Assessing diamonds on the parameters of price, color, carat, cut, clarity, fluorescence, Rocky enables customers to compare the price of diamonds across various online retailers, like Brilliant Earth, Costco and Blue Nile to get the best deal.ĭiamonds are hard but buying them shouldn’t be. The conversational bot is powered by IBM Watson services from their development cloud and is available at Rare Carat’s website.Īptly named Rocky, the chatbot offers rock-solid shopping tips to customers, just like a certified gemologist. In February 2017, Rare Carat introduced the world's first AI chatbot that helps customers through the purchase of a diamond. The startup is conquering new frontiers in customer innovation by pioneering the use of AI in diamond purchasing. Rare Carat has adopted this as its guiding philosophy. Stanley Marcus, the founder of American department store Neiman Marcus, once famously said: There is never a good sale unless it’s a good buy for the customer. Online comparison shopping lends itself suitably to purchasing diamonds.With that in mind, we wanted to educate the customer through the entire purchasing process,” he states. He won’t buy a shampoo on Amazon unless it has 4 stars. The millennial consumer who is savvy is used to comparison shopping. Most value-conscious consumers do a long intensive research online before splurging on the rock. “We found that diamonds are a heavily researched category. It offers prospective buyers, a platform for comparison shopping and price transparency by connecting them to diamond retailers.
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To be precise, it is a marketplace for diamonds, connecting consumers to major online and offline retailers. It just sends you to trusted retailers who do. Rare Carat does not stock or sell diamonds. The business model was born out of Anand’s personal experience and need gap analysis. This thought- more a realization was the genesis of Rare Carat. They take advantage of the customer’s inexperience and lack of research, use pressure tactics and eventually make you pay an eye-popping amount,” says Ajay Anand, Founder of Rare Carat. “The luxury jewelry brands are infamously opaque. Premier jewelry retailers like Tiffany’s offer a sparkling fare but they charge an astronomical amount of money. But how? Especially, when the entire purchasing process is laced with information asymmetry.
Sure, they want to get their money’s worth. And most likely, they are coughing out three months’ salary on the purchase.
They are only buying it out of social obligation. They know next to nothing about the product. For most people, it is one of the most expensive purchases of their life, after a house and a car.
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