Pricing your jewellery correctly is one of the most important—and challenging—aspects of running a successful business. In this episode of the Jewellers Academy Podcast, Jess breaks down the 10 biggest pricing mistakes jewellers make and how to avoid them.
From undercharging for your time to overlooking hidden costs, we cover the most common pitfalls that could be holding your business back. You’ll learn why comparing prices with competitors can be misleading, how discounting impacts your brand value, and why pricing is an ongoing process rather than a one-time decision.
If you’re ready to take control of your pricing, increase your profits, and feel confident charging what your work is worth, this episode is for you.
The 10 Mistakes - Summary
Underestimating the cost of materials
Not updating your prices regularly
Undercharging for your own time
Comparing yourself and your pricing to other jewellers
Lowering your pricing to get sales
Not accounting for all the extras e.g. hallmarking, packaging, postage etc
Over discounting to attract sales
Blaming yourself if you don’t get it right first time
Using the same formulas for calculating selling direct to customers, wholesaling and fine jewellery
Confidence and not taking action to get your pricing right
Learn how to price your jewellery for selling directly to the customer, wholesale and fine jewellery in the FREE How to Price Your Jewellery for Profit Masterclass. Covering everything you need to know as well as spreadsheets that calculate your prices for you. Enrol now free:
https://www.jewellersacademy.com/pricing
Also mentioned in this episode:
The Jewellery Business Starter Kit - perfect for you in your first year of business
Learn more about Jewellers Academy