The new Blockchain tool provides free estimates for diamonds, showing quality and provenance

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Diamonds may be a girl's best friend, but unfortunately there have been some ethically questionable practices involved in the mining process. "also known as diamonds of blood, are mines drawn in war zones and then sold to finance insurrections." For years these have been a serious problem for the diamond supply chain.

Diamonds produced are not generally problematic The diamond jewelry industry is estimated of over $ 72 billion annually.In 2016, the total value of the diamond jewelry market in the world was about $ 80.1 billion, with an increase of about one billion US dollars Unfortunately, as the world's diamond industry continues to be worth billions, consumers still have little information about where their diamonds come from, how they were produced and if a pric

To bring a layer of trust and transparency in the diamond industry, Rare Cara t just announced a partnership with the emerging independent tech enterprise , Everledger for the launch of the Rare Carat Report . This free tool uses blockchain technology and Artificial Intelligence (AI) to enable consumers to intelligently evaluate diamonds for sale anywhere in the world, both online and offline.

"Consumers are often frustrated by the lack of transparency when they purchase a diamond engagement ring. Rare Carat Report & nbsp; occupies a key role as the industry faces this problem with its new generation of buyers, helping to create trust between buyers and sellers, "said Apeksha Kothari, Rare Carat COO and fifth generation in the diamond industry.

Consumers use Rare Carat Report & nbsp; simply by entering the diamond certificate number. A report is then generated to show a detailed assessment that controls the price, strengths and weaknesses of the diamond. Price estimates and bid evaluations take advantage of the best Rare Carat data on diamond retail prices and machine learning algorithms. This estimate is analogous to Zillow's famous Zestimate, an approximation of the value of a house that uses similar statistical models.

Bringing Confidence to Consumers

In addition, Everledger's blockchain-enabled platform provides information on where a diamond comes from, satisfying a key consumer demand for trust in their purchases.

"Price comparison is one aspect of this partnership, but consumers still want to learn more, such as how a stone was made, people are sure to see other price aggregation sites on the market, but will it be enough? We are bringing a layer of trust to consumers with the Rare Carat Report "Leanne Kemp, Everledger Founder & amp; CEO, he told me.

Ultimately, the Rare Carat Report & nbsp; it is revolutionary as it allows greater transparency through the tracing of digital provenance. Blockchain technology and other scientific methods are applied here to trace diamonds across the entire supply chain to the sales network.

The diamond supply chain is complex as it must follow a series of custody events. However, it takes more than just one company to allow a transition of this across the industry. Everledger acts as the connected fabric throughout the industry. We connect each participant through the supply chain and trace the diamonds back to the source of origin up to the sales network. This is the baseline of our efforts, Kemp explained.

According to Kemp, this could also be the next killer app in terms of how consumers take advantage of blockchain technology going forward.

People generally think of the blockchain killer app for consumers from a cryptocurrency perspective. Yet Everledger is only now starting to show how the killer app might look if we act as a persuasive layer that highlights it across the industry with the elements that matter. At the moment, it's a race to produce products that are better, cheaper, faster. The reality is, however, that the next wave of real consumer applications is where the consumer can have full power in their hands to understand the total awareness of the choice.

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Diamonds may be a girl's best friend, but unfortunately, there have been some ethically questionable practices involved in the mining process. For example, "conflict diamonds", also known as blood diamonds, are the gems mined in war zones and then sold to finance insurrections. For years, these have been a serious problem for the diamond supply chain.

Diamonds produced in an unethical manner are particularly problematic considering that the world diamond jewelry industry has an estimated value of over $ 72 billion annually. In 2016, the total value of the diamond jewelery market in the world was about 80.1 billion US dollars, with an increase of about one billion US dollars compared to the previous year. Unfortunately, as the world's diamond industry continues to be worth billions, consumers still have little knowledge about where their diamonds come from, how they were produced and whether a price accurately reflects the quality of a particular gem.

To bring a layer of trust and transparency to the diamond industry, Rare Carat has just announced a partnership with the emerging emerging technology firm, Everledger, to launch the Rare Carat Report . This free tool uses blockchain and Artificial Intelligence (AI) technology to enable consumers to intelligently evaluate diamonds for sale anywhere in the world, both online and offline.

"Consumers are often frustrated by the lack of transparency when they purchase a diamond engagement ring.The report Rare Carat plays a key role as the industry faces this problem with its new generation. of buyers, helping to create trust between buyers and sellers, "said Apeksha Kothari, Rare Carat COO and fifth generation in the diamond industry.

Consumers use Rare Carat Report simply by entering the diamond certificate number. A report is then generated to show a detailed assessment that controls the price, strengths and weaknesses of the diamond. Price estimates and bid evaluations take advantage of the best Rare Carat data on diamond retail prices and machine learning algorithms. This estimate is analogous to Zillow's famous Zestimate, an approximation of the value of a house that uses similar statistical models.

Bringing Confidence to Consumers

In addition, Everledger's blockchain-enabled platform provides information on where a diamond comes from, meeting a key consumer demand for trust in their purchases.

"Price comparison is one aspect of this partnership, but consumers still want to know more, how a stone was made, people are sure to see other price aggregation sites on the market, but will it be enough? We are bringing a layer of trust to consumers with the Rare Carat Report "Leanne Kemp, Everledger Founder & CEO, told me.

Ultimately, Rare Carat Report is revolutionary as it allows for greater transparency through tracing digital provenance. Blockchain technology and other scientific methods are applied here to trace diamonds across the entire supply chain to the sales network.

The diamond supply chain is complex as it must follow a series of custody events. However, it takes more than just one company to allow a transition of this across the industry. Everledger acts as the connected fabric throughout the industry. We connect each participant through the supply chain and trace the diamonds back to the source of origin up to the sales network. This is the baseline of our efforts, Kemp explained.

According to Kemp, this could also be the next killer app in terms of how consumers rely on blockchain technology.

People generally think of the blockchain killer app for consumers from a cryptocurrency perspective. Yet Everledger is only now starting to show how the killer app might look if we act as a persuasive layer that highlights it across the industry with the elements that matter. At the moment, it's a race to produce better, cheaper, faster products. The reality is, however, that the next wave of real consumer applications is where the consumer can have full power in their hands to understand the total awareness of the choice.

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