New Diamond Tech Aims To Reduce Costs, Raise Online Transparency

Technology
07/12/2015 11:19

Israel-based Tweezar is a startup company that is trying to disrupt the global diamond trade by means of a new diamond imaging device. The device takes a high-definition image of a diamond, and merchants can then use the Tweezar app on their smartphone, which has embedded optical character recognition (OCR) technology, allowing them to scan the diamond’s certificate from the Gemological Institute of America (GIA) or the International Gemological Institute (IGI). After all parameters are complete, the high-definition images of the diamond as well as its accompanying certificate are ready to be uploaded on ecommerce sites. Founder of the company Carlo Rubinstein says that the normal process for selling diamonds on the Internet is “antiquated, obsolete, and inefficient. We’re making it much more efficient and transparent." Rubinstein says that by cutting out the middlemen, the device will lower costs and the price of diamonds signficantly while retaining transparency and consumer trust.