Diam book is a product developed for the diamond manufacturers specifically,to ease their operations.
Business Issues
The diamond trader purchases either a rough stone or a polished clubbed stone. Before selling the stone to the manufacturer or, before going ahead with in-house manufacturing, the trader has to sort the diamonds based on the different parameters. There are several excels available describing the parameters. The diamond trader has difficulty recording these excels and managing them.
When selling to the manufacturer, the trader has to ensure that the value and carat of the diamonds match. When the diamonds are purchased in bulk, there are chances that some of the diamonds don’t match the yield determined by the trader. This mismatch can cause a loss to the trader or the manufacturer.
When the manufacturing issue is received, the trader has to shell out labour charges. These charges are determined per carat or per piece. This process of managing the labor charges is carried out manually, which causes increase in the delay.
The stones can be purchased either in the domestic markets or international markets. If the trader is importing diamonds, they need to take into account the conversion charges, the custom import rates, the taxations of the international markets etc. This is a manual process, which can cause a lot of errors. Sometimes, the currency conversion, or other values are not taken into account, which can cause an error in calculation.
Some of the stock is either not processed at the manufacturer’s end or does not go into manufacturing. This stock is not managed by the inventory and the trader is not aware of this stock
As mentioned earlier, every diamond has several parameters. What parameter plays a major role in the valuation of the diamond is important in calculating the selling price. These parameters not only help in valuation but also help in certification process of the diamond
Adding the diamonds to Rapaport, the international benchmark, and other benchmarks meant adding excels, adding the prices etc. This was done manually, which took a lot of time and included a lot of effort.
The Solution
The Diam book is the solution we offer the diamond traders
The traders can assort their rough/loose stones based on the algorithms defined in the system. These help maintain a record of the stones purchased and create a note for every diamond purchased
Before selling the diamond, the trader can value the diamond, and also put a price to the carat. The system will help value the diamond bought
The labor charges are managed by the system whether it is per carat based or per piece based labor charge
The taxation and other charges that come along with purchase of the diamond is defined into an algorithm, which is dynamic. So, based on the market from which you are buying, these taxation and other valuation is done, and the final price quoted by the system
The system will keep a record of the diamonds that have been processed, that cannot be processed and that will not be used by the manufacturing department to convert into the polished stones
There are 70+ parameters for the diamond. The system allows in-house people to predict the parameter that will shine and be responsible for the diamond valuation. The system will also allow the trader to fit in up to five predictions. You can even get predictions from your manufacturer. Based on the predictions and the actual output, a comparison is done, which helps in future predictions and valuations.
The system allows you to mention the price for the parameters along with the discount pricing suggested by the Rapaport. The system will integrate the pricing mentioned on Rapaport to offer real-time pricing, and discounts. When the pricing changes for the diamonds on Friday, the system will induce discounts into the algorithms to make sure the value of the diamond does not change.
When the manufacturing is received, there is plus size and small size
Selling the small size requires the cost price, the labor charge and other admin charges to determine the selling price
However, when you are determining the selling price for the plus size, you need to check for the 70 paramaters along with the certification received by the diamond.
The system fetches the certified diamond data to help in determining the selling price for the diamond. These certifications help know the diamond parameters that are important can even get predictions from your manufacturer. Based on the predictions and the actual output, a comparison is done, which helps in future predictions and valuations.
The diamond trader purchases either a rough stone or a polished clubbed stone. Before selling the stone to the manufacturer or, before going ahead with in-house manufacturing, the trader has to sort the diamonds based on the different parameters. There are several excels available describing the parameters. The diamond trader has difficulty recording these excels and managing them.
When selling to the manufacturer, the trader has to ensure that the value and carat of the diamonds match. When the diamonds are purchased in bulk, there are chances that some of the diamonds don’t match the yield determined by the trader. This mismatch can cause a loss to the trader or the manufacturer.
Results
The company has improved the bookings by multiple manifolds since the system was created
The number of conversions have gone up as against the number of dismissals
The company has held 7 successful events since the system went on floor.
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