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Diamond Price Prediction System Report-1

1) The document describes a project that uses machine learning techniques to predict diamond prices based on attributes like carat weight, cut, color, and clarity. 2) A custom multiple regression model is developed and trained on a dataset containing diamond characteristics and prices to forecast prices. 3) The model is evaluated using metrics like R^2, MAE, MSE, and RMSE which indicate it shows promising results in predicting diamond prices with a good balance of bias and variance.

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720 views5 pages

Diamond Price Prediction System Report-1

1) The document describes a project that uses machine learning techniques to predict diamond prices based on attributes like carat weight, cut, color, and clarity. 2) A custom multiple regression model is developed and trained on a dataset containing diamond characteristics and prices to forecast prices. 3) The model is evaluated using metrics like R^2, MAE, MSE, and RMSE which indicate it shows promising results in predicting diamond prices with a good balance of bias and variance.

Uploaded by

princezaid2013
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Project

Artificial Intelligence Theory

Submitted To:
Khalid Ijaz

Submitted By:
Wasiq Majeed
F2022376102

Rehan Khan
F2022376091

Ali Asjad
F2022376113

School of Systems and Technology (SST)


Diamond Price Prediction System

Abstract:
In the fascinating world of gemstones, diamonds hold a unique allure. My project delves into predicting
diamond prices using machine learning techniques, with a focus on creating a model that can accurately
estimate a diamond's market value based on its various attributes. Utilizing a comprehensive dataset
encompassing factors like carat weight, cut, color, and clarity, this system employs a custom Multiple
Regression model to forecast prices. This approach not only demonstrates the practical application of
machine learning in a commercial context but also offers insights into the complex dynamics of diamond
valuation. The project stands as a testament to the convergence of data science and gemology, paving
the way for more informed and data-driven decisions in the diamond industry.

Introduction:
Diamond pricing is a nuanced field influenced by numerous factors, including physical attributes and
market dynamics. This project aims to unravel these complexities through a data-driven approach,
utilizing a detailed dataset capturing various characteristics of diamonds. By employing machine learning
algorithms, the study provides a systematic method for predicting diamond prices, offering valuable
insights for both consumers and industry professionals.

Data Overview:
The dataset includes attributes like carat, cut, color, clarity, depth, table, price, and dimensions (x, y, z).
It's used to understand diamond pricing.
Exploratory Data Analysis:
Exploratory analysis involved visualizing relationships between different features and price. Pair plots
and regression plots provided insights into how attributes like cut, color, and clarity influence price.

Feature Engineering and Selection:


The correlation matrix was essential for identifying features significantly correlated with price. This
guided the selection of features for the model.
Model Development:
The CustomMultipleRegression model, a variant of multiple linear regression, was developed to predict
prices. This model accommodated both numerical and encoded categorical features.

Model Training and Evaluation:


The model was trained on a standardized dataset, and its performance was evaluated using metrics like
R^2, MAE, MSE, and RMSE. This helped assess the model's accuracy and error rates.
Results:
The custom model showed promising results in predicting diamond prices. The evaluation metrics
indicated a good balance between bias and variance.

Conclusion:
This project successfully applied machine learning to predict diamond prices, offering a valuable tool for
the diamond industry. It demonstrates the potential of data-driven approaches in complex valuation
tasks.

Future Work:
Future work may involve using more complex models, incorporating additional data, and applying cross-
validation techniques to enhance the model's robustness and accuracy.

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