Envela Corporation, incorporated on September 17, 1965, is a holding company owning subsidiaries engaged in various business activities with a focus on recommerce. Envela's segments include retail stores, e-commerce, de-manufacturing, recycling, IT asset disposition (ITAD), and reverse logistics.[1] Envela Corporation is divided into two sectors: DGSE, LLC and ECHG.
DGSE, LLC is the retail sector that buys and sells jewelry and bullion products to individual consumers, dealers, and institutions in the United States by employing a wide range of authenticators and experts who inspect items for authenticity and value. DGSE, LLC owns and operates Dallas Gold & Silver Exchange and Charleston Gold & Diamond Exchange. Dallas Gold & Silver Exchange has multiple locations across the Dallas/Fort Worth metroplex. Their flagship location is in the heart of Dallas at Preston Rd. and LBJ Freeway. Their other locations are in Euless and Grand Prairie, and soon they will be opening stores in Lewisville and Grapevine. Charleston Gold & Diamond Exchange is located in Mt. Pleasant, South Carolina.
ECHG provides solutions[buzzword] to businesses from across all industries seeking sustainable ways to reduce waste and protect their intellectual property and brand value. ECHG's ITAD, re-marketing, and reverse supply chain services help clients maximize the value of their end-of-life electronics while safeguarding the data stored on these devices. The de-manufacturing and value recovery business is a provider of services and solutions[buzzword] to industrial and commercial users of electronic components.
History
Envela Corporation, formerly known as DGSE Companies, Inc., announced their name change in 2019.
Originally known as American Pacific Mint Inc., they incorporated in Nevada in September 1965, and later moved to Azusa, California.[2][3] They purchased Dallas Gold and Silver Exchange in September 1987 for an undisclosed amount. Dallas Gold and Silver Exchange continued operating as a subsidiary of American Pacific Mint. In January 1992, after seeing that subsidiary achieve record results and a 19% jump in profits, American Pacific Mint announced their plan to move their headquarters to Dallas and rename the entire company as Dallas Gold and Silver Exchange.[4] Shareholders approved the plan in July that year.[5] In July 2001, they began to use their present name.[6]
DGSE was one of the earliest coin and bullion dealers to begin doing business on the internet; they set up a website to auction jewelry from their stores in 1995, and later launched two further websites for auctioning watches and to allow jewelry manufactures and vendors to sell to each other and directly to the public. They also set up a website to provide real-time price quotes for precious metals.[7] Their revenues from their internet business began to show dramatic growth in 1999; revenue to March 15 of that year was five times the revenue for their 1998 fiscal year.[8] Their acquisition of Superior Galleries, and the success of Superior's first auction under DGSE ownership, drove their share price up 33% to $4.06 in August 2007.[9]
In April 2012 DGSE Announces Halt in Trading of its public stock on AMEX [10]
In June 2012, DGSE closes its Superior Gold and Silver Exchange store in Woodland Hills.[11]
In July 2012, DGSE opens two new stores in the Dallas-Fort Worth Metroplex: Southlake, TX and Allen, TX.
In November 2012, DGSE opened a new store in Fort Worth, TX [12]
In November 2012, DGSE Companies Announces the Resumption of Trading of its public stock on NYSE MKT.[13]
Timeline
1965 – Incorporation of American Pacific Mint
1978 – Rainbow Rare Coins founded
1980 – Rainbow Rare Coins changes name to Dallas Gold & Silver Exchange
1987 – Publicly traded American Pacific Mint acquires the assets of Dallas Gold & Silver Exchange
1991 – Dallas Gold & Silver Exchange acquires its first Texas pawn license to provide jewelry loans to its customers
1998 – Dallas Gold & Silver Exchange acquires National Jewelry Exchange a small pawnshop in Carrollton, Texas
2000 – Dallas Gold & Silver Exchange opens Charleston, South Carolina location under the name Charleston Gold & Diamond Exchange
2000 – Dallas Gold & Silver Exchange acquires Fairchild International, one of the largest wholesale fine watch companies in the United States
2003 – U.S. Bullion Exchange is launched to handle trading and execution of all precious metals transactions system-wide for all DGSE Companies. USBE provides an Internet-based trading platform for all DGSE customers.
2005 – Parent company's name changed to DGSE Companies, Inc
2007 – Dallas Gold & Silver Exchange acquires the assets of Euless Gold & Silver and opens Dallas Gold & Silver Exchange Fort Worth/Euless location
2007 – DGSE Companies, Inc. lists on the American Stock Exchange
2007 – The second Dallas area National Pawn store is opened.
2007 – American Gold & Silver Exchange is launched with national advertising roll-out allowing individuals from anywhere to send jewelry and precious metals to DGSE for purchase.
2007 – Superior Estate Buyers is launched and conducts its first remote buying events
2007 – DGSE Companies, Inc. acquires Superior Galleries, one of the United States' oldest and largest numismatic auction houses
2007 – Superior Galleries conducts its first jewelry and fine timepiece auction in Beverly Hills, California
2007 – Superior Precious Metals is launched to service precious metals and rare coin retail customers
2008 – Superior Gold & Diamond Exchange is opened in Woodland Hills, California
2009 – DGSE Companies, Inc. launches a charitable fundraising company under the name A Chance To Give
2011 – DGSE Bullion Express concept is introduced, the new store opened in Preston Center in Dallas, Texas
2011 – Second DGSE Bullion Express is opened in North Dallas.
