Envela operates two businesses: a consumer-facing luxury goods resale business and a commercial IT asset disposition (ITAD) and electronics recycling business. In the consumer segment, Envela buys and sells pre-owned fine jewelry, luxury watches, and precious metals bullion, making money on the spread between acquisition and resale prices. Envela sells primarily through brick-and-mortar stores under the "Four Nines" and "Bijoux Exchange" brands, with bullion also sold online. Envela has opened 7 new stores over FY24-FY25, often repurposing former bank branches, and management indicates the next phase will focus on optimizing the existing store base rather than further rapid expansion. Envela also designs and sells new jewelry using reclaimed diamonds and gemstones. In the commercial segment, Envela helps businesses dispose of end-of-life IT assets through data destruction, device refurbishment, and remarketing, as well as de-manufacturing and recycling of electronic scrap to reclaim base and precious metals. Envela also manages product returns for retailers and electronics manufacturers on a fee-for-service basis, where the client retains custody of inventory. Management has been intentionally shifting the commercial segment toward this fee-for-service model, away from outright asset procurement, to improve margins and reduce balance sheet risk. Across both segments, bullion and scrap metal sales are priced near spot market values, making those portions of the business volume and commodity price driven.