You have two identical pairs of diamond earrings. One is priced at $300. The other? $299.
Guess which one sells faster?
This $1 difference doesn’t change the value — but it seems more appealing to the shopper. That’s pricing psychology at work.
If you’re a jewelry store owner, pricing your products can feel like a moving target. Price too high, and you risk turning off buyers. Price too low, and you inadvertently cheapen your brand’s perception.
The right jewelry pricing strategy guides customer decisions and reinforces the value of your pieces.
Before we get into practical strategies, let’s look at how shoppers interpret prices — often in ways that have nothing to do with math.
Shoppers don’t evaluate prices logically — they respond to how a price feels. That’s why jewelry priced at $199 sells better than $200, even though the difference is only a dollar.
This mental shortcut is known as charm pricing or left-digit bias. We tend to focus on the first number we see. Because people usually process numbers from left to right, $299 registers as “in the 200s,” while $300 bumps it into a higher pricing category.
This tactic works well for lower-priced or fashion jewelry, but it’s not a one-size-fits-all solution. Luxury jewelry shoppers expect clarity and confidence. For them, round numbers feel more sophisticated. A $4,000 tennis bracelet seems more premium than one priced at $3,999. This is called prestige pricing, where higher prices signal better quality.
Now, let’s walk through nine strategies to help you apply these ideas. They boost both conversions and profits.
Ending prices in nine, seven, or even five helps fashion jewelry feel more affordable. This works best for items under $500 — like sterling silver earrings, stackable rings, or birthstone pendants.
For example:
If you carry fast-moving, trend-driven pieces — like initial necklaces or gemstone charm bracelets — this tactic can help increase volume without discounting your products.
It also works well during gift-giving seasons, when shoppers are buying multiple pieces or sticking to a budget.
Round numbers signal intention. They work well for luxury jewelry, bridal pieces, and custom designs — categories where emotional investment is high.
Think about any auction you’ve witnessed. Does the auctioneer ever call out bids ending in nines or fives? Rarely. Most items at luxury auctions are considered priceless, rare, and valuable — and the bidding reflects that: $50,000, $100,000, $250,000.
Say you’re selling a 2.5-carat diamond solitaire. Pricing it at $14,000 creates a more premium impression than $13,999. The same goes for platinum engagement rings, anniversary necklaces, and bespoke redesigns.
Customers buying high-end jewelry aren’t looking for a bargain — they expect straightforward pricing that matches the quality of their investment. These shoppers are prepared to dig deep into their wallets for something exceptional.
Custom jewelry takes time, skill, and trust — and it needs to be priced to reflect that.
One of the most common pricing mistakes jewelers make is charging only for materials and labor. Clients are paying for collaboration, design revisions, stone sourcing, CAD modeling, and often multiple consultations.
If you’re spending several weeks on a custom design, it’s only fair your pricing includes that time.
Create a pricing structure for custom work that accounts for:
Track your time carefully. Custom work involves creative problem-solving and client communication that standard jewelry sales don’t require.
Related Read: Custom Jewelry Order Management: 7 Pro Tips
Resetting vintage stones or updating a passed-down engagement ring involves trust-based service. You’re being asked to care for family history. In many cases, you’re helping reimagine it for a new generation.
Consider Jane Birkin’s original Hermès bag, which recently sold at Sotheby’s for over $10 million. Is the leather worth that price? Of course not. But the emotional value to someone is immense. They might buy it to show wealth, as a conversation piece, or to pass down to their children. Whatever the reason, there’s significant value added beyond the materials.
By nature, jewelry is sentimental. Sure, you may not be selling the Crown Jewels — but don’t undercut yourself.
These pieces often require more caution and expertise than brand-new items. Let’s say you’re restoring a 1920s filigree ring or converting a brooch into a pendant. This kind of work deserves pricing that reflects emotional stewardship — not just labor hours.
It’s easy to set a price and forget it — especially for evergreen items like simple gold chains or diamond studs. But fixed pricing across all categories can lead to missed opportunities.
Jewelry pricing needs to evolve with:
For example, if gold prices rise but you’re still charging last year’s rate for your 14k gold hoop earrings, you’re quietly losing margin.
Luckily, most modern point of sale (POS) systems can help you flag low-margin items, track inventory costs, and update pricing as needed.
A quarterly pricing review helps you stay profitable and avoid inconsistencies that confuse customers.
How you display prices matters. Customers make decisions based on comparison — so the first price they see acts as a reference point.
If your display starts with a $12,000 diamond necklace, a $3,200 sapphire ring feels more accessible. That’s price anchoring.
Use this to your advantage:
This technique works online, too. Sort product grids with “featured” high-end pieces at the top, followed by your bestsellers.
Anchoring helps shoppers feel confident about their decision — and can increase average transaction value.
Jewelry isn’t meant to feel disposable — but when retailers run sales all year long, it can send the wrong message. Frequent discounts train customers to wait for markdowns and question the original price. For fine jewelry especially, this can hurt brand perception and damage trust.
This doesn’t mean promotions are off the table. They just need to be intentional.
Here are common sale periods that make sense for most jewelers:
These are natural buying moments, and customers often expect a little nudge. But that doesn’t mean you need to discount storewide.
You can still offer value without cheapening your brand. Send personalized discounts on customers’ birthdays or wedding anniversaries. Reward loyal shoppers with private sales or early access to new pieces. These small touches feel curated and keep your pricing strategy intact.
For high-spending clients, go beyond discounts. Offer white-glove experiences like private shopping hours, early previews of new collections, or a stylist who can recommend custom designs based on past purchases. Some jewelers even offer subscription-style borrowing programs — allowing VIP customers to wear high-end pieces for events and return them later. This builds exclusivity and keeps your best buyers engaged between major purchases.
Related Read: 5 Tips To Attract High-Value Customers to Your Jewelry Store
A solid POS system gives you clarity on what’s working, what’s not, and where your pricing can be more effective. With the right tools in place, you can respond to trends, protect your margins, and avoid guesswork.
Look for features like:
If your current system limits how you price — or forces you into a flat markup across the board — it may be time to switch to software built for the complexity of jewelry retail.
Not all jewelry stores display prices — and this is a valid strategy, especially for luxury brands. But when you do share prices (in store, online, or via email), how you present them can influence perception just as much as the number itself.
Price presentation matters most in these situations:
If your pricing is visible, keep these techniques in mind:
When you don’t display pricing — especially for high-end or heirloom pieces — that’s a strategy too:
Just make sure your team is trained to confidently explain the value of each piece when a customer does ask.
Jewel360 is a POS and inventory system built specifically for independent jewelry retailers. Unlike generic retail software, it’s designed to support the unique needs of your business — from managing custom work to tracking vendor relationships and pricing fluctuations.
With built-in pricing tools, you can create rules by category, apply consistent markup strategies, and adjust quickly when metal or stone costs shift. Real-time reporting helps you identify your most profitable items and refine pricing over time based on data, not guesswork.
Our all-in-one, cloud-based software also makes vendor sourcing easier. Track costs across suppliers, manage purchase orders, and monitor how sourcing decisions impact your margins.
Ready to see how it works? Schedule a free demo to learn how Jewel360 can help you price smarter.