423940

Analysis

NAICS 423940 is the 2022 national industry for jewelry, watch, precious stone, and precious metal merchant wholesalers, part of 42394 (Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers). Census lists 24 example activities under it in the official index.

County Business Patterns counts 6,949 US establishments in this code in 2023, employing 38,194 people at an average annual payroll of $72,653 per employee (56th percentile of national industries). 76% of the establishments have fewer than five employees, which marks it as a small-business industry.

Its index entries, the activities Census uses to assign businesses to this code, include antique jewelry merchant wholesalers, clocks merchant wholesalers, coins merchant wholesalers and costume jewelry merchant wholesalers, among 24 in all.

For example, merchant wholesale distribution of precious metal ores or concentrates are classified in 423520 (Coal and Other Mineral and Ore Merchant Wholesalers) instead.

Census lists 2 related activities that belong elsewhere, most often in 423520 and 423220. Businesses that do several things are classified by their primary activity, the one that generates the most value, so check those boundaries before settling on this code.

Between 2018 and 2023 the number of establishments fell 3% and employment fell 11%. The 2018 count used NAICS 2017, so part of a large move can come from codes being redefined rather than from businesses opening or closing.