JEWELRY BUYING GUIDE
Before you spend your hard earned money, make sure you are educated on what you are buying.
The largest mystery you must solve before making a purchase of a piece of jewelry is what determines the cost of any specific item. This will allow you to know if the piece is worth the price.
Jewelry knowledge and facts are the best ways to assure you are getting a good deal, rather than relying on outside information, which often times is more misleading or marketing tactics.
Jewelry Price Factors
Refers to the supplies use to create that piece such the main element of the piece (EG: gold)
Refers to things that required time to do such as mould making, casting, stone setting, etc.
3D graphic design, wax mould making and other artistic work.
Rent for the store location, equipment, wage for the jewellers/employees, website, marketing, etc.
Paying for associating a product with the quality of a designer or brand.
On top of those 5 things, companies will mark up the price to make money and be able to stay in business. This can be a very small amount, but some companies will have an extremely large mark up or profit margin. They may be misleading their customers on the true quality of their jewelry and charging them high price but when in reality, their jewelry cost them very little which leaves them with a lot of profit.
Goals for a successful purchase
- You want to have the bulk of the cost go into the material of the purchase. Gold is the most valuable material from gold plated jewelry so if you’re purchasing a more expensive plated piece, make sure it is because it has thicker gold plating (more gold). The materials also include the base material and plating finish. These are both important in the overall quality of a plated piece and what you want your money going towards.
- Jewelry that is labour intensive and well made can also increase it’s price. Labour/craftsmanship is the other thing that a lot of the cost should come from
- A successful jewelry purchase is when the jewelry appreciates in value over time or is convertible to instant cash value with no loss when you’re ready to upgrade or sell.
- You want to have the bulk of the cost go into the material of the purchase. Materials like gold and diamond are always In demand and easy to liquidate. They have always gone up in value over long periods of time.
- Although materials are the safest bet for a successful purchase, they aren’t the only way to be able to purchase with confidence. Jewelry that is labour intensive can also retain or gain value if the labour is masterfully done.
- If a solid gold purchase is done right, you can make your jewelry purchase an investment just as much as it is a luxury accessory.
- Some companies will charge a high price and all of that cost comes from marketing expenses, packaging, a large mark up/profit margin, etc.
- Be sure you don’t get ripped off from companies selling a $1 plated piece for $100 because of the expenses the take on trying to make their jewelry seen high quality such as marketing or packaging. Some companies will sell a piece that costed them $1 for $50+ just so that it doesn’t seem as cheap as it really is.
- There is only 1 of the 5 aspects of jewelry cost that retains no value, which is service. Service is the cost of operation which makes up part of the price of jewelry. It’s the main cause of jewelry either losing it's value or causing you to have an unpleasant purchasing experience because the service portion of your piece of jewelry is unfairly inflated.
- Buying from a physical jewelry store location will typically result in the highest service cost because of all the expenses of running a retail store. You want to have the bulk of the cost go into the material of the purchase. Materials like gold and diamond are always In demand and easy to liquidate. They have always gone up in value over long periods of time.
HOW Gold City Prices
Materials & Labour
When you buy a Gold City product, most of your money goes into the materials of the piece and the labour required to make it. All of our jewelry is masterfully crafted to perfection by expert jewellers.
We work with professional jewelry designers to design the most detailed and best looking pieces but it doesn't increase our prices. We cover all these costs so you can get the best value for your money.
As a growing company, we have large service costs but don't inflate our prices to make up for this. We feel like that would be unfair to our customers since our expenses like marketing or the wages for our employees don't affect the jewelry's value.
When you see "Gold City” or “GCS” or our logo on a piece, you can be assured that it is a well made piece of jewelry. Although our name has significant meaning and is associated with nothing but the highest quality, we do not inflate our prices because of this.
We hope you learned something new. Now that are more knowledgeable about jewelry cost and pricing, you can determine what a good deal is on your own to get the best value from your purchase.