Instant, Online Appraisals For Certified Diamonds
In my last blog, I wrote about the difficulties in expanding my algorithm to included diamonds with independent lab reports. Since the early 2000s, most upstanding jewelers have began selling only certified diamonds (or diamonds with an independent lab report). I suggest when buying a diamond to only buy one that is certified by someone other than the retailer. The problems I wrote about in my last blog is predict the quality of cut for fancy-shaped diamonds. The basic parameters listed on a GIA or EGLUSA certification do not give enough descriptive information to assess the quality of the cut. For the record, I had an idea about how to predict cut when I was writing that blog. I am happy to be writing this one now too.
Last week, when running through different scenarios in R, the statistical program I use to do the sophisticated math, I found a method that did a relatively good job. It is complicated but relies on predicting the cut using one model and inserting that predict cut into another model that predicts price.
Even though the variable quality of cut held up making the model, it is not the only new parameter. Now, in order to get a quote on a diamond with a certification, you will need to know the quality of cut but also the diamond’s fluorescence and of coarse who certified it. Click here to visit the diamond price calculator.The model recognizes the following independent labs: GIA, AGS, IGI, EGLUSA, HRD, and a category for other. The cut grades include (from highest to lowest) excellent, very good, good, and fair. Fluorescence follows GIA’s scale, which seems to standard: none, faint, medium, strong, and very strong. Although the fluorescence color is important for appearance purposes, the intensity is more important.
Having an instant online appraisal for certified diamonds is unique to SellMy.Jewelry. We only sell certified diamonds; thus, we love to buy them from individuals. We offer a premium on GIA certified diamonds because those diamonds tend to be the higher quality and it reduces the risk for us significantly. GIA’s grade standards (at least in the California lab) are quite stringent, so knowing the grade allows us to make a better offer.