Technology Helping the Diamond Sector March to a More Secure FutureJuly 12, 18
If there is any doubt that the global diamond industry cannot avoid adopting a technological approach in order to survive in the future, three news items this week joined the many others in the past several years in showing that this is a false approach. Interestingly – but perhaps not surprisingly given its ‘Start-up Nation’ reputation – two of the news pieces relate to Israeli companies.
The first item relates to news from the Israel Diamond Exchange (IDE) that its technological incubator, Diamond Tech, has signed an agreement to host Israeli start-up Inova Diamonds Ltd. Inova Diamonds develops technological solutions for online marketing of diamonds and jewelry using augmented reality (AR). The new technology that is being developed will enable customers to virtually “try on” diamond rings and jewelry using computerized imaging.
The latest news also points to the importance of Diamond Tech which was launched by the IDE earlier this year to host and support early stage start-ups that develop technologies to advance the diamond industry. Among the start-ups being considered are projects dealing with robotics, lasers and other advanced technologies for diamond manufacturing, artificial intelligence, innovative marketing platforms. The IDE stressed that the technologies developed at Diamond Tech will serve, first and foremost, the Israeli diamond industry.
The Diamond Tech incubator is part of a strategic effort on the part of the IDE to bring together the innovative creativity of Israeli start-ups and the talents of the Israeli diamond industry. As IDE President Yoram Dvash commented, “The establishment of the innovation center is part of a comprehensive technological revolution that we are bringing to the diamond exchange. Israel is a trailblazer in developing new technologies, which puts us in an ideal position to lead the diamond industry in new directions. IDE is investing significant resources to ensure the success of these start-ups and their contribution to the diamond industry.”
Meanwhile, Diamond Tech Director Hana Toledano said, “The innovation center is seeking the start-ups that bring the newest and most exciting technologies to the world of diamonds. This is the way to ensure the continued growth and success of this outstanding industry.
The second news item relates to a development previously reported but now officially working, as Sarine Technologies Ltd held a celebratory event to mark the official opening of its Technology Lab in Mumbai, India.
The lab will bring an AI (artificial intelligence) technology-based approach to the grading of diamonds, providing – the firm says – a more consistent approach to the business.
David Block, Sarine Group’s CEO, said, “Objective grading reports play a significant role in our industry, enabling efficient trade and empowering consumers to purchase with confidence. We are proud to lead the technological evolution in this area that will significantly improve accuracy and repeatability. The India lab opening is an important and exciting milestone for Sarine that has been continuously supporting the Indian leadership in diamond manufacturing and trading for the last three decades."
Of course, it’s not just Israeli high-tech firms that are working to bring technological solutions to the diamond business. The Carat+ Show in Antwerp in May featured a Hackathon with young people proposing technological solutions. And India, with its vast pool of young talented technology-minded workers, will surely also produce ingenious solutions for its huge diamond processing trade.
At the 7th Forevermark Forum - ‘The Future is Now,’ which took place this week in Delhi, the highlight was the presence of “Sophia”, an advanced social humanoid robot developed by Hong Kong-based company Hanson Robotics. Sophia, modeled after actress Audrey Hepburn, is known for her human-like appearance and behavior. Sophia expressed her ability to participate in the whole process of selecting a Forevermark diamond and identifying its characteristics with Stephen Lussier, CEO Forevermark and Sachin Jain, President, Forevermark.
Sachin Jain, President, Forevermark, said Sophia embodied the theme of the Forevermark Forum. “Technology has been the driving force for us at Forevermark and, which we know is evolving as fast as it is going obsolete. Through this year's theme we wanted to showcase a glimpse into everything the future holds, and Artificial Intelligence is definitely going to be a huge part of it.”