At the checkout, a gift is purchased or set aside in a few seconds. For these types of decisions, price counts more than the retailer thinks. There is a narrow margin where a customer doesn't have to calculate, and that is around fifteen euros.
Below ten euros you buy for yourself, above twenty you start to think
You spend ten euros on something small for yourself. From around twenty euros, someone weighs whether it's worth it. In between is an amount that feels high enough to count as a gift and low enough not to think about it. A pendant for 14.95 fits right in there.
The customer who doesn't calculate buys easier
Those who don't have to do a calculation hesitate less and are quicker to grab a second item for someone else. That's where your extra sales are: not in the first purchase, but in the subsequent grab. Therefore, place your impulse buys within reach of the checkout, at eye level, where that grab happens naturally.
A price you don't have to defend
The beauty of this point is that you don't have to negotiate about it. It feels fair for a handmade gift and fits into almost any budget someone sets aside for another. You don't have to make the gift cheaper to sell it.
Want to know what such a pendant costs you and what your margin will be? That's on become a retailer.