As we get closer to our 5 year anniversary, we reflect on how our success and survival as a small business rests not just on our hard work, but also on the support of others- our families, friends, the artist and small business communities, and (last but most definitely not least) our customers.
Since the outbreak of COVID-19, the cost of precious metals such as gold and silver have increased and are forecasted to stay high. For example, in the case of silver, we have paid at least 40% more than we paid before the pandemic. However, we never adjusted our pricing template to reflect the new prices we were paying for materials.
Here are a couple of our reasons. There was the usual business of life to attend to complicated by the mental and emotional load brought on by the pandemic. Adjusting the pricing template was not a priority. We were also mindful of the economic toll the pandemic brought with it. Here on Guam, many lost their jobs because our economy was largely tourism based. And while we did enjoy the pretty pennies from visitors who purchased our jewelry, they were not our target market. We started making sea glass jewelry to be enjoyed by people on Guam and for them to have something to gift to their families and friends. With this in mind, we endeavor to have items priced to match the buying power of those in our local community.
Like you, we appreciate the value of every hard earned dollar and cent (*insert your currency here* friends from afar) and have struggled with the decision to increase our prices especially during this time. After having put it off for too long, now we are really seeing the need to do so. Effective Saturday, August 14, 2021, the new pieces we list on our website and stock at Seas & Sidewalks on Guam will be priced to accommodate the increased prices of precious metals. In actuality, this price increase does not reflect the true costs as we have decided that for now, we will keep prices on the lower side for as long as possible. This price change will not affect items priced before August 14 and our stainless steel line as the price of that material has not noticeably increased.
We look forward to continuing to make jewelry for our customers to enjoy for many years to come and thank everyone for their interest in our work. Your continued support on our social media platforms is always touching. And it means so much that you choose to spend your hard earned money with us when there are so many beautiful pieces by many fellow makers.
With deepest gratitude,
Lisa, Rebekah, Trittia