What’s revolutionary about RFID is that it allows for multiple items to be scanned and identified virtually simultaneously, eliminating the need to scan each item individually. The information carried by a chip and its associated ID can also contain comprehensive information about the related item, from when and where it was bought, to its price and weight.

RFID technology has been around for more than 10 years but has been previously limited to use on a larger scale for identifying containers and pallets of goods. TracTech™ is one company that is applying the technology to the jewelry and diamond industries. The company’s RFID inventory-management system enables a group of items to be placed in a specially designed bin, which is then put inside a reader.

“When I show it to people, their reaction is ‘wow.’ It’s amazing how swift and in control of your inventory you become. Retailers can check their inventory on a daily basis an identify a loss in a one-day period, says Keven Peck, president of TracTech™

Although the current product is most applicable for manufacturers, TracTech™ is now working on a hand-held scanner tailored for retailers and due for release in the third quarter of 2009.