This will be the 16th version of the book that the buying group has published. The concept was introduced in 2005 in response to surveys that revealed significant inconsistency in pricing for repairs among members.
Working with a panel of jewellers and watchmakers, Nationwide Jewellers analyses every component of common repairs. This includes measuring the time required, quantities of materials used, and all associated costs.
Managing director Colin Pocklington explained that the end result is a precise pricing model that ensures members can record healthy gross margins for repair work.
“It was clear that repair prices in the market were based on a variety of methods, few of which used accurate calculations for time, materials, and labour costs. As a result, many jewellers weren’t making an adequate margin — and in some cases, were losing money on repairs,” he tells Jeweller.
“We don’t release new editions every year. Instead, we wait until increases in metal and labour costs justify significant changes in retail prices. With the sharp rise in metal prices over recent years, most repair costs have now increased.
“For example, 18-carat white gold wire has risen by 96 per cent over the past two years, and by 36 per cent in just the past 12 months. Jewellers simply can’t afford to absorb these increases.”
The latest version of the Repair Price Book includes machine engraving pricing, with retail prices now factoring in the amortisation of equipment costs.
Additionally, all repair items now include codes (QR and SKU) from The Edge, the point-of-sale system from Retail Edge Consultants. With around one-third of Nationwide members using the platform, the new integration will improve efficiency and accuracy.
Pocklington said that members who use The Edge platform can adopt Nationwide’s repair prices or retain their own.
“From day one, the Repair Price Book has been about one thing — helping our members remain profitable,” he explained.
“We are constantly looking for ways to give them the tools and data they need to price repairs correctly, protect their margins, and run sustainable businesses.”
In the lead-up to the Sydney Fair, Nationwide Jewellers also announced the launch of a revamped Dashboard platform for members.
The International Jewellery Fair will take place at Sydney’s International Convention and Exhibition Centre in Darling Harbour, beginning on 23 August.
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