The natural diamond industry is making use of AI. New York-based company Rare and Forever is using AI to bring consistency to the grading of natural diamonds by offering a new service to retailers, helping them compete with online and lab-grown diamond sellers. YPulse research shows diamond alternatives have grown more popular among young consumers: our Weddings report data found that 70% of Gen Z and Millennials agree it doesn’t matter if the diamond on a ring is lab-made and 75% agree it’s more important that the ring is unique. The company found that traditional manual grading methods have resulted in inconsistencies, impacting the industry, but implementing AI tech will be able to provide accuracy and consistency, now that it’s not subject to human error or bias. Rare and Forever is now using language models to train the AI, comparing thousands of diamonds and classifying them based on various criteria. Plus, AI grading will also be able to expedite traceability efforts in the industry. (Glossy)
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