For those of you who are thinking about selling gold jewelry, it is crucial that you understand fully how to determine the price for gold jewelry. Not only this can help you to tell a good deal from a bad one, it also helps to analyze your competitors and understand the market better before you make any investment.
Gold price
The most important part of wholesale gold jewelry trading is to understand the breakdown of the cost of a piece of gold jewelry. Lets say the current good price is 500 per ounce. To calculate the cost of gold for a piece of 14 karat gold jewelry that weighs 3 gram without any stones, we first divide the price per ounce by 31.5, to get the price per gram, which is 15.87. This is the price of pure gold. To convert this to 14K gold, knowing that there are 24 karats in pure gold, we divide 15.87 by 24 and multiply the result by 14. The price per gram for 14k gold is roughly 9.26. Therefore, the total cost of the gold for a 3 gram ring would be 27.78.
Labor Cost
Another major part of the cost for a piece of gold jewelry is the cost for labor, especially for pieces set with precious stones. Gold jewelry generally requires some filing and polishing after it is cast out of the mold. The labor cost can sometime be as high as 2 per gram, depending on the origin of the jewelry and the style. In addition, the cost of setting any stones on a gold jewelry can be over one pound per stone. Certain advanced setting such as channel set and invisible set cost even more because of the high level of craftsmanship required.
Markup of Competitors
A good way to analyze if a certain style of gold jewelry is profitable and beneficial for a business is to understand your competitors prices. Since you already know how to calculate roughly the cost of a piece of jewelry, and therefore the price that you can get it, buy looking at the markups of your competitors, you may get an idea of how severe the competition is. For instance, if the competitors are marking up the jewelry three times of the cost, the competitiveness of that style is not really that high. On the other, if everyone has the same pricing and the markup is 50% above the cost, the style might have already saturated the market.
Volume trading
Another angle of looking at the pricing issue is that when the competitors are marking up at a low margin, the item is probably accepted by a lot of consumers. The justification behind it is that when the profit per piece is low, and people are trading them actively, there probably is a high demand for it. On short, the higher the profit margin, the low the volume of sales and the low the profit margin, the higher could be the volume of sales. Another point that is worth noting is that the volume theory also applies to jewelry vendors. If you buy in large quantity, pricing should go down automatically. Therefore, running a successfully business involves getting the balance between all the factors within the resources and infrastructure you have such as employees and capital.
Closeout Jewelry
Since jewelry business is highly time-sensitive, styles that were once popular several months ago may not sell at all couple months later. Therefore, when buying gold jewelry wholesale, you should estimate the monthly sales and stock according to the sale volume. For example, you may want to stock a certain style for two months worth of stock and restock it when it runs out in order to minimize the closeout items in the inventory, which is sometimes referred to as inventory shrinkage.
By understanding the market and your competitors before buy wholesale gold jewelry, you can reduce the mistakes during your entrepreneurial endeavor, thus increase the chance of succeeding tremendously.
Twelve Tips for Greater Enjoyment of your Gold and Silver Jewelry
Jewelry can be beautiful to look at, fun to buy, and can make bold and revealing statements about you. Hear are some tips for greater enjoyment of your favorite gold and silver jewelry.
1.Never swim in a chlorinated pool while wearing gold and silver jewelry.
2.Always apply make-up, perfumes, oils or colognes before you put on your gold and silver jewelry
3.Keep both your skin and your gold and silver jewelry clean and free of oil.
4.Using an absorbent, abrasive-free body powder on areas that your gold and silver jewelry touches your skin can help with skin discoloration.
5.If you do have any skin discoloration you may need to move to a higher gold content. Say, from 14K gold jewelry to 18K jewelry.
6.Are your gold and silver chains all tied-up in knots? If so, heres a nifty little trick for straightening them out. Dust your chain with a little talcum powder and then try to unknot it. If the knot is stubborn, place a small drop of baby oil on a sheet of wax paper. Lay the knot in the oil and work it out with two pins; then clean the chain as instructed below.
7.Don’t be afraid to wear gold and silver jewelry together. Artful use of accessories that use both metals provide an effective visual segue’ or bridge.
