Envela Corp

Origins as Canyon State Mining (1965–1981)

The company's origins trace back to Canyon State Mining Corporation, a speculative Nevada-based mining venture founded in 1965. Originally formed to capitalize on the sulfur boom of the 1960s, the company focused on mining claims in Humboldt and Pershing Counties. Its early funding was unconventional: in 1965, its founder Charles Branstetter secured financing for his venture by personally offering registered shares to patrons at the Bucket of Blood Saloon in Virginia City, Nevada, after traditional investment banks declined to underwrite the offering; the shares were later listed on the over-the-counter market. Although Canyon State never reached commercial production, it remained a public shell until Lenny Smith repurposed it in the early 1980s to enter the precious metals industry. This public vehicle eventually acquired DGSE in 1987, forming a retail-focused business.

DGSE era (1981–2016)

Before its transformation, the company operated as DGSE Companies, Inc., a Texas-based retailer specializing in bullion, estate jewelry, and related services. Its roots date to 1981, when entrepreneur Lenny Smith acquired control of the public company and shifted its focus toward precious metals ventures. The company's first major acquisition was American Pacific Mint (APM), a producer of investment-grade silver bullion in Azusa, California. Facing growing competition from government bullion programs such as the American Silver Eagle, first released in late 1986, APM adjusted its business strategy.

In 1987, the company expanded by acquiring Dallas Gold & Silver Exchange, a respected Dallas-based retailer of jewelry and precious metals. By 1992, the company formally adopted the Dallas Gold and Silver Exchange name and relocated its headquarters to Dallas, Texas. In July 2001, they began to use the DGSE name. Over the next two decades, DGSE expanded through retail growth, early adoption of e-commerce platforms by the mid-1990s, and acquisition of regional jewelers. These efforts positioned DGSE as an early leader in online precious metals sales.

In 2007, DGSE acquired Superior Galleries, a Beverly Hills-based auction house, in an effort to diversify. Integration challenges, combined with the 2009 collapse of its financier Stanford International Bank, which was later implicated in a Ponzi scheme, resulted in significant financial and reputational damage. Following this acquisition, DGSE incurred heavy losses, exited the auction and pawn businesses, and faced SEC investigations into accounting irregularities. These developments coincided with the departure of former principal executive Lenny Smith and led to leadership changes and restated financials.

Between 2012 and 2016, DGSE cycled through three CEOs, each attempting to stabilize the company amid ongoing losses. The firm received a delisting notice from the NYSE MKT exchange and was ranked among U.S. retailers most likely to default, marking a challenging chapter in its history.

Transformation into Envela (2017–present)

Envela Corporation emerged in 2017 from a period of financial instability under new CEO John Loftus. A turnaround strategy included 2019 expansion into electronics recycling and IT asset disposition through the acquisitions of Echo Environmental, ITAD USA, and Teladvance.