What this class covers
ANZSIC class 2591 classifies Australian businesses primarily engaged in manufacturing jewellery, silverware, and related items using precious or semi-precious materials. This includes both traditional craftsmanship and modern manufacturing techniques applied to decorative and functional items. The classification encompasses operations that transform raw materials like gold, silver, diamonds, and gemstones into finished products for retail, ceremonial, or commemorative purposes.
Typical businesses in this category include independent jewellers creating custom engagement rings, specialised workshops producing silver cutlery and servingware, and manufacturers producing medals for military or sporting events. The class also includes operations cutting and polishing diamonds and other gemstones for use in jewellery, as well as businesses minting commemorative coins or producing corporate awards and trophies. Even costume jewellery manufacturing using non-precious materials falls under this classification when it represents the primary business activity.
Primary activities in plain English
This classification includes businesses primarily engaged in:
- Creating jewellery items using precious metals and stones, including custom designs
- Manufacturing silverware such as cutlery, tea sets, and decorative items
- Producing costume or fashion jewellery from non-precious materials
- Cutting and polishing diamonds and other gemstones for commercial use
- Minting coins for commemorative or collectible purposes
- Manufacturing trophies, awards, badges, and medals for events and organisations
- Goldsmithing and silversmithing as primary business activities
Exclusions and nearby codes
Several related activities are specifically excluded from this classification. Pearl production is classified under ANZSIC 0201 (Offshore Longline and Rack Aquaculture) as it involves aquaculture rather than manufacturing. The cutting and polishing of headstones and monumental stone falls under ANZSIC 2090 (Other Non-Metallic Mineral Product Manufacturing).
Engraving, polishing, treating or plating services as standalone activities are classified under ANZSIC 2293 (Metal Coating and Finishing). The manufacturing of watches, clocks and other timing instruments is included in ANZSIC 2419 (Other Professional and Scientific Equipment Manufacturing) rather than this jewellery classification.
Practical guidance
Businesses operating in this classification must register for an ABN and specify this ANZSIC code when completing Business Activity Statements and tax returns. The Australian Taxation Office may scrutinise cash transactions in this industry due to the high value of materials involved. Businesses should maintain detailed records of precious metal and gemstone acquisitions for GST purposes.
Workers' compensation premiums are calculated based on this classification, with rates reflecting the industry's risk profile. Some state governments offer small business grants for manufacturing innovation that may apply to jewellery businesses adopting new technologies. When applying for financing or insurance, businesses should ensure they accurately represent their ANZSIC classification as it affects risk assessment and premium calculations.