8.For daily cleaning it is recommended to use a simple jewelry polishing cloth that is impregnated with special jewelry cleaner. These are widely available and are very easy to use. Store your cloth in a plastic zip-lock bag, and keep in your jewelry drawer or armoire. It is a good idea to have one cleaning cloth for gold and one for silver.
9.For a Super Spring Cleaning of your gold and silver jewelry, mix 1cup of clean warm water with cup of ammonia. Soak your jewelry in this solution for about 15 minutes; gently scrub with a soft, clean toothbrush, then rinse in warm water. Air dry on an absorbent paper towel. When thoroughly dry, you may lightly buff with a soft flannel cloth.
10.If a ring gets stuck on your finger; spray the area surrounding the ring with Windex. Wiggle and twist the ring right off.
11.For a slightly more “in depth” cleaning you may want to use a liquid jewelry cleaner 12. For cleaning badly tarnished silver, here’s a neat little trick.
A.Cover the inside bottom of a heat-proof glass dish on bowl with a piece of aluminum foil, shiny side up.
B.Place the tarnished silver in the bottom of the dish, contacting the aluminum foil.
C.Add 1 heaping tablespoon of baking soda, and then slowly pour boiling water to cover the piece. The tarnish will gradually collect on the aluminum foil.
D.Remove your silver, rinse thoroughly, and polish.
Adorning the body with gold is a sensual experience. Gold jewelry for body piercing is extremely popular today, a revival from a long history from the earliest humans on earth. Whether your interest in body piercing stems from the desire to be fashionable, as a status symbol or to heighten your sexual enjoyment, popular demand has increased the number of piercing studios and choices in gold body jewelry.
Todays body piercing evolved from different cultures across the globe. This ancient art could well be the most widely practiced form of body adornment. It was also practiced by the Romans who saw nipple piercing as a sign of courage, in addition to using them to attach their cloaks. The Kama Sutra from classical India depicts scenes of genital piercing. We find evidence of ears, lips and hands being pierced in South America, Africa and Borneo.
Today body piercing artists have taken this heritage and combined it with modern hygiene and piercing techniques, creating new types of piercings such as the ‘diath and rook’ invented by Eric Dakota. The most notable change in the nature of body piercing came a few years ago when fashion world models strutted the catwalk with navel and eyebrow piercings, creating a new wave of general public interest. This opened up a new realm of possibilities for people and confirmed to those already in the know the wide extent of the practice.
Practical Guide to Body Piercing
When you decide to have any part of your body pierced, remember that this is more than fashion, it involves your health. It is wise to keep these points in mind:
The piercing studio should be registered, check for the appropriate permits and certificates.
The person who performs your body piercing should wear gloves, protective clothing, hair covering and should wash their hands before they pierce you.
All instruments should be sterilized and all surfaces, including the floor are smooth and wipe able.
Only disposable needles should be used, with all dressings (gauze, cotton pads) and gold body jewelry sterile packed.
Piercing Guns
The gold body jewelry used with ear piercing guns are not ideal for piercing for several reasons, first being that the guns cannot be sterilized because they are made of plastic and would melt in the sterilization unit. Second, they do not provide a clean, surgical cut, the jewelry is forced through the tissue, causing extensive trauma, because the ends are rounded, not sharp. Piercings done in this fashion are slow to heal and there is an increased risk of inflammation andor infection.
After Care
Piercings done with the proper equipment usually take from six to eight weeks to heal at which time the jewelry can be changed without any problem. Quality aftercare of your piercing has a great impact on the amount of time your body needs. Healing is one thing, it takes much more time for the pierced skin to adjust and be accepted by your body. After the initial change, is it s a good idea for the jewelry to be left in the piercing at all times for at least the first six months but a longer period is better.
Buying gold jewelry for your store can be a complicated business. It is important for you to do your research so that you can avoid the traps that await you as a wholesale gold jewelry buyer. It is to your advantage to take the time effort to know what your customers want and compare the different price points being offered.
Start by making a customer profile: what type of designs, styles and price points they prefer. It is wise to keep the current popular trends in mind when you are buying your inventory, this can help you to attract new customers as well as give your current customers new gold jewelry designs to consider. If you are new to the gold jewelry business, and do not have an established clientele, you can begin with a combination of classic and contemporary designs for broad market appeal. Selecting yellow, rose or white gold jewelry in 18kt, 14kt and 10kt grades will give you a range of sales opportunities.
