NAICS Code 423940-09 - Gold Silver & Platinum-Buyers (Wholesale)

Marketing Level - NAICS 8-Digit

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NAICS CODE 423940-09
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NAICS Code 423940-09 Description (8-Digit)

Gold Silver & Platinum-Buyers (Wholesale) is a subdivision of the Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers industry. This industry involves the wholesale buying of gold, silver, and platinum from various sources such as individuals, businesses, and other wholesalers. The purchased metals are then refined and sold to other businesses such as jewelry manufacturers, bullion dealers, and investors. The industry is highly regulated due to the value of the metals being traded and the potential for fraud.

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 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)

Industry Examples of Gold Silver & Platinum-Buyers (Wholesale)

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

History

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.