Quick Silver Cash Cow

Archive for June, 2011

For all 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 just this could help you to tell a good deal from a bad one, it also assists to analyze your competitors and understand the market better before you make any investment.

Gold price

The most crucial part of wholesale gold jewelry trading is to understand the breakdown of the cost of a piece of gold jewelry. Let’s say the current good cost 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 three gram ring would be $27.78.

Labor Cost

Yet another major part of the cost for a piece of gold jewelry is the cost for labor, particularly for pieces set with precious stones.  Gold jewelry generally demands some filing and polishing after it’s cast out of the mold.  The labor cost can at times be as high as $2 per gram, based on the origin of the jewelry and the style.  In addition, the cost of setting any stones on a gold jewelry could be over one dollar per stone.  Certain advanced setting such as channel set and invisible set cost even more due to the high level of craftsmanship required.

Markup of Competitors

A good way to analyze if a particular style of gold jewelry is profitable and advantageous for a business is to understand your competitors’ prices. Because you already know how to calculate approximately the cost of a piece of jewelry, and consequently the price that you can get it, buy taking a look 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.  However, if everybody has the same pricing and the markup is 50% above the cost, the style may 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 most likely accepted by a great deal of consumers.  The justification behind it’s that when the profit per piece is low, and people are trading them actively, there probably is a high demand for it.  In 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.  Yet another point that is worth noting is that the volume theory also applies to jewelry vendors.  If you purchase in large quantity, pricing should go down automatically.  Consequently, running a successfully business entails getting the balance between all of the factors within the resources and infrastructure you have such as employees and capital.

Closeout Jewelry

Because jewelry business is highly time-sensitive, styles that were once popular a number of months ago may not sell at all couple months later.  Therefore, when purchasing gold jewelry wholesale, you need to estimate the monthly sales and stock based on the sale volume.  For instance, you may want to stock a certain style for two months worth of stock and restock it when it runs out to be able to minimize the closeout items in the inventory, that is at times referred to as inventory shrinkage.

By understanding the market and your competitors before buy wholesale gold jewelry, you are able to reduce the mistakes during your entrepreneurial endeavor, thus increase the chance of succeeding greatly.

If you want more information on Cash For Gold, don’t read just rehashed articles online to avoid getting ripped off. 

Go here: Sell Gold

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