Do the 3Cs (Cut, Color, Clarity) Really Impact the Overall Pricing of a Diamond?

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Hello everyone! 

My experience in the Coding School National High School Research Program has concluded, and I've completed my research on the impact of cut, color, clarity, and carat weight on a diamond's overall value. I'd also like to extend a special thank you to The Coding School and my mentor, Sujay Shetty, for all the fantastic guidance; your help made this possible.

Why I Did This Project 

I wanted to explore product pricing and how items could be priced based on their key characteristics. While I didn't immediately think diamonds would be my topic of choice, it became fascinating once I delved deep into the subject. My dataset, sourced from Kaggle, has over 50,000 entries, making EDA incredibly worthwhile for uncovering trends. As I delved deeper into the data, my curiosity only grew, and here's what I discovered. 

What I Found

Using methods described in my paper, I found that around 90% of level changes for the 3Cs significantly affected price; however, this trend was more nuanced than the metrics suggest, with price trending downward as 3C features improved. If better clarity makes a diamond look better, shouldn't it increase the price? Even correlation metrics revealed a weaker relationship than that of carat weight, with no better than r = -0.2 for the 3Cs, compared to r = 0.92 for carat weight. Additionally, Machine Learning algorithms showed us how a computer can predict a diamond's price using training data on the 3Cs. The model showed poor predictive power, with R² values below 0.2. 

There is much more in my polished research paper. If you are interested in this topic, take a look; many visualizations offer a deeper understanding of the dataset and diamonds in general. Additionally, for more information about my project, I've included my GitHub repository, which contains the original Colab notebook detailing my entire data analysis process. I hope you enjoy!

Full Paper & Code

Research Paper: https://drive.google.com/file/d/1sqO8bb4Jl-TgHoYGltCYOxC5xzuF4Upi/view?usp=sharing

GitHub Repository: https://github.com/AvyayaJha/Diamonds-Research-Project.git







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