One Toronto-based jewelry retailer is providing some refreshing and transparent insight into their decision to hike prices on their products. 

Clocks & Colours operates mainly as an online direct to consumer business but also has a flagship store located that recently opened at 154 Ossington Avenue. 

The retailer offers mainly mid-tier sterling silver jewelry, that is designed in Toronto and hand-carved in Bali by master silversmiths. Their product line ranges from unique rings, eyewear, bracelets, pendants and even homeware. 

In a heartfelt letter to their customers, the brand's co-founders and team provided an explanation as to why their prices would be hiked up. 

"When we launched this brand, our goal was to create something our friends/community would appreciate and want to support," the announcement reads. "Our market was flooded with low quality costume jewelry and overpriced precious metals. We vowed to offer the absolute best quality we could at fair prices."

The message goes on to say that despite their best efforts, the prices they've been offering over the last two years have become unsustainable. 

"More than once we had to ask ourselves if it's time to close the doors, but we love C+C, and we want nothing more than to make this work," the announcement continues. 

The e-mail then lists several reasons that explain the change and are necessary for the business to live on. 

"Global inflation: silver prices are up 51.29 per cent over the last five years, advertising costs are up 10 per cent this year alone (thanks big tech), salaries are up 7.66 per cent, warehousing plus shipping costs are up 87 per cent including new necessary software," the e-mail reads. 

The retailer also notes brands that knock off their pieces, and increasing salaries as reasonings for the price hike. 

"We understand that there's almost nothing we can say to some of you that will make this okay. You will see this as price gouging, overly capitalistic, etc. We'll be sorry to see you go," the letter reads.  

The new changes will come into effect starting Feb. 22, giving you lots of time to visit the brand in-store or shop online. 

"But for those of you who understand that what we're saying here is sincere, and appreciate that we are doing our absolute best, we will make this commitment to you," the announcement says.