BellaOnline Forums Hobbies and Crafts Beadwork Need opinion and help with pricing please

I'm beginning work on my Christmas line and have made some lovely Christmas Tree Heirloom Earrings. They're made with lovely Swarovski Margarita beads which are rather pricey. They're really pretty earrings with a lot of sparkle but I don't want to price them so high that I lose sales. Here's a link to a couple of pictures of them, what do you think? (They're not an original design).
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I have read that you should multiply the cost of materials by three, then add in the cost of your labor. Say your materials cost was $5.75 and it took you 45 minutes to make the item - $5.75 x 3 = $17.25, $6.55 per hour labor (minimum wage) x .75 = $4.91, $17.25 + 4.92 = $22.16. Then round it up or down as you want.
I generally follow this equation, but I also consider my market, the go higher or lower to what I feel would sell best.

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