Tools commonly used in the Gold Silver & Platinum-Buyers (Wholesale) industry for day-to-day tasks and operations.

• X-ray fluorescence (XRF) analyzer
• Electronic gold testers
• Diamond testers
• Weighing scales
• Refining equipment
• Melting furnaces
• Crucibles
• Borax
• Graphite molds
• Safety equipment (gloves, goggles, aprons)

Common products and services typical of NAICS Code 423940-09, illustrating the main business activities and contributions to the market.

• Gold coins
• Silver bars
• Platinum jewelry
• Scrap gold
• Dental gold
• Silverware
• Gold bullion
• Platinum wire
• Silver coins
• Gold nuggets

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

• Precious Metals Dealer License: A license required by some states in the US to buy and sell precious metals, including gold, silver, and platinum. The requirements for this license vary by state, but generally include a background check, fingerprinting, and a fee. The license is issued by the state's Department of Financial Institutions or similar agency.
• Anti-Money Laundering (AML) Compliance: AML compliance is required by the US government to prevent money laundering and terrorist financing. Precious metal dealers are considered high-risk businesses for money laundering and are required to have an AML program in place. The program includes customer identification procedures, ongoing monitoring, and reporting suspicious activity.
• Fair Labor Standards Act (FLSA) Compliance: The FLSA sets minimum wage, overtime pay, and other labor standards for employees in the US. Precious metal dealers are required to comply with the FLSA and pay their employees at least the minimum wage and overtime pay when applicable.
• Environmental Protection Agency (EPA) Compliance: Precious metal dealers are subject to EPA regulations if they generate hazardous waste, such as from refining or processing metals. The regulations include proper storage, labeling, and disposal of hazardous waste.
• Occupational Safety and Health Administration (OSHA) Compliance: OSHA sets safety and health standards for workplaces in the US. Precious metal dealers are required to comply with OSHA standards to ensure a safe working environment for their employees. The standards include hazard communication, personal protective equipment, and machine guarding.

A concise historical narrative of NAICS Code 423940-09 covering global milestones and recent developments within the United States.

• The history of the Gold Silver & Platinum-Buyers (Wholesale) industry dates back to ancient times when gold, silver, and other precious metals were used as currency and traded for goods and services. The industry has evolved over time, with advancements in technology and changes in consumer preferences. In the United States, the industry saw significant growth during the California Gold Rush in the mid-1800s, as people flocked to the region in search of gold. In recent years, the industry has been impacted by fluctuations in the prices of precious metals, changes in consumer demand, and the rise of online marketplaces for buying and selling precious metals. Despite these challenges, the industry has remained resilient and continues to play an important role in the global economy.

The anticipated future trajectory of the NAICS 423940-09 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 Gold Silver & Platinum-Buyers (Wholesale) industry in the USA is positive. The industry is expected to grow in the coming years due to the increasing demand for precious metals and stones. The rise in disposable income and the growing popularity of luxury goods are expected to drive the demand for gold, silver, and platinum. Additionally, the increasing use of these metals in various industries such as electronics, aerospace, and medical is expected to boost the demand for these metals. The industry is also expected to benefit from the growing trend of sustainable and ethical sourcing of precious metals and stones. However, the industry may face challenges due to the volatility of metal prices and the increasing competition from online retailers.

Recent groundbreaking advancements and milestones in the Gold Silver & Platinum-Buyers (Wholesale) industry, reflecting notable innovations that have reshaped its landscape.

• Introduction Of Blockchain Technology to Track the Origin Of Precious Metals and Stones: This innovation allows buyers to verify the authenticity and ethical sourcing of the metals and stones they purchase.
• Use Of Artificial Intelligence In Pricing: Some companies are using AI algorithms to analyze market trends and predict metal prices, which helps them make informed pricing decisions.
• Adoption Of Eco-Friendly Practices: Some companies are adopting eco-friendly practices such as using recycled metals and reducing waste in their operations.
• Expansion Of Online Platforms: Some companies are expanding their online presence to reach a wider customer base and offer more convenience to their customers.
• Introduction Of New Payment Methods: Some companies are introducing new payment methods such as cryptocurrency to cater to the changing preferences of their customers.