Tel Aviv: UNI Diamonds, a fintech company that is fast developing into one of the most dynamic new service providers in the international diamond trade, has announced the release of a Diamond Price Calculator app, which enables its users to quickly and conveniently obtain an up-to-date price estimate for a diamond, based on the stone’s 4Cs (Carat, Cut, Color and Clarity), also taking into consideration other factors, such as fluorescence, polished grade and the laboratory issuing its grading report.
“What is unique about the UNI Diamond Price Calculator is that it provides an estimate that is not based upon a static price list, but rather on UNI’s unique Artificial Intelligence-powered pricing model, which is able to accurately estimate prices of natural polished diamonds in real time, using data stored in the company’s vast and continuously growing inventory of goods,” explains Alexander Zaidelson, Chief Product and Data Officer of UNI. “To do so, it employs a dynamic combination of state-of-the art AI algorithms, trained on actual diamond prices and sales data collected by UNI.”
In addition to the price estimate provided by the AI, the Calculator also consults the UNI inventory to show real-time information on average, minimum and maximum prices of diamonds, according to given search criteria.
Diamond industry professionals can download and use the Diamond Price Calculator app completely free of charge.
“What sets natural polished diamonds apart from other commodities is that every individual stone provides a unique set of characteristics, each of which influences its asking price,” notes Mahiar Borhanjoo, CEO of UNI. “To date, members of the industry have calculated prices using complicated price lists, which are supposed take these elements into account, but they are only updated periodically, and their sources of market data are opaque at best. Thus developed a system by which dealers typically discount the prices on the price list, taking a leap of faith each time that they do. The UNI Diamond Price Calculator is designed to provide an efficient and practical solution to their predicament, and to reduce the level of risk that inherently has existed in natural polished diamond transactions. This data is based on our interpretation and measurements of the market data and we are excited to share it with the diamond industry.”