NAICS Code 423940-06 - Diamond Buyers (Wholesale)

Marketing Level - NAICS 8-Digit

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NAICS CODE 423940-06
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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.

Parent Code - Official US Census

Official 6‑digit NAICS codes serve as the parent classification used for government registrations and documentation. The marketing-level 8‑digit codes act as child extensions of these official classifications, providing refined segmentation for more precise targeting and detailed niche insights. Related industries are listed under the parent code, offering a broader context of the industry environment. For further details on the official classification for this industry, please visit the U.S. Census Bureau NAICS Code 423940 page

Tools

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

History

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.