NAICS 423940

Overview

The North American Industry Classification System (NAICS) is the federal standard for organizing business establishments to produce consistent statistics across the U.S. economy. Developed under the Office of Management and Budget (OMB) and adopted in 1997 to replace SIC, NAICS is jointly maintained by the U.S., Canada, and Mexico and is currently implemented in its 2022 vintage. ¹

NAICS 423940 covers merchant wholesalers primarily engaged in the distribution of jewelry, watches and clocks, precious and semiprecious stones, precious metals, silverware/plated flatware, and jewelers’ findings. Federal statistical programs use this code to classify wholesale trade activity for these product lines. ²

See also on G2X:

• G2X — NAICS 423940 overview: https://app.g2xchange.com/naics/423940
• G2X — NAICS 423930 (Recyclable Material Merchant Wholesalers)

What this NAICS covers

• Wholesale distribution of finished jewelry (precious metal and costume). ²
• Wholesale distribution of watches and clocks. ²
• Wholesale distribution of precious and semiprecious stones. ²
• Wholesale distribution of precious metals (except ores). ³
• Wholesale distribution of silverware and plated flatware. ⁴
• Wholesale trade in jewelers’ findings and related components. ²

Related NAICS and PSC codes

Classification boundaries and exclusions

• Precious metal ores wholesaling is not in 423940; it is classified to 423520. ³
• Recyclable metal scrap activity (including scrap processing or dealing) falls under 423930, not 423940. ³
• Silverware and plated flatware wholesaling is included in 423940 rather than professional/commercial equipment wholesaling. ⁴
• The official industry label for 423940 is “Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers.” ⁹

Data and adoption notes

• 2022 Economic Census data for Wholesale Trade (Sector 42) are published on the 2022 NAICS basis and include results for 423940 within sector tables. ⁶
• The Census Bureau began disseminating data on the 2022 NAICS basis in 2024 and plans full adoption across economic programs by year-end 2027. ¹
• The Annual Wholesale Trade Survey publishes national estimates by 2–4 digit NAICS; sector-level results provide context for miscellaneous durable goods wholesaling that includes the 423940 family. ⁵

Frequently asked questions

• What activities belong in NAICS 423940?

  Establishments primarily engaged in wholesaling jewelry, watches/clocks, precious and semiprecious stones, precious metals, silverware/plated flatware, and jewelers’ findings are classified in 423940. ²

• Is wholesaling of precious metal ores part of 423940?

  No. Trading or wholesaling precious metal ores is classified under 423520. Precious metals wholesaling (except ores) belongs in 423940. ³

• How does 423940 differ from recyclable metal scrap wholesalers?

  Scrap metal wholesalers and processors are classified in 423930. Establishments focused on wholesaling precious metals (except ores) fall under 423940. ³

• Does 423940 cover manufacturing of jewelry or silverware?

  No. Manufacturing is classified in NAICS 339911 and 339912 under Jewelry and Silverware Manufacturing. ⁷

• Is retail sale of jewelry included in 423940?

  No. Retailing of jewelry, silverware, and watches/clocks is classified in NAICS 448310 (Jewelry Stores). ⁸

Useful resources

• G2X — NAICS 423940 overview: https://app.g2xchange.com/naics/423940
• Census: Implementation of the 2022 NAICS (scope, timeline, and overview). ¹
• Census: 2022 Economic Census — Sector 42 Wholesale Trade data resources. ⁶
• Census: Annual Wholesale Trade Survey (national wholesale statistics context). ⁵
• Census: Industry Reference Files — 2022 NAICS descriptions (official description source). ⁹

References

1. U.S. Census Bureau — The Census Bureau’s Implementation of the 2022 NAICS. https://www.census.gov/library/reference/code-lists/naics/2022/implementation-timeline.html
2. U.S. Census Bureau (NAICS 2007 reference) — 423990 cross-references noting inclusion of jewelry, stones, precious metals, costume jewelry, watches/clocks, silverware, and jewelers’ findings under 423940. https://www2.census.gov/econ2007/Reference_materials/htm%20files/423990.htm
3. U.S. Census Bureau (NAICS 2007 reference) — 42351021 cross-references distinguishing precious metal ores (423520), precious metals (except ores) in 423940, and recyclable scrap in 423930. https://www2.census.gov/econ2007/Reference_materials/htm%20files/42351021.htm
4. U.S. Census Bureau (NAICS 2007 reference) — 42349 cross-references assigning silverware/plated flatware wholesaling to 423940. https://www2.census.gov/econ2007/Reference_materials/htm%20files/42349.htm
5. U.S. Census Bureau — 2022 Annual Wholesale Trade Survey press release. https://www.census.gov/newsroom/press-releases/2024/annual-wholesale-trade-survey.html
6. U.S. Census Bureau — 2022 NAICS Sector 42 Wholesale Trade data page. https://www.census.gov/data/tables/2022/econ/economic-census/naics-sector-42.html
7. U.S. Census Bureau — NAICS 33991 Jewelry and Silverware Manufacturing (archive page with 339911/339912 details). https://www.census.gov/naics/resources/archives/sect31-33.html
8. U.S. Census Bureau — NAICS 448310 Jewelry Stores (archive page). https://www.census.gov/naics/resources/archives/sect44-45.html
9. U.S. Census Bureau — LEHD Snapshot Documentation: Selected NAICS value labels (includes 423940 title). https://lehd.ces.census.gov/data/lehd-snapshot-doc/latest/appendices/value_labels.html