5.2 million jewelry data in 2 years
In January 2019, ExJewel created its own database (5.24M of data) and platform in order to appraise excess jewelry inventory digitally, difficult to evaluate.
A jewelry has 2 lives:
It all starts when it is designated and designed and then sold in a Place Vendôme jewelry store or elsewhere in the world. This jewelry is appreciated, worn and carried over, often for several years, until it is shelved. It has gone out of fashion, it has suffered a few costs or its owner has grown tired of it. Inevitably it ends up in the safe.
I, Stephane Boghossian, founder of ExJewel, initially wanted to offer a service of redesigning those abandoned jewels for professionals and the general public. But in order to do that, an efficient platform to value jewelry is necessary. Jewelry Inventory is difficult to evaluate. Why?
One thing all jewelry connoisseur will tell you is that the jewelry industry is opaque.
The non-standardized & intransparent prices of the jewelry industry lie mainly in the concentrated production, fragmented sales, little Business Intelligence. We felt there was no transparency in the way jewelry is valued today, so, in January 2019, we created our own database and platform in order to do so. For an AI to run properly, we needed 5M data. So we found a way to get it! Three primary sources were identified:
- Primary resources from industry leaders: for gold, hitting the mining companies was quite hard so we targeted refineries. For rough diamonds, it was much harder: hit the big ones! DeBeers, Alrosa just to name the few…
- Suppliers: this was the key to succeeding the algorithm construction. Suppliers came from my family contacts, my personal network and few online suppliers that were happy to offer API access to.
- Second-hand jewelry: that was the easiest to access and most effective:
>> 15 Live auction sales are happening every minute we spend on earth
>> 150+ sales are a done-deal daily on 15+ jewelry e-commerce and recommence
We constantly nurture this database with valuable partnerships. Don’t expect any revelation of our list of suppliers anytime soon. For ethical reasons, we don’t disclose more information on our supplier partners. You are welcome to contact us if you are willing to share your data with us. In exchange, we will be able to grant you access to our appraisal tool for FREE.
We later found out, in order to complete the supply chain of commands, we needed to get our hands to REAL collections coming out from brands and designers, at retail and wholesale point of view. We then reached out to them too to join the ecosystem of ExJewel. We found out that certain jewelry and luxury brands were willing to provide us with direct access to their product information. Because this information is exactly what is printed on the product labels, there is no conflict of interest involved 😉
They were not the only one to join the party: Educational centers (GIA, HRD, IIGJ) were here to help us get the fight traceability of every item. We certainly talk about traditional ones to more innovative blockchain technologies (Everledger)
For an AI to run perfectly, we needed an addition of million of valuable information from users, businesses and consumers at all stages of purchases. We often call them contributions, which they enter willingly directly into the web application for any products that aren’t recognized by ExJewel. You can be one of them 😉
Finally, we decided to bring up valuable partners to get legitimate as independent start-up:
- International trend forecasters such as: JCK, WGSN, Vogue and Bijorhca
- Innovative start-ups in the domain such as: Daumet, Pietra and Taylor & Hart
- Leaders in the tech industry such as: AWS and IBM