Craig, what you've missed in the last 12 years are several key items.
1. In the US we have this organization called the EPA, that makes sure manufacturers don't pollute. Did you ever see a plating stop from the inside out? Not very pretty. So many of them were closed down and the remainder had to install very expensive reclamation systems.
2. The disposal of the acids and chemical wastes has gone up in cost tremendously every year for the same reason as #1.
3. The cost of nickel and copper had probably gone up ten fold in 12 years and that big freighter that went down recently off the coast of Europe had about 10% of the world's nickel supply on it. The surcharges on nickel products has gone up 7% since then alone. I know because it affects the stainless steel products that we make.
4. This is probably the worst of all for the future of the business. There are no new shops opening up. When those who do this hard, dirty and costly work, get sick of it and close, no one is waiting to jump in and take over due to 1, 2, and 3 above.
It's only going to get more expensive as time goes on. If those who are out there can get it done cheaper than I did don't do it soon, it won't be long before they end up paying the same or more as me.