At London Diamonds, we’re always keen to utilise cutting edge technology to improve the customer experience, this is why AI has caught out attention recently.
And, as someone with a long history of investing in technology companies and a specific interest in artificial intelligence (AI), naturally our managing director James Sanders has his finger on the pulse of its potential for the industry.
The transformative power of artificial intelligence (AI)
James Sanders says: “We’re seeing the reach of artificial intelligence and machine learning in all kinds of sectors right now. The launch of ChatGPT has brought the potential of AI into everyone’s lives. And in the diamond industry, there are use cases for the technology, some of which are already underway and others that lie in the future.
“Artificial intelligence has various capabilities that could potentially revolutionise the diamond industry, specifically when it comes to grading diamonds and personalising recommendations. Below are a few ways in which AI can be used in this always involving sector.”
Artificial intelligence in the jewellery industry
- Using AI to enhance diamond grading
AI can be used to totally change and upgrade the way in which diamonds are graded. Diamond grading has traditionally relied on human experts utilising their knowledge to make crucial decisions.
Of course, all humans are subject to inconsistency and subjectivity regardless of how much experience or training they have. AI, on the other hand, can grade diamonds in a totally objective and therefore 100% accurate way.
Artificial intelligence algorithms can analyse the intricacies of each individual diamond, including carat weight, colour, clarity and cut through the use of advanced computer vision technology.
These algorithms can pick out flaws, inconsistencies and damage that are simply too tiny to be picked up by the human expert, so that the diamonds are graded in the most accurate way possible.
By cutting out even the possibility of human subjectivity, the buyer has a cast iron guarantee that the diamond is the grade that it has been allocated. They can rely on the precision of the assessments, which helps to build further trust in the market as a whole.
- AI can be used to personalise recommendations
One of things we quickly learned at London Diamonds is that every customer is different. They all want something special and unique for one of the most important purchases of their life.
And while we can always advise and show different options, AI can also leverage data submitted by the customer and personalise recommendations. AI algorithms can analyse any data set, ranging from style to budget, size to cut and more.
By understanding customer’s needs and preferences, AI can then come up with recommendations to enhance their experience. This could feasibly save the customer time and stress when choosing their engagement ring or other piece of diamond jewellery.
- Virtual visualisation and trying on
It’s also totally feasible to use artificial intelligence and augmented reality to allow a customer to ‘try on’ a ring virtually. This obviously helps them to find out what it would look like and help them make choices.
This kind of tech became more common during the pandemic, as AR and VR technologies were utilised in different industries to reach customers in lockdown. And while it’s not ubiquitous yet, it’s likely that we will see more of this technology available for online retailers of diamond jewellery.
The future of AI and the jewellery industry
James Sanders concludes: “It’s clear that there are loads of applications for AI within the diamond industry. From beefing up the accuracy and transparency of grading diamonds to helping customers choose the best option for their budget and needs, the technology has myriad applications.
“As AI continues to evolve and as people become more used to the incorporation of this kind of technology into their everyday lives, I have no doubt that we will see more and more use cases for it within the jewellery sector.”