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We protect the jewelry from fakes and replicas.

Ukraine, Kyiv city
Market: Internet and IT, Another, Blockchain
Stage of the project: Prototype or product is ready

Date of last change: 25.02.2020
Min investment
$  90.000
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Total required
$ 180.000
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equalizer из 1000
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Idea

We are going to start the digital transformation to bring trust to the jewelry market. Your jewelry will not be a simple piece of gold but a business card, key/access card, payment card etc.
Things around us became smart. We create a technology that links unique cryptographically secured digital assets to a particular jewelry item.
We give trust to the secondary jewelry market. One tap with your smartphone is all it takes to verify the authenticity of a product. Anyone can now check if a jewelry item is original. No additional knowledge is needed.

Current Status

Minimum Viable Product, prototype.

Market

Jewelry brands’ owners are our clients. Market size is rather difficult to estimate.
According to some sources, there are about $ 50 in jewelry expenses per person per year in developed countries. The total market size in developed countries is estimated to be no less than $ 50 billion. We expect to get a market share of 1% of this market (c. 500 million dollars) or about 100 thousand luxury jewelry items per year.
Our founder has experienced since 2012 in working with jewelry companies and diamond traders registered in the DMCC (Dubai multi commodities center).

Problem or Opportunity

The jewelry market suffers from fakes and replicas.
The secondary jewelry market is untrusted so inefficient.
We use jewelry as a decoration only without any other functionality.

Solution (product or service)

The Smart Jewelry Lab (SJL) mobile app allows anyone to check if a product is genuine. Scan it with an NFC enabled smartphone and you’ll get information (immutably stored in the blockchain) about the jewelry item’s whole life circle from its birthday.
We drastically improve efficiency in the secondary jewelry market as used item discounts become much closer to other retail markets because of the provenance and trust provided by SJL.
Users can use his jewelry item not only for its beautiful appearance but also as a key/bank card/digital ID, which adds a lot to the customer value of the item.

Competitors

https://www.luxtag.io - no usability so adoption problems. No NFC functionality, easy to counterfeit.
https://seal.network - no working product. ICO, so no possibility for venture market expansion. Not tailored to the jewelry market specifically.
http://jakcom.com - provide very basic functions for NFC enabled rings. No real solution for jewelry market/trust.

Advantages or differentiators

https://www.luxtag.io - no usability so adoption problems. No NFC functionality, easy to counterfeit.
https://seal.network - no working product. ICO, so no possibility for venture market expansion. Not tailored to the jewelry market specifically.
http://jakcom.com - provide very basic functions for NFC enabled rings. No real solution for jewelry market/trust.

Finance

We presented our product vision to jewelry companies and received positive feedback. We also got some letters of intent from companies ready to start cooperation once the product is ready for deployment.
As this is a niche B2B product, we cannot use general metrics to test demand. We need to deploy a product to the market and then see dynamics.

Business model

We will be selling our service to jewelry brands,
Secondary jewelry market transaction payments,
Targeted ads in the app,
Data sale.
With a projected price of hardware and software complex of $ 20 per unit, gross income will be $ 2 million per year.
Brands also pay a monthly fee to maintain the validity of brand accounts and to make changes in case of e.g theft of the item. The fee depends on the number of items sold.
Brands are free to sel ect a fee they want to charge customers to transfer ownership of their items. As some brands may wish to select a very high commission level (like hundreds of dollars) to both get an additional income stream and discourage speculation in rare items, we get a cut (30-50%) of every transaction.
We sell ad space in our app. As these are prime customers the price tag to reach them is quite high and we consider this as a major source of income (but very hard to estimate before the actual launch).
The data we collect is also a valuable resource and we plan on selling it (within limits users agreed to share). What would be the income fr om this is yet to be seen.

Money will be spent on

We are looking for investments of $ 180,000 (salary of 4 people $ 2000 for 12 months = $ 100,000 + coworking $ 12,000 + trips to conferences, exhibitions, hackathons, materials and R&D = $ 38,000).
We offer 18% equity to the investor with company valuation c. $ 1 million.

Offer for investor

We offer 18% equity to the investor with company valuation c. $ 1 million.

Team or Management

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
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Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
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Incubation/Acceleration programs accomplishment
Won the competition and other awards
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