A state-of-the-art radio frequency identification (RFID) technology is revolutionising the global jewellery industry by making manual counting of inventory and products passe.
It offers a real-time and cost-effective solution to manage and track the inventory of millions of pieces of jewellery among many other applications.
Tagit, a Dubai-based firm, is part of the RFID revolution and is currently implementing solutions across a range of jewellery stores in the Middle East, India and Europe.
Typically RFID tags and inlays are used to solve issues like, in supply chain management, airline baggage handling, industrial logistics, pharmaceuticals and healthcare, brand protection, libraries and media management.
To date, the company has tagged more than five million pieces of jewellery with customer bases in eight countries and more than 500 live sites.
Tagit RFID Sales Director, Hassan Bin Jamil, said there are innumerable benefits of implementing RFID solutions for jewelry and diamond businesses.
"In the diamond and jewelry industry, it is essential to maintain an accurate and reliable stock. However, outdated practises, which comes with human error, can never give exact and reliable figures. Manual stock counting exercise wastes a lot of time, which eventually leads to an inefficient and unproductive workforce. This is where RFID technology can revolutionise businesses by quickly and accurately tracking inventories," Jamil said.
Recent findings by IDTechEx Research show that the demand for RFID technology is growing rapidly across the globe with the market predicted to triple in 2020 to USD 23.4 billion from USD 7.88 billion this year.
By 2024, RFID the business will have grown another 29 per cent to USD 30.24 billion and will play a role in almost every industry.
