The Diamond Price List (DPL™) has launched — a transparent, interactive, objective and accurate list of polished diamond prices.
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. Utilizing these technical advancements ensures 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.
The DPL™ has been developed by an independent, dedicated team of scientists and mathematicians from Lucy Platforms (www.lucyplatforms.com).
“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 pre-process 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 the App, view price analytics, search GIA certificates, and makes it especially easy to share the most up to date results with colleagues and customers, amongst many other features.
In addition, the DPL™ will introduce the first ever, real-time global polished diamond demand and market insights report via its DPL™ Data Insights Platform. Also powered by the largest available 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 Diamond Price List™ has been developed by an independent, dedicated team of scientists and mathematicians from Lucy Platforms (www.lucyplatforms.com).