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Rare Carat partners with Everledger to launch the first digital tool to check diamond price, quality and provenance

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Rare Carat partners with Everledger to launch the first digital tool to check diamond price, quality and provenance

PR Newswire

NEW YORK and LONDON, Aug. 9, 2018 /PRNewswire/ -- Rare Carat, America's #1 source of unbiased diamond advice for over $1b of diamond shoppers annually, has partnered with Everledger, an independent emerging technology enterprise, to launch the Rare Carat ReportTM, a free tool for consumers to intelligently evaluate diamonds for sale anywhere, online or off.

The Rare Carat Report is the first consumer tool to check diamond price, quality and provenance.

To use the Rare Carat ReportTM, consumers simply enter a diamond's certificate number. Through the use of artificial intelligence, the report will return an assessment that evaluates the diamond's price, strengths, and weaknesses, allowing consumers to buy with confidence. Everledger's pioneering work with its blockchain-enabled platform will provide information on the diamond's provenance, fulfilling a key consumer demand.

The fair price estimate and uses Rare Carat's industry-best data set on diamond retail prices and proprietary AI machine learning algorithms detailed here. This estimate is analogous to Zillow's famous ZestimateTM, an approximation of a home's value that leverages similar statistical modeling. In fact, Rare Carat's accuracy in predicting diamond prices exceeds Zillow's accuracy in predicting home prices, as measured by the median error rate.

Apeksha Kothari, Rare Carat COO and fifth-generation in the diamond industry, states "Consumers are often frustrated by a lack of transparency when buying a diamond engagement ring. The Rare Carat ReportTM fills a key role as the industry addresses this problem with its newest generation of buyers, helping build trust between buyers and sellers."

Leanne Kemp, Everledger Founder & CEO states, "By enabling greater transparency with digital provenance tracking, consumers are able to have confidence in the authenticity and responsible production of the diamond that they purchase. With this, the diamond's value is also protected and consumers can directly benefit from our emerging technology solution."

"We are pleased to collaboratively provide this industry-first value-add for the diamond industry and will continue to lead the way in driving next-generation digital standards."

The tool is available for free online and can be accessed here.

About Rare Carat
Dubbed by Forbes as "Kayak" for diamonds, Rare Carat is America's leading source of unbiased diamond advice, powering millions of diamond searches, and hosting over $1b of shoppers annually. It is pioneering the use of artificial intelligence, machine vision, and machine learning to help diamond shoppers buy more intelligently and confidently, and to instill confidence in smaller online and local jewelers.

About Everledger
Founded in 2015, Everledger is an independent global emerging technology enterprise. It is focused on creating and maintaining ecosystems of trust to address real-world challenges. Incorporating a rich forensic approach to identify and track assets, Everledger delivers the transparency and confidence needed to bring global stakeholders together. First established in tracking diamond provenance, Everledger has become a global leader in digital provenance.

For Rare Carat press inquiries, contact Jenny Beres, +1 941 993 7222 or jenny@rarecarat.com

For Everledger press inquiries, contact Candice Teo, +33 6 58 59 95 97 or media@everledger.io

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SOURCE Rare Carat

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