Rare Carat, the Google version of the diamond market, partnered with blockchain-oriented firm Everledger to create a tool that allows consumers to estimate the value of diamonds.
Rare Carat, a US-based search and advice tool provider for diamond shoppers, said it has signed an agreement with tech company Everledger to develop a tool that will allow customers to assess diamonds available for sale smartly.
The Rare Carat Report tool will allow users to check diamond quality, provenance, and price from the retailer and will be built on Everledger’s blockchain-powered platform. The technology looks similar to what De Beers has said that plans to use for diamond tracking.
Besides blockchain, the Rare Carat Report tool will also apply artificial intelligence (AI) technology, allowing users to enter a diamond’s certificate number and receive key information, such as the price and positive and negative sides of a specific product.
“Consumers are often frustrated by a lack of transparency when buying a diamond engagement ring. The Rare Carat Report fills a key role as the industry addresses this problem with its newest generation of buyers, helping build trust between buyers and sellers,” Apeksha Kothari, Rare Carat’s COO, said in the press release.
Inserting the diamond’s serial number, a user will get price estimate – the optimum price generated with an algorithm, deal score, which shows whether buying the diamond is a good deal; cut score, which shows whether the diamond passes Rare Carat’s advanced cut checks and several other scores. A history of the diamond and information about similarity with other stones will be available too.
“By enabling greater transparency with digital provenance tracking, consumers are able to have confidence in the authenticity and responsible production of the diamond that they purchase. With this, the diamond’s value is also protected and consumers can directly benefit from our emerging technology solution,” Everledger founder and CEO Leanne Kemp said.