Technology has become synonymous with progress for many industries in today's fast-paced world. The diamond industry has come a long way, keeping tradition and technology hand in hand. IoT practices recently came to the forefront, becoming the it-need.
Over the last decade, these advancements have resulted in disruptive innovations as the diamond industry aligns itself to the pace of consumerism. Moreover, these make the tasks easier and help in optimising output. At times, the benefits are priceless as certain IoT practices in mining have also been linked to saving lives.
IoT adoption has crossed all horizons, opening the possibilities for the diamond industry. The concept combines physical and digital things with embedded technologies to enable data transfer over the internet. Research suggests that there will be 152,200 IoT devices connected to the internet per minute by 2025. Hence, it has become imperative for industries and businesses to expand and establish a presence.
The potential benefits occurring from advanced analytics and data-driven insights are far and wide, touching each step of the diamond manufacturing process. Digital and IoT techniques can help in.
Digital technologies help aid the labour-intensive process of diamond cutting with technologies such as CAD and CAM. Designers and artisans can efficiently utilise this software for tasks such as laser-cutting, engraving and production of wax models.
Given diamond's high nature and value, it is essential to maintain an accurate inventory and keep track of it. Frequent re-ordering and manufacturing can hamper the costs and timeline in the diamond industry. Companies are tackling such situations by integrating analytics into their internal inventory tracking systems.
Knowing one's customers thoroughly is an underrated key to success. Specifically speaking of the diamond industry, customer sentiments are as valuable as the gemstone, and IoT practices help better understand the same. Additionally, analysis of KPIs and tracking of actions can allow manufacturers to establish a better understanding and connectivity with wholesale buyers and direct customers.
Tracking their online activities helps decode engagement rate, transactions, interactions, brand loyalty, etc.
A finely polished diamond results from an optimum performance at all manufacturing process phases. Therefore, manufacturers need to ensure optimum coordination amongst different departments. IoT technologies help analyse advanced data to derive performance insights for each department. Accordingly, management reports and analytics dashboards can be prepared to measure, monitor and improvise processes.
As it is said, prevention is always better than cure. IoT driven analytics can enable predictive maintenance solutions to avoid last-minute manufacturing defaults and failures in machinery. It can also help curtail excessive staffing by ensuring automation for reduced costs and better output.
The importance of tracking and traceability in the diamond industry cannot be emphasised enough. However, while this process is essential, it is also complicated. Here, IoT enabled sensors come to the rescue and help with traceability, alerting any possibilities for theft or damage.
Since the beginning of civilization, varied opinions about mining have centred around the diamond industry. Its severe implications on human life and the environment have had their share of hatred.
Although developments and safety regulations introduced over the years have helped mitigate the disadvantages, mining remains one of the most dangerous occupations. The diamond industry owes it to automation and IoT advancements to be the lifesavers of miners above and under the ground.
Implementation of IoT for mining helps with benefits such as Reduced time, Improved safety, Automation, Predictive maintenance, and energy and cost benefits.
Most importantly, safety for workers can be significantly improved with the adoption of IoT practices. For example, options such as wearable technology and proximity detectors help measure worker biometrics, monitor mental acuity, etc. Gradually, it reduces the number of accidents and avoids fatigue-related incidents. Additionally, with IoT, any anomalies in the surroundings can be observed, and workers can be alerted in advance.
Another significant area of mining where IoT comes to the rescue is ventilation. It is easier to know the exact location of workers, equipment in use, and exhaust emission with improved traceability. Hence, the use of atmospheric sensors helps prevent the extent of harm caused.
Additionally, more IoT developments are making their way into the diamond industry. Major players are already in the works with trials and adoptions of technologies such as telematics equipped autonomous vehicles, autonomous drilling, surveying drones and more.
Overall, the addition of sensors and internet connectivity to people, vehicles, equipment and locations helps in reducing costs and increasing efficiency on mining sites.
Over five decades, Laxmi Diamond has welcomed innovation with open arms. The company is constantly on the lookout for new developments and adoption practices to keep at pace with the progress in the industry. Laxmi Diamond's state-of-art facilities are home to expert artisans and the latest technological innovations to deliver the best quality gemstones.
The operational practices at Laxmi Diamond are revolutionised with the adoption of automated scanning. This IoT technology automatically detects and derives the data without human interruption. as a gemstone is placed on the scale, The benefits are countless but mainly result in less labour intensity and better accuracy of results.
Going ahead, incorporating more IoT practices such as Auto allotment of stones to cutters and polishers is in the works at Laxmi Diamond. Adopting the same can help curtail human errors and defaults, ensuring the right gemstone reaches the right hands. Moreover, the system can also match the stone requirements with precision and performance levels of workers to ensure optimum output.
Additionally, Laxmi Diamond currently utilizes biometric systems, which will soon be replaced with IoT enabled thermal recognition systems to ensure time-saving.
Currently, the diamond industry is looking at some exciting IoT developments in mining and more to come. Indeed, it is a win-win situation as these advancements offer both efficiency and safety benefits.
However, the Adoption Survey statistics by GlobalData's Mine Site Technology state that globally, less than 5% of mine sites have fully implemented wearable technology. Moreover, just over 20% have fully implemented drones.
While integrating existing systems might be a hurdle on the way, the industry is undoubtedly welcoming a positive shift. Laxmi Diamond is always striving for innovation and will step up in the IoT wave, one step ahead of the stakeholders.