the general growth of your business. Just because we are sole proprietors does not mean our businesses can’t grow and that we don’t deserve to be profitable.
@@TinaLakepia Fundamentally profit is the difference in amount earned and spent. Period. If you can't see how $60-$80 per hour is enough to get everything you need to live and grow then I think you're greedy.
How about the price our environment pays when people constantly use ai technology for mundane purposes... it's time for influencers to let go of the ai craze and stay focused on helping people develop practical skills rather than teaching them to rely on environment killing technology. Please take that into consideration when you continually promote it
I wonder if you use Google to google things? 🤔 A recipe, travel info, movie review, shops etc.
I'm sad you misunderstood the video and my message. I clearly said this was an exercise and stated that there are other ways, formulas and strategies, that I will be getting into in another video. Ignoring technology and its capabilities is, well, ignorance and that's not smart nor good. It's here to stay, just like the internet and Google and it's up to us to learn what it is and make informed decisions when it comes to using it.
Making a video that shows what it does isn't instantly promoting it.
I believe people have the ability to be mindful and use critical thinking, to learn.
You didn't watch the video, did you?
@@TheArtOfMetalsmithing I’m sad you didn’t take anything I said into account and are in denial about promoting it. Of course I’m sure you will make great videos that offer other methods, but you are still very much promoting ai when you literally tell the audience to go to ChatGPT and use it, that is promotion. Doubling down and saying ai is here to stay is the lazy answer, it’s perfectly fine to “ignore” the technology because it’s extremely flawed, unnecessary, threatening to creative industries, and very damaging to the environment. What’s “not good” is making several videos presenting it as a tool with, as far as I see, no mention of its issues outside of inaccuracy. I was hoping maybe you would take those things into consideration in the future