Diamond Company needs to develop Big Data Software Analysis
We are a diamond wholesale company and are looking for new ways to analyze data and be do "Big Data analysis". We're looking for new ways on analyzing current market trends and which diamonds to invest in based on various factors.
Here's some idea of the current resources we have that we might be able to use:
- As a diamond wholesale company, we are members of an online marketplace to purchase diamonds from manufacturers located overseas. We are able to search the database to decide on what diamonds to purchase based on a number of factors: Shape, Size, Color, Clarity, Cut, Polish, Symmetry, Price per Carat and Total Price, Fluorescence, and so on...
Now our company might have specific diamonds that we want to buy based on carat weight and color and clarity (for example: 1.00 carats G color, SI1 clarity) - now the big challenge is there are numerous companies to buy a 1.00 carat G color, SI1 clarity diamond, and its not easy just to sort it by the lowest price because sometimes the lowest price has a bad measurement or has another factor that doesn't make it a good purchase.
I wanted to figure out if we can somehow develop a software to extrapolate or scrape the database at any point in time and then analyze the data by possibly putting a level of importance or value on each factor and then somehow calculating where it'll show the best diamond by ranking to buy according to every factor involved.
I think this would be really helpful for our company.
- A second thing is as a diamond wholesale company is how do we figure out what the market demand is? For example, we purchase diamonds and then sell it to retail stores that supply the customer. Currently we purchase diamonds based on our past experience and what has sold, but I don't think that is good metrics. Is there any way to figure out what are the diamond trends or what type of diamonds (shape, size, color, clarity, cut) the end customer is purchasing in the U.S. so we can have a better idea on what diamonds to invest in? Is there anyway we can analyze online some sort of data and make relevant conclusions?
Lastly, if you have any other ideas now that you have an idea about our company and what type of business we are in, feel free to suggest something that we can work on together.
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