Inventory management for Gems and Jewelry business is a crucial aspect, where thousands of pieces of high-value jewelry and stones need to be carefully stored and recorded. Despite its criticality, in most parts of the world the process of sorting, counting, storing and recording at local jewelers is carried out manually. Such a practice not just raises the risk of human error whose repercussions can be financially significant but it also leads to huge wastage of time and efforts making the system inefficient and unproductive. Thankfully, Radio Frequency Identification (RFID) technology comes to rescue.
[Image Courtesy: RFID Journal, TJC]
RFID has since long been used for supply chain and inventory management in several industries including airline baggage handling, pharmaceuticals, logistics, media etc. and have helped processes to become robust and agile. RFID adoption globally is expected to triple from USD 7.88 billion this year to USD 23.4 billion by 2020, as per IDTechEx Research.
A Dubai based company – Tagit, is developing and implementing RFID solutions for jewelers in Middle East, Europe and India. With more than 500 sites for customers in 8 countries, Tagit has tagged 5 million pieces of jewelry till date using its RFID solutions. There are though several other technology providers offering similar solutions.
[Image Courtesy: EPROJETECH]
By adopting technologies like RFID, jewelers can immensely benefit from accurate and reliable inventory management and significant improvements in efficiency and performance.
[Cover Image Courtesy: RFID Expert]