Running a Fine Jewellery Business with the Rising cost of metals with Goldsmith April Dace (podcast episode)
In this episode of the Jewellers Academy podcast, Jess is joined by fine jeweller April Dace to explore how to run a successful jewellery business in the face of rising gold and metal prices. April shares practical strategies for adapting your pricing, staying profitable and communicating confidently with clients, alongside a powerful reminder that fine jewellery is about far more than materials. Through her experience of building a bespoke, relationship-led business, she highlights the importance of trust, craftsmanship and customer experience, showing that with the right mindset and systems in place, it is absolutely possible to grow a thriving, over subscribed jewellery business even in a changing market.
Listen now:
Do listen to this episode to get inspired by April’s story. Some of the key topics discussed are:
1. You can’t control metal prices, but you can control your response
Gold and precious metal prices will fluctuate - that’s part of the industry. The risk isn’t the price change itself, it’s failing to adapt your pricing and systems in response.
2. Confidence in your pricing is essential
If your pricing is calculated properly and includes profit, your job is to stand by it. Higher prices don’t automatically mean customers will say no. Many will still go ahead if the value is clear.
3. Not every customer is the right customer
Some people are price-driven. Others are value-driven. A ‘no’ doesn’t mean your prices are wrong, it often means the client isn’t aligned with what you offer.
4. Fine jewellery is not about the material, it’s about the experience
Customers are not just buying gold. They are buying:
Trust
Skill
Personal service
Emotional connection
That is where your real value lies.
5. A bespoke, relationship-led model is powerful
You don’t need huge volumes of customers. A business built on:
Commissions
Remodelling
Repairs
Long-term relationships
can be more stable and profitable than relying on high-volume sales.
6. Transparency builds trust
Explaining how pricing works (without overcomplicating it) reassures clients. When people understand why prices change, they feel more confident buying.
7. Small operational changes make a big difference
You don’t need to overhaul your whole business. Small shifts like:
Updating prices regularly
Shortening quote validity
Using price ranges
Ordering materials more strategically
can protect your margins.
8. Your business model matters more in uncertain times
Having multiple income streams (e.g. commissions + repairs + teaching) creates resilience. When one area slows, another can support the business.
9. Your reputation is your best marketing
Word of mouth, reviews and local visibility can be more powerful than constant social media output. Doing a great job consistently builds long-term growth.
10. Skill + care = long-term success
Technical ability gets people in the door. Care, attention and experience keep them coming back and referring others.
Practical Advice for Jewellers
Review your pricing now
Make sure all your work reflects current metal prices and includes profit.Use flexible quoting
Offer price ranges or shorter quote windows when prices are volatile.Communicate clearly with clients
Be honest about pricing changes. Confidence and clarity go a long way.Stop trying to be the cheapest
Focus on what makes your work valuable instead.Build trust at every step
From first enquiry to final delivery, the experience matters.Strengthen your business model
Consider adding services like repairs, remodelling or bespoke work.Lean into your uniqueness
Clients can’t ‘price compare’ you if what you offer is personal and distinctive.Keep developing your skills
Confidence grows with experience. Invest in learning and practice.Don’t panic, make a plan
Break changes into small, manageable steps and take action.
Rising metal prices don’t mean there’s less opportunity in fine jewellery - they simply require a shift in mindset, pricing and positioning.
The jewellers who succeed are not the cheapest, they are the ones who understand their value and communicate it clearly.
Key moments in this episode
00:03:39 Introduction to April Dace and today’s topic: running a fine jewellery business with rising metal prices
00:04:12 April’s background, business model and move to a new studio
00:05:22 How rising gold prices have impacted her business and mindset
00:06:24 Practical changes: updating prices, checking gold rates and adapting systems
00:07:43 Using price brackets in quotes and communicating changes with clients
00:08:31 Transparency and building trust when pricing fluctuates
00:10:38 Are customers saying no more often? Pricing fears vs reality
00:12:01 Pricing confidently and accepting that not every client is the right fit
00:13:01 Not competing on price: valuing bespoke work and positioning
00:14:38 Different business models and adapting if you sell ready-made pieces
00:15:59 The role of marketing, education and adding value beyond price
00:17:19 Why bespoke, repairs and commissions create a strong business model
00:18:06 Creating a personal client experience and building trust
00:20:08 Confidence, experience and letting go of fear-based thinking
00:20:54 Where April’s customer care approach comes from
00:23:03 Emotional value of jewellery and why experience matters more than price
00:24:52 How clients find April: word of mouth, Google and reviews
00:26:49 Why great service leads to referrals and long-term growth
00:28:39 Core bench skills: remodelling, melting and stone setting
00:31:23 Doing more work in-house to build trust and add value
00:32:27 Advice for moving from silver into fine jewellery
00:34:54 Following your intuition and building skills over time
00:35:11 Final advice: don’t panic about metal prices, make a plan and take action
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want to become a fine jeweller?
The Diploma in Fine Jewellery is a one-year, part-time online course designed for jewellers who want to take their skills to the next level and begin working confidently with precious materials such as gold, silver and gemstones. Building on the foundations of silver jewellery making, the course focuses on advanced techniques including stone setting, working with gold, and creating professional fine jewellery pieces. Through structured weekly projects, expert tuition and mentor support, students develop the precision, confidence and technical ability needed to produce high-quality jewellery and take their craftsmanship further.
The programme is designed as the second year of the Jewellers Academy diploma pathway and is ideal for intermediate jewellers ready to refine their skills and expand their creative possibilities.
Ready to take your jewellery making to the next level?
Learn more about the Diploma in Fine Jewellery and enrol here:
about april
April Dace is a fine jeweller based in Norfolk, specialising in bespoke commissions, remodelling heirloom jewellery, engagement and wedding rings, and expert repairs and restorations. With over 15 years of experience, she has built a thriving, relationship-led business known for its personal, one-to-one service and attention to detail. Working from her dedicated studio, April guides clients through the full journey from initial design to finished piece, creating jewellery that is both beautifully crafted and deeply meaningful. Alongside her work at the bench, she is a tutor with Jewellers Academy, sharing her expertise in fine jewellery and stone setting with the next generation of jewellers.
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your next listen
If you’ve enjoyed this episode and want more to hear more jewellery business journey stories, check out these episodes:
Benchtips - Jewellery Repairs and Remodelling with April Dace