How Do I Price My Jewelry Store and Services?
- Nate Jones, CPCU, ARM, CLCS, AU
- Nov 4
- 2 min read
Updated: Nov 16
Pricing jewelry is both an art and a science. Whether you’re launching a new jewelry store or refining your pricing strategy, setting the right price ensures profitability while maintaining customer trust.
At Wexford Insurance, we understand the unique challenges jewelry businesses face—not just in pricing but in protecting their investment. Here’s a comprehensive guide to help you price your jewelry and services effectively.
1. Calculate Your Cost of Goods Sold (COGS)
Start with the basics: COGS includes materials, labor, and overhead costs. For jewelry, this means factoring in precious metals, gemstones, findings, packaging, and shipping. Don’t forget indirect costs like utilities, marketing, and rent.
2. Factor in Labor and Design for Custom Pieces
Custom jewelry requires more than materials—it demands time and expertise. Include design fees, CAD modeling, and craftsmanship hours in your pricing. Skilled labor often ranges from $25–$75 per hour depending on complexity.
3. Apply Markup Strategies
Markup ensures profitability. Common industry standards:
Retail Jewelry: 3x–5x total cost
Wholesale: 2x–2.5x total cost
Luxury brands often use higher markups to reflect exclusivity and perceived value.
Read More: Jewelry Pricing Formulas.
4. Conduct Competitive Analysis
Research competitor pricing to understand market expectations. Analyze similar products in your niche and adjust based on your brand positioning—whether you’re targeting accessible fashion or high-end luxury.
5. Incorporate Branding and Perceived Value
Luxury jewelry pricing isn’t just about cost—it’s about perception. Round numbers often signal sophistication for high-end pieces, while charm pricing (e.g., $299 vs. $300) works well for fashion jewelry.
6. Price Services Fairly
For repairs, resizing, and appraisals, calculate labor time, complexity, and overhead. Appraisal services may also require certifications like GIA or NAJA, which add credibility and justify premium pricing.
7. Consider Insurance Costs
Insurance is a business expense that impacts your bottom line. Jewelry store insurance protects against theft, property damage, and liability risks—costs that should be factored into your pricing strategy. Premiums vary based on inventory value and coverage type.
Insurance Coverage Options for Jewelry Businesses
Final Thoughts
Pricing your jewelry store products and services correctly ensures profitability and customer trust. Once your pricing strategy is in place, protect your investment with comprehensive coverage. At Wexford Insurance, we specialize in affordable, tailored jewelry store insurance.
Contact us today to secure your business.
