On Repricing (Again)

Running an independent, slow jewelry business means being mindful not just of how I design and make, but also of how I price my work. In the face of rising gold costs, I’m sharing a change I’m making in how I approach pricing, why it makes sense for my business, and how it might affect you.

In July 2024, when gold hit an (at the time) unprecedented price of $2400/oz, I did the inevitable and repriced my entire fine jewelry collection. Since then, the cost of gold has steadily (painfully) continued to rise — and it shows no signs of stopping. As of this writing gold is teetering on the edge of $3700/oz.

An old invoice from 2017, the year I first started working with gold, when the price of an ounce was… $1,283.10 😭 The wire on this invoice is what I use to make the Bend and Pin Earrings. When I first released the Bend I Earring, my best-selling piece, I sold the gold version for $98 (I currently sell it for $189).

A few of my friends who also have jewelry brands repriced in January. I told myself I would reprice before September (oops). I’ve been putting it off, yes, but I’ve also been thinking about if there’s a better way to approach pricing. I don’t know if one exists, but after giving it a lot of thought, I think I’ve come up with a method that might make more sense, at least for me and at least for now.

While last time I did a sweeping site-wide update of prices, I’ve realized this approach no longer makes sense for a brand of my size and nature. Each piece of Abel jewelry is handmade in NYC either by myself or my trusted production partners in the Diamond District, and due to the cost of what I sell, I do not hold much inventory — this means that most of my pieces are made to order. My partners are also small family operations, which means they also don’t purchase materials in mass quantities — instead, they purchase gold only as needed. The micro nature of both of our businesses means we don’t have the capital to purchase material in bulk when there are dips in the market, so we are particularly affected by surges in gold price and it’s more challenging for us to weather these types of storms.

If you have any scrap gold you want to get rid of… HMU

For this and a few other reasons, it no longer makes sense for me to wait and do infrequent site-wide increases. Instead, it feels more practical — and more aligned with the way I run my business — to move more nimbly and make smaller, piece-by-piece adjustments as needed. It’s also more sustainable for my own wellbeing and workload — repricing is a LOT of work, and it’s honestly very emotionally taxing too. So, what does this mean? To put it bluntly, it means you’ll start to see some prices on my website change.

Unfortunately, this new method means I won’t be giving my customers a heads up on price changes, something I was able to do the last time I increased my prices. I’ve thought a lot about this too, as it’s really important to me that you never feel rushed or pressured into a purchase. Once again, I don’t know if this is the right solution, but I was thinking we could try this: If there’s ever a piece you’ve had your eye on and you notice the price has shifted by the time you’re ready to buy, just reach out and we’ll figure something out. What matters most to me is that you’re able to take your time, think it through, and only purchase when the moment is right for you.

A pretty pebble you would not want to misplace!

As always, if you have any questions about anything regarding pricing or beyond, feel free to get in touch. Thank you, truly, for supporting my work and allowing me to build a business that stays true to my values and needs. It means the world to me to create in this way, and it wouldn’t be possible without you.