Handling timepieces and collaborating with clock manufacturers
In the world of clockmaking, sourcing parts is an essential yet costly aspect. This article delves into the various components that contribute to the overall cost of sourcing clock parts worldwide.
Base Product Price and Minimum Order Requirements
The base cost of clock parts varies depending on the supplier and quality. For instance, quartz clock movements typically range between $10 to $30 per unit, balancing affordability and quality for consumers. Suppliers often set minimum order quantities to maintain production efficiency, but exact minimum order quantities (MOQs) vary by manufacturer and part type.
Shipping Fees
The method of shipping significantly affects costs. Express courier is the fastest but most expensive, while air freight offers a balance, and sea freight is the cheapest for large orders. Additional destination fees such as port handling and customs inspections add to shipping costs. It's advisable to get quotes from freight forwarders in advance for accurate budgeting.
Exchange Rates
When purchasing internationally, currency fluctuations can impact the overall cost. Buyers should monitor exchange rates and possibly negotiate contracts that fix the exchange rate or use currency hedging to mitigate risk.
Import Duties and Tariffs
These vary based on the Harmonized System (HS) code classification of clock parts, their value, and the importing country’s regulations. Some countries charge duties as a percentage of product value, while others base tariffs on product category or ingredients. Understanding the correct HS code is crucial to estimate duties accurately.
Taxes and Additional Fees
Import Value-Added Tax (VAT) or Goods and Services Tax (GST) often applies, plus possible documentation handling fees, customs filing charges, and import licenses, depending on the country’s regulations.
Modernization and Competitive Pricing
Automation and modernization in manufacturing, such as by companies like Franz Hermle & Sohn, help keep clock part prices competitive by reducing labor costs, indirectly affecting the sourcing cost.
Estimating the Total Landed Cost
To estimate the full landed cost per order—including product cost, shipping, customs duty, taxes, and fees—using an import duty calculator or consulting freight forwarders and customs brokers is recommended.
Personal Experience
The author, a seasoned clock repairer and restorer with a decade of experience, shares their insights on sourcing clock parts. They often find antique E Ingraham & Co. clocks in local antique shops and, when the price is right, snap them up. The cost of sourcing parts from various suppliers, including administrative costs, shipping fees, exchange rates, and import duty, can be expensive.
The author recently restored an Ingraham Grecian shelf clock, circa 1871, and needed a new set of hands. The total cost of the order from Timesavers, including shipping and processing fee, was $82 CAD. However, the hour hand that came with the clock was too short, and the minute hand was the incorrect style.
Advice for Clockmakers
The author advises factoring in the cost of basic and more advanced tools when considering the cost of clockmaking as a hobby. They build a list of parts using an Excel spreadsheet and order when there is enough to justify the costs. The author also suggests being mindful of additional fees such as shipping fees, exchange rates, import duty, minimum order requirements, credit card fees for international transactions, and processing fees.
Purchasing Strategies
The author purchases clock parts, pendulums, clock keys, and other sundry items from flea markets and antique shops if the price is less than from a supplier. Their primary clock parts supplier is Perrin in Toronto, Ontario, Canada. When ordering clock parts, the author requests a free parts catalogue if it is offered.
Conclusion
Clock parts are not cheap, and the cost of consumables can be expensive in the long run. However, with careful planning, strategic sourcing, and a keen understanding of the various costs involved, clockmakers can successfully navigate the world of sourcing clock parts.
- Alongside their passion for vintage clocks, the author occasionally dabbles in lifestyle areas such as fashion-and-beauty, food-and-drink, home-and-garden, and travel, recognizing the intricacies involved in sourcing parts are similar to these areas due to factors like shipping fees, exchange rates, and import duties.
- The author recommends sports enthusiasts apply the same strategic sourcing mindset to their favorite hobby, considering factors like minimum order requirements, shipping fees, and competitive pricing when buying sports equipment to reduce costs.
- Drawing from their experience, the author suggests gardens enthusiasts carefully calculate the total landed cost of growing rare and exotic plants, considering factors like shipping fees for seeds, import duties, and taxes on gardening tools, to ensure success in their home-and-garden pursuits.
