We can shazam music in less than 1-minute, buy a $50,000 VVS1 H diamond from India online in minutes, produce an exact replica of your perfect diamonds and trace your natural diamonds to its origin. The jewelry industry is hitting into the next-level innovation cycle where you can automate tasks quite easily, changing a lot of manual jobs to increase your sales efficiently.
A rare 10.51 carats Ruby* sells for more than 18 times its presale estimation (estimated by Chiswick Auctions) at auction.
Rubies are found throughout the world from Australia to Africa, but the most famous and prized stones come from the remote ruby mines in Mogok, Upper Burma (Myanmar). This small area of only a few square miles is known as the “Valley of Rubies,” and has produced some of the most beautiful gemstones in the world, like that one.
To be clear with you since the beginning, I am not very convinced that traditional jewelry estimations are done properly today. A so-big-difference between the sold price and the initial price is a big deal. An “amazing result” that was announced by the Auction House is alarming. In this little first episode, Stephane Boghossian, our jewelry expert, will explain to you why he shares this value.
The beautiful jewel [by Chiswick auctions]
The ring, from a private European estate, sold for £462,500 (incl. BP), which is more than 18 times its pre-sale low estimate of £25,000. The impressive ruby is accompanied by two gemological reports that confirmed it was natural and unheated.
Today, estimations are still done manually by an appraiser. Every appraiser has its own strategy (it can vary from one jeweler to another) but most models involve calculating the precious materials’ market price. Appraisals can cost 30% of your jewelry and can take up to 7 days to be done properly (make the equation for that Ruby and you’ll see that it is quite a lot). If not done professionally, appraisers are generally a very complicated piece of paper with numbers you don’t even understand.
DATA is gold
At ExJewel, we value the power of data. Data is gold as we might often say. ExJewel’s robot fetches qualitative and quantitative data from 20+ sources, from mining companies to big online suppliers. Yes, I forgot that some of you don’t know what a robot-algorithm is. Well, a robot is a thousand faster human that scraps data from all re-commerces* and marketplaces to analyze them and regroup them into a smart filing system.
Re-commerce is an online marketplace for second-hand products, in our case, jewelry.
Estimations at its perfection with ExJewel
We are independent and act as virtual support for your jewelry pricing. There is no one behind the desk, evaluating your jewelry one by one. It is a robot that does the job. With Exjewel, you can start to estimate your jewelry while staying at home. Once you upload your jewelry information onto our platform, our algorithm-robot your answers (the form you filled up) to 5 million others we gathered over the years.
Every answer counts.
Yes, every answer you filled into the form is crucial. This is why, for jewelry amateurs, we urge you to come to us with your jewelry and we will help you fill your first upload in order to understand the real value of our product. Once your jewelry is uploaded and you filled the form into our platform, many things happen during the 50 seconds you wait (this is the How to? part)
We will cherish this data
The robot memorizes all your answers. The image is processed. The algorithm takes the calculator in-hand and types of 250+ factors. Well, the main reason is that we hacked the key to calculating the immaterial cost of the jewelry, the categories we previously didn’t know how to calculate, the unknown x or z… read more for more info (SPOILER ALERT: We are announcing image recognition soon that will authentify your jewelry submission). The robot goes, very very fast, searches into our database and finds the most similar search. By the way, he has the choice of 5 million other jewelry gathered by our team. Don’t worry, this database is growing as you are reading this article 😉
Conclusion 1: The result is just brilliant
Exjewel’s estimation has an equation structure that contains information that predicted the price of that Ruby days before the auction happened. Anyway, all this is to say that we calculate the incalculable and we are pretty good in data analysis but the real problem we are solving is: Bring transparency to both customers and supply chain actors including Auction Houses, established or independent. Read more for more info
Conclusion 2: ExJewel is the fastest
According to the Merriam-Webster dictionary, Shazam is often used to indicate an instantaneous transformation or appearance. At ExJewel, we use Shazam as the discovery of your jewelry elements, instantly, through image and keywords recognition. It takes less than 1 minute to estimate your jewelry 😉