Artificial intelligence is playing a much larger role in nearly every industry today, and both the promise and the disruptive power of these innovations will continue to grow at a rapid rate. Smart, forward-thinking players in the diamond industry should welcome AI’s increasing capability and take advantage of the efficiencies and cost savings this technology can offer.
One key area where AI can augment human knowledge is diamond grading. Rare & Forever® AI-graded natural diamonds represent a new and different way of marketing and selling diamonds that makes purveyors of natural diamonds more competitive. The collection gives sales associates a product to sell that is graded according to a more rigorous standard. These stones can command a higher price premium due to their quantifiably higher quality.
Rare & Forever adds value to the diamond by providing more accurate, consistent grading and a more sophisticated grading standard than most labs that rely exclusively on human evaluations. The enhanced capability to evaluate diamond quality provides an excellent opportunity for sellers to offer their customers a natural diamond product with greater intrinsic value—allowing jewelers to re-embrace natural diamonds at a higher price point. Customers can rest assured that the premium pricing on these stones is justified by the extensive, multifaceted evaluation they undergo.
Technology also gives customers peace of mind via improved security features. For instance, diamonds can be embedded with an inscription containing the number for that individual stone’s grading report. Use of a blockchain security ledger ensures that any individual stone’s “paper trail” of ownership as well as reports pertaining to the stone’s origin, screening, grading, and so on are securely tracked and accessible. By keeping all of this information in the blockchain, it is always accessible and accuracy is guaranteed.
Grading isn’t the only task in the diamond industry that can be performed and enhanced by AI. There are other uses that improve process or product with no downside for sellers. For example, AI tools can be applied to assist with tasks as diverse as marketing copywriting, software coding, and grading customer service encounters such as phone calls.
AI’s disruptive potential is already changing the way the diamond industry operates, and these exciting changes will help bring sellers into the future in real time.