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Precious Metals, Practical Pricing

Precious Metals, Practical Pricing
By Aislyn Bryan August 20, 2015 5668 Views No comments

Since almost all of our rings are made of precious metals, the prices we pay for materials fluctuate with the metals markets. In the years we've been in business, we've tried out every conceivable method for accurately syncing the price we're paying for materials to the price you're paying for our rings. The reason it's tricky is because we aren't placing an automated wire order for every ring order that comes in, which is the only way our ring prices could actually fluctuate with the precious metals markets. Rather, we order wire in quantities sufficient to get the best prices, then we use it up to fill orders as they come in, then we order wire again. We order often, but not often enough to reflect current market prices, especially when those prices are volatile.

We used to change prices, then make an announcement that we'd done so, always to a chorus of unhappiness from those who'd ordered just before a price drop or just after a price hike, and always with requests to adjust prices down on those orders to make it right. So then we tried making an announcement before changing prices, up or down, in an effort to ease the pain of price changes but also to help our professional customers time their big purchases advantageously. Suddenly it was feast or famine on the orders desk: more than we could comfortably manage on one side of deadline; tumbleweeds blowing across the website on the other side. It was not good.

So now, 12 years down the road of experience, this is how we do it. We buy wire and when we switch to the new lot, we adjust our ring prices accordingly and those are the prices for as long as that wire lot lasts. When we start on a new lot, we adjust our ring prices accordingly and those are the prices for as long as that lot lasts. We don't make announcements when we change prices either way, we just get on with the business of making spectacular rings and trust you to decide if they suit you at the price marked. It's working out so far. :)

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