Currently, most jewelers track inventory on daily or weekly basis. This is often a completely manual process, which is very time-consuming, requires handling of each jewelry item, and is error-prone. Some jewelers are using barcode technology, which still requires line-of site for reading and still leads to additional, unnecessary handling of the jewelry items. For some high-end jewelers, the use of barcodes on their tags contrasts with the high-end elite message they are trying to project with their item tags.
An RFID System the an entire case/tray of jewelry can be read in a matter of seconds with no need for line-of site or handling of the jewelry item. The RFID inlay can be hidden, thus not impacting the merchandising of the high-end jewelry tags.
While some end uses search for a viable ROI in the use of RFID tracking, one application that has clear and immediate benefit is using RFID in jewelry tracking. Tracking jewelry inventory is uniquely suited to the use of RFID for several reasons:
- The high value of the jewelry items makes the loss of even one item potentially very expensive, thereby making it easy to quickly recognize an ROI.
- Since many jewelry displays are set up daily and then stored in safes in the evenings, there is ample opportunity for loss of product.
- Due to the fluctuation in jewelry value as the price of gold fluctuates; the insurance costs of inventory can vary. It is critical to maintain accurate inventory in order to maintain accurate insurance records.
- For some stores, the jewelry inventory can be consigned inventory. Again, it is critical to maintain clear records of inventory as the value of the jewelry fluctuates.
- Jewelry sales require one-on-one attention of the jewelry sales person who tends to be highly specialized. Any time a sales associate is not working on mundane tasks such as inventory tracking is time they have freed up to spend working with their customers.
- Perform daily inventories of all stores instead of once per month
- Record and monitor jewels as they come in and out of the safes and displays, in a fast, secure and reliable manner
- Eliminate gaps between recorded inventories and physical inventories
- Reduce the time to react from theft from 1 month to several hours
- Implement a seamless traceability solution
- More time spent servicing clients