Diamond Price Prediction

How Precious?

Estimate the value of items with ensemble ML models.

One of the important questions that the business world is looking for answers to is how much their products are worth?
Both sellers and buyers want to know the true value of their goods. Especially if you are a seller, the value of the product you will sell to the customer will ensure that you do not lose money and become more reliable in the market. There are many parameters that affect the price. In the light of the available data, we found that by examining the dependent and independent variables that affect the price, we can obtain very highly accurate estimated prices with ensemble machine learning models.
In this project called “How Precious”, we took as an example the diamond prices, which are of great importance in the jewelry industry and also for markets. We tested how we can calculate the price of this product with high accuracy, which is very important for the jewelry industry. For this purpose, we used ensemble machine learning models.

Taking into account the 9 basic properties of diamonds (carat, cut, color, clarity, depth, table, x, y, z dimensions, and price), we have implemented ensemble machine learning libraries, Ada Boost Regressor, Random Forest Regressor, and Gradient Boosting Regressor, which have the scikit-learn API support, on the available 53940 pc diamond data.
The result that we can build a trained model with ensemble machine learning models learned from the great diamond data we have is 98 percent accuracy. 😊
You can learn the value of your diamonds here by trying the trained model results here.
You can view the results of data analysis and applied models on the data from this link.
If you are looking for more, and wonder about other product estimates then, contact me.