1. For homemade wholesale jewelry, record every expense in creating the design. Include everything from the cost of the supplies to the packaging. If your items come in bulk packaging, simply divide the cost you paid by the number of items in one package. Knowing these expenses is important to determine the cost of supplies needed to create each wholesale jewelry item.
2. Aside from the costs in making wholesale jewelry, it is also important to keep track of the time spent for each item. This is based on the hourly wages you would pay yourself or your worker. For example, if a wholesale ring costs $10/hour to make and it took you 2 hours to finish one, the total cost would then be $20. For pieces that take hours to complete, it would be impractical to charge the full amount of labor.
3. Don’t forget to record the amount spent for packaging the wholesale jewelry item. Costs include packing materials such as jewelry boxes and pouches, plus the postage and insurance should you offer one.
4. Overhead purchases should also be taken into consideration when pricing wholesale jewelry items. These include advertising, phone services, price tags, and jewelry-making tools. It also includes any amount incurred related to the business.
5. Determine the cost of the total item. For wholesale bracelets, wholesale necklaces, and other wholesale jewelry items, these include the supplies, packaging, and shipping costs. After calculating the total cost, add a 15% markup.
Remember that despite having a lower markup for wholesale jewelry, you are selling in larger volumes than retail which can greatly reduce the costs incurred in purchasing parts as these can be bought in volume. While the ideal goal is twice the total cost, the minimum allowed is 1.25 x total cost.
CERIJewelry.com is an online wholesale jewelry shop that offers wholesale rings, wholesale bracelets, wholesale necklaces, and wholesale pendants at competitive prices, allowing business partners to earn a good margin of profit while reselling fashion jewelry items. CERIJewelry.com is an online wholesale jewelry shop that offers wholesale rings, wholesale bracelets, wholesale necklaces, and wholesale pendantsat competitive prices, allowing business partners to earn a good margin of profit while reselling fashion jewelry items.