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

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

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 provides a comprehensive understanding of diamonds and other gemstones.
• American Gem Society (AGS) Certification: AGS is a nonprofit trade association of jewelers, suppliers, and other professionals in the jewelry industry. Their certification program focuses on ethical business practices, consumer protection, and gemological knowledge.
• International Diamond Council (IDC) Certification: IDC is an independent organization that provides certification for diamonds based on the 4Cs (carat weight, cut, color, and clarity). Their certification ensures that the diamond is natural and has not been treated or enhanced.
• 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 ensures that the diamond has been ethically sourced and produced.
• 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 certification ensures that the diamond has been sourced from a conflict-free zone.

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.

The anticipated future trajectory of the NAICS 423940-07 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 Diamonds (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 growth of the industry is also attributed to the increasing disposable income of consumers, which has led to an increase in demand for luxury goods. The industry is also expected to benefit from the growing popularity of lab-grown diamonds, which are becoming more affordable and sustainable. The industry is also expected to benefit from the increasing use of technology in the diamond industry, which has led to more efficient production and distribution processes.

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

• Blockchain Technology: Blockchain technology is being used in the diamond industry to create a secure and transparent supply chain. This technology allows for the tracking of diamonds from the mine to the consumer, ensuring that they are ethically sourced and conflict-free.
• Lab-Grown Diamonds: The production of lab-grown diamonds has increased in recent years, making them more affordable and sustainable. This has led to an increase in demand for lab-grown diamonds, which are virtually identical to natural diamonds.
• 3D Printing: 3D printing is being used in the diamond industry to create custom jewelry designs. This technology allows for the creation of intricate designs that would be difficult to produce using traditional methods.
• Online Marketplaces: Online marketplaces are becoming increasingly popular in the diamond industry, allowing for the easy purchase and sale of diamonds. These marketplaces offer a wide range of diamonds at competitive prices, making it easier for retailers to source diamonds.
• Diamond Grading Technology: New diamond grading technology is being developed that allows for more accurate and consistent grading of diamonds. This technology uses advanced imaging techniques to analyze the internal structure of diamonds, providing a more accurate assessment of their quality.