Price Increase Notice 2-7-22
Hoover & Strong Price Increase Effective March 1, 2022
February 7, 2022
Dear Valued Customer,
Hoover & Strong strives to keep costs as low as possible by promoting LEAN principles throughout our company. As an American jewelry manufacturer, we are experiencing higher costs with inflation rates increasing to approximately 8%. We are paying higher than normal wages to keep and hire new coworkers. Our carrying cost of precious metals continue to rise as interest rates increase. For example, packaging supplies, crucibles and tooling have increased by 10-15%; chlorine gas is up 18%. Because we have remained a LEAN workforce, we are able absorb over half of these costs and able to keep our annual price increase to 2.5% for Mill products and 5.5% for Jewelry, effective March 1, 2022.
The challenges of the past two years greatly impacted our ability to deliver within a timely manner. I take personal responsibility for the negative impact our slow delivery had on you and your business. Please be assured that all of our efforts are focused on improving our delivery in 2022.
Metal Lift Increases: MILL: gold .75%, platinum .75%, silver 0%. FINDINGS: gold 2%, platinum 5%
Average Labor Increases:
| MILL: | FINDINGS: | |||
| Grain | $0.00/dwt | Settings | $0.67/piece | |
| Sheet | $0.14/dwt | Shanks | $2.22/piece | |
| Wire | $0.68/dwt | Solitaires | $2.96/piece | |
| Solder | $1.23/dwt | Earrings | $0.26/piece | |
| Tubing | $2.52/dwt | Bands | $1.30/piece | |
| Silver Mill | $1.11/oz | Contract Casting | $2.92/piece | |
| Circles, Washers, Charms | $0.50/piece |
We value your business and the opportunity to serve you. We can assure you that our prices will remain reasonable and competitive. Should you have any questions regarding our products and services, or desire a price quote for your products please contact your Sales Rep or Cheryl at 1-800-759-9997.
We thank you for your business and wish you the best success in 2022.
Regards,
Torry Hoover