In your pursuit, you will no doubt come across a gold jewelry vendor who uses the strategy of “wholesale to public”. This may sound tempting, but according to the Lanham Act, in the section that deals with federal trademarkunfair competition rules, those who make these types of claims by stating a false or misleading description of fact as to the origin of there goods can be held liable in a civil action.
In addition, gold jewelry vendors should be aware of the FTC Guideline that clearly states: “retailers should not advertise a retail price as a ‘wholesale’ price. In other words, they should not represent that they are selling at ‘factory’ prices when they are not selling at the prices paid by those purchasing directly from the manufacturer.”
Dealing with unethical vendors can also damage the reputation of your business, because you may sacrifice quality for a low price. But your customers rely on your judgments when making the selections that they eventually purchase and once a complaint of substandard goods from a dissatisfied customer is made, it can be very difficult to re-establish their trust.
By definition, a wholesaler is a person who deals directly with the manufacturer. This assures you of quality; you will be able to get the information and support your need because they are in constant contact with the gold jewelry source. A reputable gold jewelry wholesale business also has a reputation to protect and will work with you until you are satisfied. When your select your gold jewelry wisely from a reputable source, it is easier to set your price point reasonably. Using this practice can win over the most skeptical customers, even those who may feel that retail gold jewelry is overpriced.
Another point to remember is that your main competition for the gold jewelry customer can be found in abundance on the Internet. When a customer enters your store it offers you the opportunity to make their real-world buying experience unique, satisfying and rewarding in a way that the Internet cannot offer.
Gold Jewelry Is the High Cost of Gold Affecting the Designers?
Gold has been pricing out over 580.00 an ounce in recent weeks. Earlier this year the price was 730.00 an ounce. On May 12th, the price reached a 26 year high of 732.00 an ounce. Since then, prices have dropped twenty-two percent which still leaves the price in the 580.00 an ounce range.
Prices for gold jewelry seems to depend more on the design value of the jewelry than the actual amount of gold contained in it. According to the World Gold Council, sales in the United States seem to be rising. The Council believes the US customers buy gold for adornment, not the investment value of the jewelry
Since jewelers place their orders months in advance, it will be interesting to see what merchandise is available for the holiday season. With the fluctuating prices, it will be more difficult for both designers and retailers this year.
The gold in the stores now, was purchased prior to this recent instability of the price. Since gold is at a high now, the gold in our stores for the holiday season will have been purchased at almost all-time high prices when the inventories must be increased for the seasonal sales.
Some retailers, including Blue Nile, an online jeweler, is not totally passing on the higher prices to the consumer. This creates lower profit margins for designers but make gold a better buy for the consumer.
Shop wisely. Check prices. If you can be flexible, your will find exactly what you want at an affordable price. Give the Gift of Gold to your special person
Gold and Diamond Jewelry – What a fabulous way to say I Love You in gold
Over the past five years, Ive changed the way I buy and give gifts. Once upon a time, I bought needed gifts. I then progressed to should have gifts. Then I gave you get it any way gifts. All of this obviously came from my theory about what others needed, wanted, or had to have no matter what.
Im past all these internal theories related to gift giving. I now look for gifts from the heart. Ive found that it is such a beautiful thing to find a special charm to add to the lovely gold charm bracelet I gave my daughter several years ago. Im adding charms that tell a story of our lives together.
Last year I decided to add these mementos in a special gift basket that I make for each of my children and my niece. I found lovely gold charms created by a craftsman who only sells them at fairs. He takes gold coins, actual coins from other countries, and cuts them into beautiful patterns. Since I appreciated his gold coins, as well as, the jewelry he made with diamonds, he spent some time talking to me describing his craft.
He actually agreed to make me several more pieces. I was truly appreciative since he does not do orders. He is a one of a kind craftsman who willingly shared his time and artistry with gold with me. These beautiful gold coins were a wonderful addition to last years gift basket.
I have not found the perfect I Love You gift for this year but Im sure I will.