Lucy Platforms has introduced the Diamond Price List (DPL), which the company touts as a “transparent and objective” report of diamond asking prices, calculated using artificial intelligence, machine learning, and data science algorithms.
The DPL covers both rounds and fancies and will be issued four times a year. The decision to put the list out quarterly rather than weekly—as has become standard—was based on “feedback from major players who wanted to bring about stability,” says Lucy vice president of sales and marketing Miguel Martinez.
Lucy Platforms also built Get-Diamonds, the World Federation of Diamond Bourses’ (WFDB) online exchange, and the DPL will derive its info from Get-Diamonds’ inventory of 1.3 million gems. However, the new list is a separate, nonaffiliated venture, Martinez says, and all the Get-Diamonds information will be anonymized. The DPL is also potentially looking at using other price sources.
As rival publishers of price sheets—especially Martin Rapaport—well know, the trade tends to love these lists when prices go up, and be less fond of them when they go down. When the WFDB briefly considered starting its own list last year, Rapaport asked if an industry organization would be willing to deal with the anger sparked by falling metrics.
DPL execs say they will remain a neutral party, without a stake in the game.
“We aren’t selling diamonds,” says Tomer Levi, CEO of Lucy Platforms. “I don’t care if prices go higher or lower. I want the list to be 100% accurate. If prices go lower, I can show why they went lower. No one can tell me why it’s not true.”
Lucy is supplementing the list with the DPL Calculator, a mobile app that allows users to calculate a specific diamond’s price based on the DPL by plugging in specific parameters, such as color, clarity, and size. (The app also features a currency converter.) Users can then decide to add a discount percentage and share that information with colleagues and competitors. They can also compare their diamond’s price to the that of others listed on Get-Diamonds. The app has already been downloaded 20,000 times since its launch, the company said.
Lucy has additional plans for an online data insight platform, which will offer real-time supply and demand data and “a deeper insight into the asking prices.” The details on that have not been finalized, the company said.
The DPL will be offered on a subscription basis for an unspecified fee, though it’s currently free for six months following its June 17 debut.
(Photo courtesy of Lucy Platforms)
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