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Why is Jewelry So Expensive?

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Let's begin our discussion on how to get More Bling for Less Cha-Ching with a few words on why finished jewelry costs so much. First and foremost, jewelry costs a lot because the materials used to make it are rare and therefore the materials are expensive. At this time, the price of gold is well over $500 an ounce. Any jewelry made with gold is therefore going to be expensive and the more gold in the jewelry, the more the finished jewelry will cost. Second, jewelry can be expensive because some jewelry components (diamonds) have their prices set artificially by a monopoly that controls the commercial price of diamonds by limiting the number of stones available on the market at any time. A third reason that jewelry can cost a lot is that there may be a lot of labor that goes into making the item. A final reason that jewelry is expensive is that there are many companies involved between the source and the consumer and each company has to make a profit. All of these reasons are well ... more
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