Inventory management is a process of tracking gold inventory, and is integral in the proper management of a jewellery business. We, at Scribe Counters, perform gold counts for manufacturers, wholesalers, and bullion dealers. Our stock counters carry out physical inventory counts to validate stock-in-hand.
Why is effective inventory management important for jewellery brands?
- It helps in minimizing the holding costs
- It facilitates insight into the approximate time for restocking the inventory and buying materials to manufacture them
- It saves inventory storage costs
- It leads to improved cash flow management
- It helps set a pace for automation and agility
Inappropriate management of inventory can result in a loss of revenue. We, at Scribe Counters, understand the importance of having a gold inventory count in place for your jewellery business. That’s why we have trusted and trained professionals for gold counts. The gold inventory count is carried out in highly monitored surroundings with no room for errors.
Having an efficient gold inventory count has various benefits for the smooth functioning of one’s business as discussed above.Below we are listing 5 inventory procedures that jewellers should consistently practice.
- Having a proper inventory system – A computerized point-of-sale system can help track your gold inventory and simplify records to make the checking process easy and smooth. An alternative to computerization is a simple tracking system with a unique inventory number assigned to every item in your stock.
- Assign categories to the pieces – Have a number, letter or alpha-numeric sequence system to divide your stock into categories. You may assign a unique code to different categories, such as rings, chains, bracelets etc., to help you itemize your inventory.
- Cross-check the gold inventory count – Any jewellery business must compare the inventory list against the actual products on display as well. The inventory list should include the merchandise on the window display of the store, identified by the location of the display. Recording the display location may make it easier for you to generate inventory on demand.
- Conduct random case counts – Random case counts of gold inventory count should be done periodically against a printed copy of the inventory sheet. This is especially important for loose diamonds or diamond jewellery and even high-end watches. Discrepancies found, if any, should be addressed immediately.
- Implement checks and balances – To enhance the inventory management of the business, implementing checks and balances that include employees is essential. Selecting key employees to conduct periodic case counts separately and ensuring that the two counts match is a simple way that assures that all pieces are accounted for and reduces the risk of internal theft.
Effective gold inventory management is a way to generate data that can aid decision-making. Scribe’s Expert stock counters help avoid discrepancies between stock records and physical quantity in stores. In today’s digital landscape, data is power, and we help jewellery brands of all sizes to optimize their processes and strategize the end-to-end supply chain. To know more reach out to us via info@scribecounters.com