2011 – DGSE Companies, Inc. opens a fifth Dallas-area location in Arlington
2012 – DGSE Companies, Inc. opens a "Bullion Express" store in Highland Park (near Chicago), Illinois
2012 – DGSE Companies, Inc. opens a "Bullion Express" store in Atlanta, Georgia's Buckhead district[14]
2012 – Securities and Exchange Commission (SEC) announces investigation into DGSE accounting irregularities[15]
2012 – DGSE Companies, Inc. opens 6th DFW area location in Southlake, Texas[16]
2012 – DGSE Companies, Inc. opens 7th DFW area location in Allen, Texas[17]
2012 – DGSE Companies, Inc. opens 8th DFW area location in Fort Worth, Texas Using some artwork and jewelry cases from the now-defunct Superior Galleries.[18]
2013 – DGSE Companies, Inc. opens 2nd Atlanta area location in Cumming, Georgia; branded as Southern Bullion Coin & Jewelry[19]
2016 – John Loftus is appointed CEO, President and Chairman of the Board of DGSE Companies, Inc.[20]
2019 – DGSE Companies, Inc. changes its name to Envela Corporation. Changes NYSE stock ticker from DGSE to ELA.[21]
2020 – ECHG, LLC, a subsidiary of Envela Corporation agrees to lend $1.5MM to CExchange, LLC, and warrant and call-option agreements to acquire all of CExchange's equity interests.[22]
2020 – DGSE, LLC, an Envela subsidiary, opens new Dallas Gold & Silver Exchange location in Lewisville, Texas.[23]
Related Research Articles
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Commodity money is money whose value comes from a commodity of which it is made. Commodity money consists of objects having value or use in themselves as well as their value in buying goods. This is in contrast to representative money, which has no intrinsic value but represents something of value such as gold or silver, for which it can be exchanged, and fiat money, which derives its value from having been established as money by government regulation.
Precious metals are rare, naturally occurring metallic chemical elements of high economic value. Precious metals, particularly the noble metals, are more corrosion resistant and less chemically reactive than most elements. They are usually ductile and have a high lustre. Historically, precious metals were important as currency but they are now regarded mainly as investment and industrial raw materials. Gold, silver, platinum, and palladium each have an ISO 4217 currency code.
The Royal Mint is the United Kingdom's official maker of British coins. It is currently located in Llantrisant, Wales, where it moved in 1968.
The United States Mint is a bureau of the Department of the Treasury responsible for producing coinage for the United States to conduct its trade and commerce, as well as controlling the movement of bullion. The U.S. Mint is one of two U.S. agencies that manufactures physical money. The other is the Bureau of Engraving and Printing, which prints paper currency. The first United States Mint was created in Philadelphia in 1792, and soon joined by other centers, whose coins were identified by their own mint marks. There are currently four active coin-producing mints: Philadelphia, Denver, San Francisco, and West Point.
Bullion is non-ferrous metal that has been refined to a high standard of elemental purity. The term is ordinarily applied to bulk metal used in the production of coins and especially to precious metals such as gold and silver. It comes from the Anglo-Norman term for a melting-house where metal was refined, and earlier from French bouillon, "boiling". Although precious metal bullion is no longer used to make coins for general circulation, it continues to be held as an investment with a reputation for stability in periods of economic uncertainty. To assess the purity of gold bullion, the centuries-old technique of fire assay is still employed, together with modern spectroscopic instrumentation, to accurately determine its quality.
The Coinage Act of 1792, passed by the United States Congress on April 2, 1792, created the United States dollar as the country's standard unit of money, established the United States Mint, and regulated the coinage of the United States. This act established the silver dollar as the unit of money in the United States, declared it to be lawful tender, and created a decimal system for U.S. currency.
The fineness of a precious metal object represents the weight of fine metal therein, in proportion to the total weight which includes alloying base metals and any impurities. Alloy metals are added to increase hardness and durability of coins and jewelry, alter colors, decrease the cost per weight, or avoid the cost of high-purity refinement. For example, copper is added to the precious metal silver to make a more durable alloy for use in coins, housewares and jewelry. Coin silver, which was used for making silver coins in the past, contains 90% silver and 10% copper, by mass. Sterling silver contains 92.5% silver and 7.5% of other metals, usually copper, by mass.
A bullion coin is a coin struck from highly refined precious metal (bullion) and kept as a store of value or an investment rather than used in day-to-day commerce. A bullion coin is distinguished by its weight and fineness on the coin. Unlike rounds, bullion coins are minted by government mints and have a legal tender face value. Bullion coins can have fineness ranging from 91.9% to 99.99% purity.
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References
↑ "About Us". Envela Corporation. Archived from the original on 2020-07-17. Retrieved 2020-07-17.
↑ "LA Briefly", Daily News of Los Angeles, 1987-09-03, retrieved 2007-10-11
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