"Why are diamond rings so expensive?" "What costs are factored in when pricing fine jewelry?" These are questions we often receive from clients who are doing their due diligence in researching engagement ring and other purchases.
In the interest of transparency, we wanted to explain a bit about how our pieces are priced, and the reasons behind any pricing changes we sometimes need to make.
Fine jewelry is an expensive industry. Precious metals, unique gemstones, and highly-valued diamonds mean the materials cost of creating fine jewelry is high. In addition, at Melanie Casey we design and create each piece by hand by our own jewelers, in our own studio. This means our labor costs are quite high, since we only recruit the most skilled goldsmiths and jewelers. Quality and competency are never sacrificed to save money on upfront costs!
When we price our pieces, we examine a few factors: cost and difficulty of sourcing materials in the current market, labor costs (including any necessary training time for difficult pieces), complexity of design, and shipping and insurance costs. The overhead costs of owning a business, including providing benefits and job security to our valued team members, is also a part of our considerations.
Sometimes, when the market changes for a variety of reasons (global pandemics come to mind...), we are forced to reevaluate our pricing on pieces as the cost of creating them changes. Often, this means we are forced to increase our prices slightly to cover the change. Other times, Melanie is able to source some fantastic stones at even better prices, and she can pass that savings on to you, our clients. (That's why you'll sometimes find some head-turning low prices in our Loose Stone collection.)
We hope this takes some of the guessing out of how our prices come to be. At the forefront of our minds is the desire to provide fairly-priced, impeccably-made, beautifully-designed fine jewelry to our clients in spite of ever-changing markets.