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The Merchant Category Code (MCC) 5094 is specifically designated for businesses that deal in precious stones and metals, watches, and jewelry. This classification helps payment processors and financial institutions accurately categorize and process transactions related to these luxury goods, ensuring proper taxation, reporting, and compliance. Businesses operating under MCC 5094, such as high-end jewelry stores or precious metal dealers, must adhere to specific regulations and risk management guidelines to mitigate potential financial risks associated with their industry.