The all new, The Diamond Price List (DPL™) – touted as a transparent, interactive, objective and accurate polished diamond price list – launched on June 17. The DPL™, which openly publishes its methodology on the www.thediamondpricelist.com website, has been designed to enhance and make the diamond pricing experience more efficient for members of the diamond industry (from mine to retail) by using Artificial Intelligence (AI), machine learning and data science algorithms, with practically no human intervention. These technical advancements are utilized to create an optimized price list that reflects the market in the most accurate and objective manner.
In order to detect diamond price trends, the DPL™ uses AI modeling and the largest set of rich, quality data received from Get-Diamonds.com, which includes anonymous asking prices of over 1.3 million diamonds from over 4,600 suppliers. It then collects representative pricing information from multiple other data sources to determine the correlation between asking prices and reference prices. As a result, the DPL™ creates a robust, factual, polished diamond price list, the developers say.
The DPL™ has been developed by an independent, dedicated team of scientists and mathematicians from Lucy Platforms. “After an extensive examination of the market, garnering a deeper understanding of what is required, we believe that DPL ™ has all of the ingredients to be a highly innovative and trusted market leader,” said Miguel Martinez, Lucy’s VP of Sales & Marketing. “The Diamond Price List™ will, no doubt, open the door for a brighter future for the diamond industry.”
In order to maintain data integrity within the list, the DPL™ team implemented data preprocess pipelines. These ensure that only relevant and reliable data is used as an input to DPL™’s models. The goal has been to train and optimize the data collection to mirror real prices and values, thereby reflecting the market in the most accurate and objective manner.
To ensure the DPL™ continuously reflects true market pricing and trends, the DPL™ team regularly tracks market data and macro parameters and incorporates feedback provided by authoritative sources throughout the diamond pipeline. “The DPL index shows an average increase of 2% in prices, presently, compared to those prevailing just before the COVID-19 outbreak,” added Martinez. DPL™ intends initially to publish four price list updates per year at regular intervals; however, the full methodology and number of updates will be determined in engagement with the wider industry, as the platform progresses.
In conjunction with the Diamond Price List website launch, DPL™ will also release two other ground breaking tools.
The first is a reference calculator mobile application – the DPL™ Diamond Price Calculator – which is available for download in the App Store and Google Play for all Apple and Android devices. The DPL™ Calculator helps simplify and condense the steps a diamantaire must normally take to achieve a final price. The innovative app features the ability to calculate diamond prices by selecting from a multitude of different parameters, allows the user to compare prices of various stones, view them in App, view price analytics, search GIA certificates, and makes it easy to share the most up to date results with colleagues and customers, amongst many other features.
In addition, the DPL™ will introduce a real-time global polished diamond demand and market insights report via its DPL™ Data Insights Platform. Also powered by the data set of 1.3 million diamonds and more than 1 million stone searches, this new tool will report real time industry insights on market trends, pricing and more.
The DPL™ was designed and built by an independent, dedicated team from Lucy Platforms, a leading developer of e-commerce solutions for the diamond industry. Lucy has created sophisticated, online sales and management solutions, including unique b2b e-commerce platforms, that assist diamond traders in creating and managing their online presence. DPL™’s team consists of experienced software developers and product managers as well as expert mathematicians and statisticians with vast experience in building complex systems for commercial and military use and unique technology units.