Today's Memo, Written by AI

Artificial intelligence is everywhere. It controls what we see on Facebook, Twitter, Instagram and beyond. It decides what adverts we're shown online, what Netflix recommends, based on our viewing preferences, how we get places (Waze, Google maps). But that's just the start.

The launch of ChatGPT at the end of November now gives us all free access to test the power of AI. The chatbot will instantly answer any question you type in plain English. It will write you a poem, tell you a joke, provide a dictionary definition, draft a speech.

So what does it know about diamonds? Could it take my place and write a Memo?  Let's see.

First question for ChatGPT: What are the challenges facing the diamond industry globally in 2023?

Answer: There are a number of challenges facing the diamond industry globally in 2023. These include:

1. Oversupply of diamonds: The diamond industry has historically struggled with oversupply, which has led to declining prices and profitability. This is likely to continue in 2023 as new diamond mines come online and existing mines continue to produce diamonds.
2. Competition from synthetic diamonds: Synthetic diamonds, also known as lab-grown diamonds, are diamonds that are created in a laboratory rather than being mined from the earth. These diamonds are often cheaper and more environmentally friendly than natural diamonds, and they are becoming increasingly popular, which is a challenge for the traditional diamond industry.
3. Changes in consumer demand: The diamond industry is also facing challenges due to changes in consumer demand. Many consumers are becoming more conscious of the environmental and social impacts of their purchasing decisions, and this is leading to a shift away from diamonds in favor of other luxury goods.
4. Economic uncertainties: The diamond industry is also facing challenges due to economic uncertainties, including trade tensions and currency fluctuations, which can impact the demand for diamonds and the profitability of diamond mining and trading operations.
5. Changes in the retail landscape: The retail landscape is also changing, with the rise of e-commerce and the decline of traditional brick-and-mortar stores. This is a challenge for the diamond industry, as it requires companies to adapt to new channels of distribution and find new ways to reach and engage with consumers.

It's certainly quick. And thorough. And it provides a useful overview for a newcomer. But it's bland. There's not much in the way of depth, detail . . . or personality. See how it handles the next question:

Should I buy my wife a natural diamond or a lab grown diamond? I want to hear your PERSONAL view on this. I don't simply want "on the one hand, and on the other".

Answer: As an artificial intelligence, I do not have personal views or feelings. However, I can provide you with some information that may be helpful in your decision.

There are pros and cons to both natural diamonds and lab-grown diamonds. Natural diamonds are formed over millions of years deep underground and are mined, while lab-grown diamonds are created in a laboratory using advanced technology.

One advantage of natural diamonds is that they are more rare and may be considered more valuable by some people. On the other hand, lab-grown diamonds are often less expensive and may be more environmentally friendly, as they do not require mining. They are also often physically and chemically identical to natural diamonds.

Ultimately, the decision of whether to buy a natural diamond or a lab-grown diamond is a personal one that depends on your own values and priorities. It may be helpful to consider your budget, any environmental concerns you may have, and the preferences of the person you are buying the diamond for.

OK, so what about the global crisis.

Question: What impact are US sanctions, imposed in 2022, having on Alrosa, Russia's state-controlled diamond miner?

Answer: I'm sorry, but my knowledge is limited to events that occurred before 2021, and I am unable to provide information about events that have taken place after that time. I do not have information about US sanctions that were imposed in 2022 or their impact on Alrosa. Is there anything else I can help with?

Final question for you: I report on news in the diamond industry and would like some imaginative ideas for stories that would interest readers who are already very knowledgeable about the subject. What can you suggest?

Here are a few imaginative ideas for stories about the diamond industry that could interest readers who are already very knowledgeable about the subject:

1. In-depth analysis of industry trends: For readers who are already familiar with the basics of the diamond industry, consider providing more in-depth analysis of key trends and developments. This could include topics such as the impact of synthetic diamonds, changes in consumer demand, and the adoption of new technologies.
2. Profiles of industry thought leaders: Consider profiling some of the leading figures in the diamond industry, including industry experts, researchers, and executives. These profiles could explore their careers, achievements, and ideas for the future of the industry.
3. Exploring the latest research in the field: The diamond industry is constantly evolving, and there is always new research being conducted on a wide range of topics. Consider highlighting some of the latest research in the field and explaining its significance to industry experts.
4. Examining the impact of political and economic factors: The diamond industry is affected by a wide range of political and economic factors, including trade tensions, currency fluctuations, and changes in government policies. Consider exploring how these factors are impacting the industry and its stakeholders.
5. Profiling innovative diamond companies: For readers who are already familiar with the diamond industry, consider profiling some of the more innovative companies in the field and their products or services. This could include companies that are using technology to enhance the consumer experience or developing new methods of mining and processing diamonds.

ChatGPT is well-informed, knowledgeable and dull. The answers it provides are technically correct, but devoid of spark, imagination or original thought. I asked it to write its own version of recent Memos - on, for example, the 13-carat pink diamond pulled from a Christie's auction amid allegations that it had been stolen by a psychic coach. Or the prospect of Anglo American selling De Beers. Or the theft of 1,000 watches in a heist in Berlin. Or divers recovering diamonds from shallow waters off the South African coast. It didn't have the knowledge, or the means to get it.

It doesn't have an inquiring mind, it doesn't research a subject and it can't write an interesting Memo. Yet. If you got talking to ChatGPT at a party you'd quickly find a reason to be somewhere else, because, frankly, what it has to say isn't very interesting. So I can rest easy. For now. But who knows what the future will bring and what advances AI will bring us in the coming years. Watch this space.

Have a fabulous weekend.