The main factor affecting price is the carat. In this post we shall evaluate how the two factors fare.
PRICE VS CARATS
OBSERVATION: As the value of carat increases, the price goes up. The line of regression is quadratic. Thus, price is affected by carat including other factors as well.
OBSERVATION: Upon further scaling, we see that observation 1 is turning out to be true, for a given value of carat the price varies.
The graph below shows how it varies according to clarity.
OBSERVATION: We see that diamonds with higher clarity index from blue to purple, have higher prices in comparison to the diamonds with low clarity index. Hence, clarity index affects the value of price, at a given carat.
The graphs below show various of price VS carat, with variation in color, cut and clarity receptively.