SIC 5094 Jewelry, Watches, Precious Stones, and Precious Metals

SIC 5094

This industry classification comprises establishments involved in the wholesale distribution of jewelry, watches, precious stones, and precious metals. Products of the industry include clocks, coins, gem stones, pearls, precious metals bullion, silverware, and trophies. Establishments primarily engaged in the wholesale distribution of precious metal ores are included in SIC 5052: Coal and Other Minerals and Ores.

NAICS CODE(S)

421940

Jewelry, Watch, Precious Stone, and Precious Metal Wholesalers

INDUSTRY SNAPSHOT

According to the U.S. Census Bureau, the jewelry, watch, precious stone, and precious metal wholesalers represented approximately 8,215 establishments. Combined, these employed some 54,408 people with an annual payroll of $2 billion. In 2003, the total number of establishments climbed to 12,936. The industry generated approximately $13.8 billion in annual sales. The total number of employees reached 61,411. The average sales per establishment were $1.10 million. The majority of the establishments were small—employing fewer than five people. There were a total of 9,939 establishments with fewer than five employees.

Jewelry, the largest sector of the industry, numbered 4,872 establishments and dominated more than 37 percent of the market. Together, this group accounted for $4.8 billion in sales. The jewelry and precious stones sector numbered 3,435 establishments and controlled more than 26 percent of the market. Combined, this group generated $2.5 billion in sales. Diamonds represented 1,327 establishments and controlled about ten percent of the market, with $1.7 billion in sales. States with the majority of establishments include New York with 2,981, California with 2,685, and Texas with 1,143.

BACKGROUND AND DEVELOPMENT

Jewelry is as universal and ancient a form of adornment as clothing. It has been made of a variety of materials from human hair to precious metals and gems, and has been used to signify social status, wealth, official or political rank, holidays and celebrations, and fad and fashion. Its forms have included items for the head (hairpins, headbands, crowns, earrings, and lip and nose rings); neck (pendants and necklaces); chest (brooches, cloak clasps, buttons); waist (belts and girdles); and arms and legs (bracelets, anklets, and rings). As an industry, jewelry has been represented in all the major civilizations by goldsmiths, metalworkers, gem cutters, and many others. The Byzantine Empire (approximately the 6th to 13th centuries) with its profusion of gold and enamel and the European Renaissance (the 15th to 17th centuries) characterized by the use of gemstone-emblazoned fabrics and chains, ropes, pendants, and girdles were perhaps the greatest moments in the history of jewelry.

Watches were developed around 1450-1500 when the coiled...

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