Everledger Developing Diamond Assessment Tool

A search and advice solutions company, Rare Carat has announced a new collaboration with Everledger, a tech company, in a new effort to create a tool aimed at assisting customers in analyzing and assessing diamonds for properly researched sales. The new Report tool will permit users to determine the quality of diamonds, origin points and their retail value set to be constructed on Everledger’s blockchain.

The Solution

Apart from blockchain, the new Rare Carat tool will also integrate AI-tech, enabling users to inspect a certification number related to each diamond and any vital data like its value and the pros and cons to each product. The Chief Operating Officer of Rare Carat, Apeksha Kothari, a common frustration among users due to the restricted transparency provided during the purchase of a diamond ring. The new tool picks up an extremely important part within the industry to tackle this complication and build a more trusted relationship between merchants and buyers.

By inputting a diamond's serial number, a user will be able to view its price, the maximum value attributed through algorithms to generate the price and its rating, essentially whether the quality of a diamond is good or not as determined by the new Report tool. Additionally, the origin points and history of each diamond will be displayed as well.

The Chief Executive Officer of Everledger, Leanne Kemp, has stated that through providing better and more efficient transparency with virtual origin tracking, buyers will build more trust with merchants through authentication and honest diamond production with each purchase. In this manner, a diamond’s worth is guarded and any buyer will see instant benefits from utilizing the new tool.

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