Importance of Technology Implementation
Geneva April 2011
The diamond supply chain is an impressive series of linked steps and markets starting with retrieval of rough stones from mines, and ending with the delivery of beautiful gems to the final consumer. The entire process involves many stages, companies, transactions,people, and movements of high value stones between global locations. To manage this process companies until now have largely relied on layers of manual and barcode procedures. This results in inefficiencies, lack of control, human errors and delays, confusion, poor customer focus and responsiveness, and increased costs.
However changes and pressures in the industry are compelling these companies to increasingly look to other technologies and processes to be updated and modernized through the use of technology and further automation. Radio Frequency Identification (RFID) is one such technology that can and is revolutionizing the diamond supply chain. It is anticipated that technology and automation will be employed at various and numerous points in this supply chain. The adoption of this technology will occur at different times for different stages and processes of the supply chain, but ultimately all these technologies will converge, linking with and between each other to transform the diamond industry supply chain.