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NAICS Code 423940-06 Description (8-Digit)

Diamond Buyers (Wholesale) are companies that purchase diamonds in bulk from diamond mines, diamond cutters, and other diamond wholesalers. These companies then sell the diamonds to retailers, jewelry manufacturers, and other businesses that use diamonds in their products. Diamond Buyers (Wholesale) are experts in evaluating the quality and value of diamonds, and they use their knowledge to purchase diamonds at the best possible price. They also provide services such as diamond grading, diamond certification, and diamond appraisals to their customers.

Hierarchy Navigation for NAICS Code 423940-06


Tools commonly used in the Diamond Buyers (Wholesale) industry for day-to-day tasks and operations.

  • Diamond scales
  • Diamond testers
  • Loupes
  • Microscopes
  • Diamond tweezers
  • Diamond cleaning solutions
  • Diamond polishing tools
  • Diamond cutting tools
  • Diamond saws
  • Diamond drills
  • Diamond abrasives
  • Diamond files
  • Diamond lapping machines
  • Diamond sorting machines
  • Diamond grading software
  • Diamond certification software
  • Diamond appraisal software
  • Diamond inventory management software

Industry Examples of Diamond Buyers (Wholesale)

Common products and services typical of NAICS Code 423940-06, illustrating the main business activities and contributions to the market.

  • Loose diamonds
  • Diamond jewelry
  • Engagement rings
  • Wedding bands
  • Diamond earrings
  • Diamond necklaces
  • Diamond bracelets
  • Diamond pendants
  • Diamond brooches
  • Diamond watches

Certifications, Compliance and Licenses for NAICS Code 423940-06 - Diamond Buyers (Wholesale)

The specific certifications, permits, licenses, and regulatory compliance requirements within the United States for this industry.

  • Gemological Institute Of America (GIA) Certification: GIA is a nonprofit institute that provides education and research in the field of gemology and jewelry arts. Their certification program is recognized worldwide and covers topics such as diamond grading, colored stone grading, and jewelry design.
  • American Gem Society (AGS) Certification: AGS is a nonprofit trade association of jewelers, suppliers, and other professionals in the jewelry industry. Their certification program covers topics such as diamond grading, gemstone identification, and jewelry sales.
  • Jewelers Of America (JA) Certification: JA is a national trade association for businesses serving the fine jewelry marketplace. Their certification program covers topics such as jewelry sales, customer service, and business management.
  • Responsible Jewellery Council (RJC) Certification: RJC is a nonprofit organization that promotes responsible ethical, social, and environmental practices in the jewelry supply chain. Their certification program covers topics such as human rights, labor rights, and environmental impact.
  • Kimberley Process Certification Scheme (KPCS): KPCS is an international certification scheme that regulates the trade of rough diamonds to prevent the sale of conflict diamonds. The scheme requires participating countries to certify that their diamond exports are conflict-free.


A concise historical narrative of NAICS Code 423940-06 covering global milestones and recent developments within the United States.

  • The diamond trade has been around for centuries, with the first recorded diamond trade taking place in India in the 4th century BC. The industry has since grown and evolved, with the discovery of diamond mines in Brazil in the 18th century and the establishment of the De Beers company in South Africa in the late 1800s. The diamond industry faced challenges in the 20th century, including the Great Depression and World War II, but it rebounded in the post-war era with the rise of diamond engagement rings and the establishment of the Kimberley Process Certification Scheme to prevent the trade of conflict diamonds. In the United States, the diamond industry has been a significant part of the economy since the late 1800s, with New York City becoming a hub for diamond trading in the early 1900s. The industry faced challenges in the 1970s and 1980s with the rise of synthetic diamonds and the decline of the diamond engagement ring market, but it has since rebounded with the growth of the global diamond market and the rise of online diamond sales.

Future Outlook for Diamond Buyers (Wholesale)

The anticipated future trajectory of the NAICS 423940-06 industry in the USA, offering insights into potential trends, innovations, and challenges expected to shape its landscape.

  • Growth Prediction: Stable

    The future outlook for the "Diamond Buyers (Wholesale)" industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for diamonds in the global market. The rise in disposable income and the growing middle class in emerging economies such as China and India are expected to drive the demand for diamonds. Additionally, the increasing popularity of lab-grown diamonds is expected to create new opportunities for the industry. The industry is also expected to benefit from the growing trend of sustainable and ethical sourcing of diamonds. However, the industry may face challenges such as the volatility of diamond prices and the increasing competition from online retailers.

Industry Innovations for NAICS Code 423940-06

Recent groundbreaking advancements and milestones in the Diamond Buyers (Wholesale) industry, reflecting notable innovations that have reshaped its landscape.

  • Blockchain Technology: The use of blockchain technology in the diamond industry has increased in recent years. Blockchain technology can be used to track the origin of diamonds and ensure their authenticity, which is important for ethical and sustainable sourcing of diamonds.
  • Online Diamond Trading Platforms: The emergence of online diamond trading platforms has made it easier for diamond buyers to purchase diamonds from anywhere in the world. These platforms offer a wide range of diamonds at competitive prices and provide a transparent buying process.
  • Lab-Grown Diamonds: The production of lab-grown diamonds has increased in recent years due to their lower cost and ethical sourcing. Lab-grown diamonds are becoming increasingly popular among consumers who are looking for sustainable and affordable alternatives to natural diamonds.
  • 3D Printing: 3D printing technology has been used in the diamond industry to create custom-made jewelry. This technology allows diamond buyers to create unique designs and reduce the time and cost of production.
  • Artificial Intelligence: Artificial intelligence is being used in the diamond industry to improve the accuracy of diamond grading and reduce the time and cost of grading. AI-powered diamond grading systems can analyze the characteristics of diamonds and provide accurate grading results.

NAICS Code 423940-06 - Diamond Buyers (Wholesale)

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