Rising Metals Market...what's it all about?!

So Metals are on the rise again, big time. Let me explain how our metal pricing works. For this example I will use Silver wire. When we purchase Silver wire, we buy it by the ounce. The trades market trades silver at a spot price. In the good ol' days, the spot price for silver hung out around $7. That is for raw silver. To buy Silver round wire, there are fabrication charges added onto the spot price, and then we add our retail mark up. Back then, in the good ol' days (2004...not too long ago), you would find an ounce of Sterling round wire (footage varies per gauge), typically sold retail at about $18-$22 per ounce depending on the gauge (there is a higher fabrication cost on thinner wire). Today, the spot price is $19.21, over 3 times as much as it was through 2003 and early 2004.

To check the price and look at historical charts, I follow Kitco.com. Most companies follow the London Fix. Below is a chart from their site showing the growth from 2000-2008. Click here to see other historical charts. You can also take a look at the News and Reports page at Kitco for a more technical (and political) explanation of why the market is doing what it is doing.

This chart doesn't even reflect today at $19.21. It is predicted that it will break $20 by tomorrow or early next week. I have heard from 2 Silver traders that I know that "they" (the metal gods I suppose) are predicting Silver will rise and stabilize at $28 per ounce. That is not for sure, just a prediction.

Here at Beaducation, and a lot of other companies, we have all our prices based on a $14 spot price. The market hung out at $14 per ounce for most of 2006 and 2007. That means that if one of our products weighs an ounce, we "should' up our price on that product at least $4, since the spot has gone up over $4. Yikes, I don't want to do that!!! We have tried to keep our prices down, but the rise has continued and no one is predicting that it will stop.

So what does this mean to you, the consumer? Basically, you are going to see the retail and wholesale prices of most of your metal products go up, again. As we get in new shipments of products, you will see our prices increase. If you are reselling metals in your jewelry, you will need to up your prices as well. I have heard many designers say "copper is lookin' mighty pretty right about now". Maybe it is time to consider cheaper metals.

Most metal findings and products that you incorporate into your jewelry (ear wires, clasps, small amounts of wire, stamping blanks etc.) are quite light so you will only see their prices go up $.10-$2 depending on their weight.

Don't give up on Silver, Gold or Gold Filled yet. They are beautiful metals and so worth it. We just need to get used to higher prices and we need to start educating our customers to do the same.

Hooked On Wire project progress

Ok, here is a pic of my progress. Can you see how scattered my brain has been!? That washer was fun. I have like 5 different designs on that one washer...what a mess! I have ruled out all of these pieces, although most of them have developed into nice 3 hour classes, but not fancy pants enough for our experienced students at Hooked On Wire Retreat. The sketch in the back is the actual piece....the final decision....I think....I hope. We shall see, when I finish it.
Still working....wish me more luck :)

Pricing your jewelry

I have gotten quite a few emails asking my opinion on how to price jewelry. I would like to turn you over to the thorough and wonderful Tammy Powley at about.com/Jewelry Making. She really breaks it down and points out many important things to remember when pricing your jewelry.
This breakdown will be different for each person. Are you selling wholesale or retail? What is your over head? Is this just a hobby and you are selling this to a friend or do you want to develop a thriving business from this? You gotta consider all this, read Tammy's article and take it from there. Good luck!

Bead&Button Show 2008

Have ya checked out the Bead&Button Show site? This is an amazing show with tonz of vendors (we will be there...double booth!) and tonz of classes. Beaducation's own, Lisa Niven Kelly, Dallas Lovett, Barb Switzer, Lisa Claxton, Laura McCabe and Colin Mahler will be among the faculty. You can click on their individual names to see their class lists. Kriss Silva will also be at the show but she won't be teaching, she will be working our booth.

This is the opportunity of the year to see so many vendors and world class teachers at one venue. Classes are filling fast, very fast, so log on and make some travel plans :) And please come by and see us in booths 929 and 1030 (end of a row).

If you are up to it, we highly recommend stretching your imagination and techniques and submitting a piece to the Bead Dreams competition. Every year this proves to be an amazing display of creativity and inspiration.

Loads of new products

Hey we just added a whole bunch of new cool things! New tools AND new blanks.
If ya click here, it will take you to the "new products" page in our Shoppe :)
If you pick up a pair of the new Tronex Angulated cutters, make sure to make them their own bed, tuck them in at night and leave a night light on....they like that!

Tiny Spiral design stamp

Have ya seen our new Tiny Spiral design stamp. It is the cutest thing ever. It's about 2.5 mm at it's widest spot. Can you ever have too many spirals? We think not!

Hooked On Wire project

It's Saturday and I am here at the studio trying to complete my Hooked On Wire project. Do ya know about Hooked On Wire? It is a retreat that my friend Susan Kazarian (owner of The Beading Frenzy) and I put on. Myself, Barb Switzer and Dallas Lovett teach the day classes and we have other guest instructors teach in the evening.
My sample is due on Friday so I figured I better come in this weekend and complete it (my husband has taken the kids to the horse races!). I have 4 designs swimming in my head and 3 pages of sketches in front of me. Time to get THE design out of my head and into wire. Sometimes this is a seamless beautiful process, sometimes it is a nightmare! Dallas has finished his project (of course....over achiever!) and Barb is perfecting hers. Details for dates and projects will be up on the site soon. As I progress in my design I will post some pictures here......wish me luck!
LNK

Three New Classes Added!

We've just added three new classes to our class listings. Are you becoming addicted to chainmail? Colin Mahler's latest chainmail class, Crystal Elf Weave Bracelet, will show you how to add a little "bling" to this intermediate chain. Emily B. Miller's PMC Leaf Buckle Spacer Necklacewill show you how to make another one of her beautifully detailed precious metal clay pieces. Last, but not least, Laura McCabe's Dahlia Ring is just what you seed beaders have been waiting for. This faboulous ring will be sure to start conversations the next time you wear it. Wait until they hear that YOU made it!

No Time Limits on Classes!

Yes, you read that correctly! You no longer need to worry about your classes expiring before you are able to complete them. Purchase your classes and save them for a rainy day if you'd rather go outside and play today. Learn where you want, WHEN you want (for however long you want)!