NAICS Code 423940-07 - Diamonds (Wholesale)

Marketing Level - NAICS 8-Digit

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NAICS CODE 423940-07
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NAICS Code 423940-07 Description (8-Digit)

The Diamonds (Wholesale) industry involves the distribution of diamonds to retailers, jewelry manufacturers, and other businesses that use diamonds in their products. Wholesale diamond dealers purchase diamonds in large quantities from diamond mines or other sources and then sort, grade, and sell them to their customers. The industry is highly specialized and requires extensive knowledge of diamond quality, grading, and pricing.

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 Diamonds (Wholesale) industry for day-to-day tasks and operations.

  • Diamond scales
  • Diamond testers
  • Loupes
  • Tweezers
  • Diamond polishing equipment
  • Diamond cutting equipment
  • Diamond sorting trays
  • Diamond grading charts
  • Diamond cleaning solutions
  • Diamond storage containers

Industry Examples of Diamonds (Wholesale)

Common products and services typical of NAICS Code 423940-07, 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 watches
  • Diamond-studded accessories

History

A concise historical narrative of NAICS Code 423940-07 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 diamonds in Brazil in the 18th century leading to a shift in the trade's center of gravity. The 19th century saw the discovery of diamonds in South Africa, which led to the establishment of the De Beers company and the creation of the modern diamond industry. In the United States, the industry began to take shape in the late 1800s, with the establishment of diamond cutting and polishing centers in New York City and other major cities. The industry has since grown and evolved, with technological advancements such as the use of lasers in diamond cutting and the development of synthetic diamonds changing the landscape of the industry.