How to Price Diamond Jewellery

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Diamond jewellery pricing is a major factor determining saleability of jewellery stock. Unlike normal retail store items like clothing or shoes, jewellery has different forms of specifications, each of them affecting final pricing along with the changing demand cycles in market. Gold price fluctuations, high prices due to non-availability of diamonds and seasonal trends bring huge variations in price of jewellery. At the same time, the advent of online shopping comparison engines has given customers the power to zero in on the best priced jewellery for any specification. This makes it important for jewellery manufacturers to prudently set the price of their items so as to meet the twin objectives of making a decent profit as well as ensuring saleability of their wares. Here are some factors that need to be considered in order to price your jewellery:

  1. Diamond size is for all practical and reasonable purposes, the most important factor in determining diamond jewellery price. While one may have a low-priced silver base shank with a ring or a high-priced platinum chain with a pendant, it’s the diamond encrusted in these jewels that primarily fixes its price point. The diamond pricing is easily obtained from the markets where one operates from. If you procure your diamonds from major diamond hotspots like Surat or Antwerp, the diamond merchants there would inform you the ongoing rates for diamonds on sale.
  2. Raw diamonds are priced on caratage, color and clarity. If your manufacturing unit undertakes processing of diamonds, then you can factor in your cost of processing the diamonds. Otherwise, the same diamond merchants will also supply you with details of pricing of processed diamonds.
  3. Precious metal prices around the world keep fluctuating and this can be gotten accurately from Kitco’s online pricing check.
  4. The making charges of jewellery are typically fixed for a well-established manufacturing facility.

After considering all above factors, you have to go through pricing of other manufacturers online to know the going rate for jewellery of any specification. This is an important step as you don’t want your margin to be a deterrent to people shopping for wholesale diamond jewellery online. At the same time, you don’t want to sell your jewellery at a lower margin. One simply needs to visit various B2B marketplace sites, check all online listings for diamond jewellery exporters that’s also sold by you and procure pricing for the same.

If the pricing is not mentioned on the site, one can simply call up the phone numbers given and place a dummy inquiry to know the price that others are selling their wares for. For example, if a 0.25 carat diamond pendant in white gold is available for an average price of $100, its pretty safe for you to jack up your selling price close to that level. So one can calculate ones margin appropriately and sell ones wares at a competitive rate. If your manufacturing cost is too high for you to be able to sell at prices given online, try introducing some scheme to entice customers to buy from you. Schemes like 2 months payment credit and loyalty offers for returning customers are good ways to sell off a high-priced item.

write by Phelan

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