Machine Learning Algorithms for Diamond Price Prediction

Abstract

Precious stones like diamond are in high demand in the investment market due to their monetary rewards. Thus, it is of utmost importance to the diamond dealers to predict the accurate price. However, the prediction process is difficult due to the wide variation in the diamond stones sizes and characteristics. In this paper, several machine learning algorithms were used to help in predicting diamond price, among them Liner regression, Random forest regression, polynomial regression, Gradient descent and Neural network. After training several models, testing their accuracy and analyzing their results, it turns out that the best of them is the random forest regression.