Determining fair 14K jewelry pricing
Q.I've enjoyed reading your informative group and I believe I can find an answer to my question here. I strive to be an overall educated consumer particularly concerning high ticket items like 14K and/or diamond jewelry. I am aware of widespread high markups in the retail jewelry industry. I am also aware of pricing gold by the gram, that prices fluctuate with the value of pure gold and keystone pricing. I would like to know how the "smart" consumer can determine a fair price of 14K jewelry. It does make sense to me that heavier pieces may be priced less per gram and more intricate pieces may be priced more per gram.However,is there a secret formula that jewelers use to price their stuff? (Only one I know of is arriving at the price of 14K from the daily quoted value of pure gold--but this doesn't seem to fit what the price of 14K in the form of jewelry tends to be) or do they operate exclusively by keystone?--I've read keystone tends to be a 300% markup in retail jewelry. Knowing more about how 14K jewelery is priced will allow consumers to quickly detect an overinflated price and will afford them more leverage to negotiate a reasonable price. I know if once I were to find some honest and reputable jewelers who offer fair prices they would earn my business frequently. Please provide any feedback you are willing to share about the pricing of 14K jewelry
A.The best VALUE (for the uneducated consumer)is often an established store front jeweler. He has a reputation to protect, will give good service after the sale, will listen to your concerns, make suggestions and frequently can customize to some extent.(perhaps design and fabricate total custom pieces) Next would probably be the stand alone chains. Most mall stores would be near the bottom of the list. I'd bet you understand that web sales runs the entire gamut. The discount chains have, in my opinion, pieces which are too light for long wear. YMMV The best PRICES would probably be from a pawnshop, auction of seized property or individuals needing to unload quickly. This requires subsatntial education on your part - the more so if you are buying pieces with stones. Remember, there is little in a pawnshop that had more then $20-$50 bucks loaned on it. You could even learn the craft yourself. Start with Roseco, or a Tripps catalog. Take a course at a local college, or find a Gem & Mineral club that has classes. Now, ask the group what to look for and avoid when shopping for jewelry. They know more than you can imagine about that.
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