The client is a startup venture by a group of technical experts who came together to solve the problem of misidentified jewelry valuation.
People own jewelry in different forms– its handed down generations or received as gifts but very rarely bought for oneself. It can differ greatly in value based on the era it was made, the material stones, gems, metal (and its purity) used and the culture it represents. Costume or fake jewelry has an equally big market worldwide. Therefore, appraising the correct worth of one’s jewelry can be a dicey task, especially if one is trying to get insurance. Our client aims to bring principles of standardized algorithm valuation, as seen in other insurances like vehicle, home, health, etc, to jewelry industry while easing the cumbersome process of appraising jewelry and providing certified valuations.
Pricing in the rare metals change based on commodity market while pricing for gems and rare stone vary based on a permutation of numerous characteristics. Therefore, the main challenge was to address dynamic pricing and the ability to get most accurate valuations from experts. For correct valuation, it is important to build an easy-to-use input system where minutest detail regarding a piece of jewelry can be added by the owner and viewed by the valuator.
The bigger challenge however was security. Maintaining sensitive information like customer personal data, jewelry info and valuation on one database can be a risky affair. Any unintended breach can put our client’s reputation at stake. To address such security concerns, our experts created separate databases to store jewelry info, customer and valuator data.
Over the course of next 6 months, Galaxy developed a complex database architecture that used public private encryption key to pair user info with corresponding jewelry info between the different databases. We faced numerous what if’s scenarios and what next questions in order provide a holistic solution that provides jewelry appraisal and valuation. This multi-user solution has specific functionalities for its different users.
Jewelry owners, our the end-users, have access to a step-by-step input system to add individual jewelry items or create a collection for items worn together (think earring/pendant set) with the ability to add as much detail as possible– types of stones, shape, size, metal involved, certification, store, location, year, certificates, receipts and images. This data can be saved, shared and printed into a PDF format. Users can now see the system generate estimate value of the item/s or choose to get an appraisal by a qualified valuators.
To help owners input their jewelry into the system, the solution also has agents to help. These are usually affiliated with different jewelry brands and/or valuators.
On the other hand, the valuators have a slightly different dashboard to accept/decline items for valuation by different jewelry owners. Each time they login, they need to enter system generated OTP for additional security. If they accept an item, they have access to all the details added by the jewelry owner. They also have access to add peculiarities and propose a valuation different than the system generated one.
The API supported backend is robust system that calculates current valuation with a preset 30% variation. The admin panel provides secure access to registrations, valuation completed, number of stores listed, number of items per store and other interaction data.
A scheduled cron job checks third party pricing like world gold prices, commodities pricing etc and alerts the user of the change. This provides jewelry owner real-time information regarding their most valuable liquid asset– their jewelry.