David Geller Here’s How Shop Expert David Geller Figures Repair Pricing Remember: No matter what you charge, you’ll have a 90 percent closing ratio. Published 3 years ago on March 22, 2018 By David S. Geller Instore April 2018 Issue Share Tweet You may price your repairs and such differently, but I’d like to share with you how I think. As an example, let’s consider a new 3-millimeter wide half-shank. In the Geller Blue Book, sizing a half shank for a size 6.5 to 7 ring that is 3 millimeters wide and 1.5 millimeters thick has a recommended price of $244. How did I get that price? MATERIAL: As a bench jeweler, I would cut my own sizing stock, not buy the shank. I figured the weight at 1.13 pennyweights. As I wrote this article, on the Stuller website 14K gold was $41 per pennyweight. Cost of the sizing stock would be $41 x 1.13 = $46.33. I mark up all materials three times. So, we would sell this piece of sizing stock for $138.99 (or rounded up, $139). Now we have to install it. LABOR: If you look at a ring that’s going to be sized smaller as a clock, we cut the ring at the bottom at 6 o’clock. To make it smaller, we’d charge $42. Advertisement If we install a half shank, we will remove and install the piece of sizing stock at 9 o’clock on the left and 3 o’clock on the right. I figure these as two instances of “sizing smaller.” At $42 for each side x 2 = $84 in labor. But wait! If you solder on a piece of flat sizing stock and it doesn’t match, you must shave it to look good. It doesn’t take a torch/solder to do that, so I figure “shaping” is worth half the labor as sizing. Half of $42 is $21. We add up $42 + $42 + $21 and we get $105 in retail labor, including polishing the ring. When I owned a store, we paid the jewelers 26 percent of the retail labor price, including polishing. So the labor cost to install and polish the half shank was $105 x 26 percent = $27.30 cost, paid to the jeweler. TOTAL: We add the $105 in retail labor with the $139 retail materials price, and we get a total retail selling price for the half shank of $244! No matter what you charge (because repairs are trust-sensitive and not price-sensitive), you’ll have a 90 percent closing ratio. Advertisement Related Topics: David GellerINSTORE April '18 click to Comment(Comment) Up Next What is a Strong Bench Jeweler Worth? David Geller Tells You Don't Miss How $28 Can Solve Your Business’s Money Issues David S. Geller David Geller is a 14th-generation bench jeweler who produces The Geller Blue Book To Jewelry Repair Pricing. David is the “go-to guy” for setting up QuickBooks for a jewelry store. Reach him at [email protected]. Continue Reading Advertisement SPONSORED VIDEO Wilkerson Testimonials Retirement Made Easy with Wilkerson The store was a landmark in Topeka, Kansas, but after 80 years in business, it was time for Briman’s Leading Jewelers to close up shop. 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