Digitization being the talk of town, different industries are coming up with new ways to inculcate the trend. Taking note of this, diamond industry has also found out ways to please the customer with their increasing demands. Rare Carat, a New York based startup recently launched an Artificial Intelligence Jeweler – ‘Rocky‘.
Rocky is a chatbot that uses IBM Watson services from their developmental cloud. This conversational bot is brain child of Ajay Anand, who found himself lost and irritated while buying a diamond ring. He was surprised to find that nobody had come up with this idea.
Rare Carat is part of IBM’s Global Entrepreneurship Program. It associates with AI technology and uses a mathematical filtering technique to help a buyer effortlessly browse through various price ranges depending on the required carat, cut, colour and clarity of the diamond. IBM Watson’s technology gets this data from 4 months of data generation by Rare Carat. The data is generated from more than 500,000 user searches and 50,000 messages the company had exchanged with users in the span of four months. The generated data also includes 10 million data points on diamond prices and parameters.
Ajay Anand, CEO of Rare Carat, defines Rare Carat as the ‘Kayak for Diamonds’ (Kayak is the travel meta search engine). He explains that the bot is designed to answer any queries with respect to the 4Cs of diamonds and provides with an option to buy a ring at the best price.
Ajay says, “We’ve found that diamonds are a uniquely good fit for the medium, particularly given the very structured decision process which follows the famous 4 Cs of diamonds: Carat, Cut, Colour, and Clarity. Rocky has proven to be an expert in the diamond buying decision process helping our beta testers makes the best decisions possible.”
Online pricing will create a transparent pricing market, which is otherwise opaque and high priced. IBM Watson’s technology will direct customers to online retailers, which sell at 30-35% of lower price compared to brick and mortar jewelers.
Further, Rare Carat is planning to device Rocky to read grading reports with the help of Watson’s additional services – Watson vision. Rocky is said to be programmed to learn from its conversation, which gives customers a diamond expert at the comfort of their laptops and smartphones.