Thanks to the engagement ring, many people will buy or wear a diamond in their lifetime – yet most will do so having little knowledge of what they're actually purchasing.

US diamond advisors Rare Carat and UK tech company Everledger have teamed up to create the first free tool for consumers to intelligently evaluate diamonds for sale both on and offline.

The Rare Carat Report lets consumers enter a diamond’s certificate number and uses artificial intelligence to create an assessment that checks the diamond’s price, strengths and weaknesses, allowing consumers to buy with confidence.

 Everledger’s pioneering blockchain-enabled platform will also provide information on the diamond’s provenance, fulfilling a key consumer demand for ethically sourced stones.

The price estimate and deal ratings use Rare Carat’s data set on diamond retail prices and proprietary machine learning algorithms.

“By enabling greater transparency with digital provenance tracking, consumers are able to have confidence in the authenticity and responsible production of the diamond that they purchase,” said Everledger founder & CEO Leanne Kemp.

“With this, the diamond’s value is also protected and consumers can directly benefit from our emerging technology solution.

“We are pleased to collaboratively provide this industry-first value-add for the diamond industry and will continue to lead the way in driving next-generation digital standards.”

Rare Carat COO, and fifth-generation in the diamond industry, Apeksha Kothari said: “Consumers are often frustrated by a lack of transparency when buying a diamond engagement ring.

“The Rare Carat Report fills a key role as the industry addresses this problem with its newest generation of buyers, helping build trust between buyers and sellers.”