Part of the diamond/jewelry rule setup is creating retail prices for your diamonds or jewelry.
You can add a profit margin (%markup) and admin fees ($markup) to display on your website.
% markup is based on the item’s value (or carat weight for diamond feed). This is your profit.
The $ markup is your admin fee to allow for shipping or packaging costs.
You can hide the item's price on your website, but you need to do the markups on the Instant Inventory setup.
This article explains how to set the profit and admin markups, how to understand the calculation, and how to calculate the currency's exchange rate.
Read on to find out or jump to a section with these links:
Set your markups
Watch this video or continue reading below for guidance.
Go to your Instant Inventory dashboard and choose the feed.
Click View and Edit.
Hover over one of your Rules and select Edit Price Markups.
Markup:
For diamonds: Set your retail prices based on the size/carat of the diamond or the total price.
For jewelry: Mark up is always based on the total price of the jewelry item.
After each markup, click + Add Markup until all your items have retail prices set for them Then click Save when you are done.
Decide if the diamonds in this rule should be marked up based on the size/carat of the diamond or the total price.
Choose the price or carat range for the first markup
Set your %markup (profit) and $markup (admin fees)
Save or delete this markup
Click + Add Markup until all your diamonds have retail prices.
Important Markup Notes:
Make sure that your markup covers the value or carat weight range which you established in your diamond or jewelry rule.
The system does not allow overlapping markups and gaps between markups
All items listed on RapNet are in USD.
Disclaimer: Rapaport employees or acting agents are unable to advise you regarding what you should use for markup percentages. Each member’s business is unique and factors such as geographic region, economic climate, and individual financial goals make it impossible to give sound profit margin advice.
Instant Inventory Markup Formula
Total Price + % mark up + fixed markup
Example: The price of an item on RapNet is $2000. Your % markup/profit is 15% and $ markup/admin fee is $50.
15% of $2000 = $300. This is your profit on this diamond
Add $50 admin fee
Total price for this item on your website is $2350 ($2000 + $ 300 + $50)
Instant Inventory Currency Exchange Rate
If you are using our widget, you can choose the currency you want to display items on your website.
Let's use the Euro exchange rate highlighted above and calculate using our example where the total price is $2350.
$2350 x 0.886405 = 2083.05175 Euros.
We round it up to the next full value. In this case, the item will cost $2084 on your website.
Hide or display pricing on your website
You can choose if you want your website to show prices.
If you are using the diamond API, your web developer will do this for you.
If you are using the widget, this article explains how to do that.