Rapaport is revamping its products by piloting an artificial intelligence (AI) tool to provide users with advice on the diamond market, CEO Dan Mano announced Sunday.
The AI agent, which Rapaport is testing internally, combs through data to answer questions such as which diamonds to buy, how to price them, and which items have been in stock too long, Mano told an audience at the company’s annual breakfast during the JCK Las Vegas show. Mano explained that this resource is connected to data on inventory, prices, trading patterns, and searches.
“It’s like having an analyst within Rapaport that has access to all the data, and they work 1,000 times faster than a strong analyst,” said the executive, who took over as CEO from founder Martin Rapaport last year.
Once developed, the agent will be able to handle complex scenarios. For example, a jeweler who wants to know the best way to upgrade a diamond based on the stone a customer already owns or their budget. It will also be possible to perform detailed analysis of specific diamond categories, Mano added, inviting beta testers to participate in the project.
“AI should help the industry get the right answers faster,” he said. “Accurate and controlled use of real data gives our business great power.”
search question
Mr. Mano took to the stage to outline the company’s rebranding, in which RapNet, the diamond industry’s largest marketplace, will be renamed Rapaport Trade.
The company, which provides information and services to the natural diamond industry, has also made changes to the way Rapaport Trade’s search functionality works. Jeremy Werbrowski, Rapaport’s chief revenue officer, said the cheapest diamond will no longer appear at the top of the results, and instead “Best Match” will provide the most relevant stones based on a variety of factors.
“When people go to Amazon or Booking.com to find a hotel in Las Vegas, they’re not looking for the lowest price,” Werbrowski said. “That’s not what we want or what we came up with.”
The new algorithm “will be implemented as we speak,” he added. “And slowly you’ll start to notice the difference.”
Additionally, the platform groups nearly identical stones from the same seller together rather than displaying them as separate listings. “This creates a cleaner search experience, more variety for buyers, and greater visibility for sellers overall,” Werblowsky explained.
new intelligence
Other changes include improvements to chat functionality to keep all your business conversations in one place. “This means fewer scattered WhatsApps, fewer lost emails and a more secure overall transaction process,” he said. “Payments will also be connected here soon.”
A new inventory pricing tool allows sellers to compare their diamond inventory to the market. The SellerIQ feature provides information about which products are attracting the attention of potential buyers. “Think of it as LinkedIn’s ‘Who viewed your profile?'” Werbrowski continued. “We all click on it to see who’s watching us right now.”
The company is also rolling out Rapaport Polaris, a dashboard with data on pricing, inventory, and other market knowledge. Rappaport Intelligence Reportpreviously Rapaport research report.
Also announced the launch of I heard it on the streeta new video series from rapaport news Key members of the industry will appear.
veblen goods
Martin Rappaport, the company’s current executive chairman, also appeared at the breakfast to deliver his annual speech on the state of the diamond industry, arguing that companies should focus on selling to wealthy individuals.
Rappaport said diamonds are a Veblen good, a term named after American economist Thorstein Veblen for a product whose demand increases as its price rises.
“I believe natural diamonds are for wealthy people who want to spend money,” he asserted. “You can have luxury without being crazy expensive. But I think the diamond industry has gone too far.”
Young consumers will access wealth quickly when their parents pass away and leave behind an inheritance, Rappaport added. “Folks, there’s a tsunami of money hitting jewelry stores. Either you know how to get the money, or you don’t know how to get the money.”
Image: Rappaport CEO Dan Mano and Executive Chairman Martin Rappaport speak at JCK Breakfast. (Rappaport News)
