The Jewellery Industry in India experienced significant growth in 2022, despite the challenges posed by the COVID-19 pandemic. With a remarkable 30% increase in Jewellery Sales compared to previous years, the industry demonstrated its resilience. As we move into 2023, experts and statistics indicate promising prospects for further growth.
The COVID-19 Pandemic has had a profound impact on user behaviour, with screen time increasing by 82% according to The Harris Poll. Jewellery store owners have embraced this shift and embraced technology as a means to adapt and cater to evolving consumer preferences. Traditional channels like papers have given way to modern platforms such as WhatsApp and Telegram, becoming essential conduits for information exchange among industry stakeholders.
While the number of online users has surged recently, trust still remains firmly placed in the in-store Jeweller recommended by parents. Today’s consumers, with their modern outlook, seek information through the same communication channels they trust.
With greater purchasing freedom, competition among jewellers to offer the best rates to consumers has intensified. Meeting the demand for organisation within the jewellery industry has become crucial, especially with the entry of major players like Tata. The pressure to provide competitive prices and value-added services to customers is on the rise for Jewellers.
Amidst these challenges, jewellers and Sarafa’s have faced difficulties relying on conventional communication tools. recognisation the need to address these issues and provide a solution, Upbullion Technologies Private Limited has launched the “Upbullion App” specifically designed for the industry.
The Upbullion App aims to streamline communication and provide a competitive edge. By leveraging advanced technology, it empowers jewellers and Sarafa’s to overcome the limitations of traditional methods. With Upbullion, they can stay up to date with the latest industry updates and seamlessly connect with each other.
Mission and Vision: Mr. Rajesh Soni founded Upbullion Technologies Private Limited with a visionary goal of revolutionising the jewellery industry. The company’s flagship product, the Upbullion App, serves as a digital platform that enables users to access real-time rates from connected wholesalers. This innovative solution empowers users with up-to-date information, facilitating informed decision-making and streamlining the jewellery procurement process.
Challenges/Gaps Addressed: To address the challenges faced by individuals working in the bullion industry, such as the need to regularly communicate with a team of up to 20 people and the requirement for 20 mobile devices for booking purposes, Upbullion Technologies recognised the need for an efficient solution. Without such a system in place, bullion workers often spend significant amounts of time, approximately 4-5 hours, on phone calls to share rates or make changes. Moreover, human errors frequently occur, leading to inaccuracies and delays in the transfer of information. Jewellers, in particular, face the burden of making numerous calls each day to obtain competitive prices from bullions. Additionally, the development and maintenance of an individualised app to facilitate this process would involve substantial costs, including annual maintenance charges.
In light of these challenges, the Upbullion App emerges as a comprehensive and cost-effective solution, streamlining communication, reducing errors, and optimising information sharing for the bullion industry.
Solution: Upbullion offers a comprehensive set of solutions to address the challenges faced in the bullion industry. With the Upbullion App, users can set their rates as frequently as needed, eliminating the time-consuming process of making multiple calls for rate updates. This not only saves valuable time but also allows for quick and efficient adjustments. Additionally, by leveraging the app, businesses can reduce their staffing needs, resulting in substantial cost savings. The Upbullion App also frees up valuable time for users, enabling them to invest in personal activities, spend time with family, relax, or focus on more productive endeavours.
Jewellers benefit from the convenience of accessing competitive prices from multiple wholesalers on a single platform, eliminating the need for numerous phone calls. Moreover, wholesalers can easily digitise their business through Upbullion’s subscription model, without incurring additional costs. By utilised the app, users can enjoy a streamlined and error-free method of transferring information, ensuring accuracy and promptness. Overall, Upbullion provides a comprehensive suite of solutions that revolutionise the bullion industry, optimising operations, reducing costs, and enhancing efficiency.
Services: Upbullion offers a comprehensive range of services tailored to meet the needs of jewellers and Sarada’s in the ever-evolving world of the jewellery industry. The platform serves as a hub for jewellers and Sarada’s to connect, collaborate, and stay updated with the latest market trends.
One of the primary features of Upbullion is the ability for Sarada’s to share real-time rates of GOLD and SILVER with jewellers, leveraging the live market data from MCX. Jewellers can now effortlessly access the live rates provided by their trusted Sarada’s, enabling them to make informed decisions and stay ahead in the competitive market.
The Upbullion app is designed to enhance the efficiency and productivity of jewellers and Sarada’s alike. By seamlessly integrating MCX live rates and Sarafa rates, we ensure that our users have all the necessary information at their fingertips. Upbullion’s commitment to verification ensures that every stakeholder on our platform is reliable and trustworthy, fostering a secure environment for business transactions.
In the jewellery industry, where prices fluctuate rapidly, Upbullion simplifies the process by allowing Sarada’s to set the difference price for GOLD and SILVER. Our intelligent system then automatically calculates the rates by incorporating the difference price into the live MCX rates. This streamlined approach saves time and eliminates the hassle of manual calculations.
The company believes in empowering its users and giving them the freedom to conduct business at their own pace. Upbullion does not interfere in the deals or terms between Sarada’s and jewellers, allowing them to maintain their unique business dynamics. This flexibility and autonomy contribute to a harmonious and efficient jewellery ecosystem.
To access the rates shared by Sarada’s, jewellers simply need to establish a connection, which requires approval from the respective Sarafa. Once connected, jewellers gain exclusive access to the rates offered by their chosen Sarada’s, forging strong and mutually beneficial relationships.
Upbullion stands at the forefront of the jewellery industry, driven by its unwavering determination to transform the landscape. With a strong focus on streamlining operations, reducing costs, and enhancing efficiency for jewellers and Sarada’s, Upbullion is spearheading a wave of positive change.
Upbullion: Driving Positive Change in the Jewellery Industry
Company Profile: Upbullion
Legal Name: Upbullion Technologies Pvt Ltd
Segment of market: gold and silver wholesale and jewellery market.
Founder: Rajesh Soni