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Hello True Gem Community,
We have all experienced the rapid changes in our markets and supply chains over the past few years. Every single one of us has felt the squeeze of inflation and been forced to face the reality of evolving circumstances. Planning for the future is more tentative than ever before and collectively stepping into the future suddenly requires a bit more courage and resolve.
Today the obstacles we are facing as a fine jewelry company include volatile gold pricing, which has hit highs of $2050.00/oz, and ranges from a 10-30% increase over last year. The price of melee (the tiny diamonds in our ring settings/bands/etc.) has, on average, increased 27-34% over the last 6-8 months. Moreover, shipping costs have nearly doubled.
All this to say, we will be undergoing a price increase on our engagement & wedding rings this summer. This increase will be in a range of approximately 5-10% depending on the necessary metal and melee required per piece. This price increase will go live Thursday June 23rd, 2022.
Over the past year, we have collected this data and monitored these hikes in our cost of goods with the mindset of being thoughtful and patient in our response.
This team has very intentionally held out on adjusting our pricing up until this point, absorbing the increasing costs instead. We cannot, however, fight these circumstances for long and remain a viable and healthy company. Simply put, it costs more to live in 2022 in every way and we all feel it.
Everyday, we face creative problem solving guided by our ethos of nurturing our people, honoring our clients, and preserving the health of our business. We want to be thoughtful, responsible, and operable long term to service our clients and community. While this price increase wasn’t in our plans for 2022, operating our small business in the climate of the past two years has required this team to get comfortable throwing out our game plan and starting over from scratch.
We are here for questions and further discussion. It is deeply important to us that we get this information in front of our TG community as soon as possible. Our intentions are to give our clients ample opportunity to consider upcoming orders fully informed and equipped to make the best possible decisions for your individual circumstances.
Transparency is profoundly important to us, as well as offering our True Gem community ethical, attainable, and beautiful jewelry to be proud of. Thank you for believing in us and for empowering us to continue designing, creating, and offering jewelry that honors our ethos.
Lynne Armstrong
Founder, CCO
The True Gem
