India Gold HS7108 Import Data 2025 April Overview

India Gold (HS 7108) 2025 April Import: Key Takeaways

India’s gold imports under HS Code 7108 in April 2025 reveal a market dominated by high-purity shipments, with Switzerland leading as the top supplier by value (23.62%) despite lower weight share—indicating premium-grade sourcing. The import landscape remains concentrated among key hubs like the UAE and Switzerland, while smaller suppliers like Peru suggest niche segments. Regulatory shifts, including DGFT restrictions, demand strategic sourcing from compliant refiners to mitigate supply chain risks. This analysis, covering April 2025, is based on processed Customs data from the yTrade database.

India Gold (HS 7108) 2025 April Import Background

What is HS Code 7108?

HS Code 7108 covers Gold (including gold plated with platinum), unwrought or in semi-manufactured forms, or in powder form. This category is critical for industries like jewellery manufacturing, electronics, and investment-grade bullion. Global demand remains stable due to gold's dual role as a luxury good and a financial hedge.

Current Context and Strategic Position

In April 2025, India tightened import regulations for Gold under HS Code 7108, reclassifying non-monetary gold (99.5%+ purity) as restricted and mandating channelized imports via RBI-authorized agencies, IIBX, or TRQ holders under the India-UAE CEPA [sjexim.services]. These changes aim to curb misclassification and enhance traceability, reflecting India's strategic focus on regulatory oversight in the bullion trade. As a top global gold importer, India's policy shifts demand close market monitoring, especially for stakeholders navigating India Gold HS Code 7108 Import 2025 April compliance.

India Gold (HS 7108) 2025 April Import: Trend Summary

Key Observations

India's Gold imports under HS Code 7108 in April 2025 registered $5.52 billion in value and 27,800 kilograms in volume, reflecting a significant regulatory impact on trade flows.

Price and Volume Dynamics

The month-over-month decline from March's $7.30 billion and 37,970 kilograms—a 24% drop in value and 27% in weight—aligns with typical industry stock cycles, where importers often front-load purchases ahead of restrictive policy implementations. This pattern suggests a pre-April surge in March was driven by anticipatory stock building, followed by a sharp contraction as new rules took effect, underscoring the sensitivity of India Gold HS Code 7108 Import 2025 April to regulatory shifts.

External Context and Outlook

The volatility is directly attributable to India's DGFT import restrictions on non-monetary gold under HS 7108, effective from April 2025, which limited channels to authorized agencies and TRQ holders [sjexim.services]. This policy tightening, including updated CEPA procedures (taxguru.in), is expected to sustain lower import volumes near-term, with stability contingent on compliance adaptations and seasonal demand cycles.

India Gold (HS 7108) 2025 April Import: HS Code Breakdown

Product Specialization and Concentration

In April 2025, India's gold imports under HS Code 7108 were dominated by unwrought non-monetary gold, specifically the sub-code for metals with high purity. According to yTrade data, the leading product was unwrought gold (not powder), which accounted for over 78% of the total import value. This sub-code had a unit price of approximately 155,538 USD per kilogram, indicating a focus on high-value, bulk commodity imports with consistent pricing.

Value-Chain Structure and Grade Analysis

The remaining imports under HS Code 7108 can be grouped into two main categories: other forms of unwrought gold and semi-manufactured gold products. The unwrought gold variants show similar high purity levels, suggesting a trade in fungible bulk commodities where price is closely tied to global indices. Semi-manufactured gold, including semi-finished items, represents a smaller share but may involve slight value addition, though the overall structure points to a market driven by standardized quality rather than differentiated manufacturing.

Strategic Implication and Pricing Power

The high concentration in raw gold imports means Indian buyers have limited pricing power, as they depend on global market rates. However, recent policy changes, such as the DGFT restrictions on gold imports under HS Code 7108 [sjexim.services], could force a strategic shift towards more regulated channels or value-added products. Market players should focus on compliance and exploring semi-manufactured options to navigate these new rules and potentially gain better margins.

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India Gold (HS 7108) 2025 April Import: Market Concentration

Geographic Concentration and Dominant Role

In April 2025, India's gold imports under HS Code 7108 were heavily concentrated, with Switzerland dominating as the top supplier by value at 23.62% share, despite a lower weight share of 15.35%. This disparity, where value ratio exceeds weight ratio, points to Switzerland supplying higher-purity or premium-grade gold, as commodities like gold see value tied closely to purity and quality. The analysis for India Gold HS Code 7108 Import 2025 April shows a clear focus on high-value sources.

Partner Countries Clusters and Underlying Causes

The import partners form distinct clusters: first, high-value suppliers like Switzerland and the UAE, which are global gold hubs known for refined bullion; second, countries like Peru with high shipment frequency but low quantity, suggesting smaller, possibly dore gold or raw material shipments; and third, moderate contributors like Ghana and the USA, which may serve as secondary or diversified sources. These patterns align with gold's commodity nature, where major refiners dominate value chains, while others handle niche or upstream segments.

Forward Strategy and Supply Chain Implications

For market players, India's gold import landscape demands adaptation to new regulatory shifts, such as the DGFT restrictions on HS Code 7108 imports [sjexim.services], which limit channels to authorized agencies. Companies should prioritize sourcing from reliable hubs like Switzerland or the UAE while ensuring compliance with hallmarking and TRQ rules under trade agreements (sjexim.services). Diversifying suppliers could mitigate risks from policy changes and maintain supply chain stability for gold imports.

Table: India Gold (HS 7108) Top Partner Countries (Source: yTrade)

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India Gold (HS 7108) 2025 April Import: Action Plan for Gold Market Expansion

Strategic Supply Chain Overview

India's gold imports under HS Code 7108 in April 2025 reveal a market dominated by bulk, high-purity commodity trade. Price is driven by global gold indices and purity levels, not local negotiation. Supply chain implications are significant: India depends heavily on refined gold from global hubs like Switzerland and the UAE, creating vulnerability to policy shifts and geopolitical risks. The recent DGFT restrictions on imports under this code further stress the need for compliant, authorized channels.

Action Plan: Data-Driven Steps for Gold Market Execution

• Prioritize sourcing from high-purity hubs like Switzerland using real-time trade data to secure premium-grade gold and maintain quality consistency, as purity directly impacts value.
• Diversify suppliers to include secondary sources like Ghana or Peru to reduce over-reliance on single origins and mitigate supply disruption risks from policy changes.
• Focus sales outreach on high-frequency, high-volume buyers identified in import data to secure stable revenue streams, as losing one major client could significantly impact trade volume.
• Align inventory planning with buyer purchase cycles using shipment frequency analytics to optimize stock levels and avoid capital lock-in during low-demand periods.
• Explore semi-manufactured gold imports under compliant HS codes to navigate new DGFT restrictions and potentially capture higher margins through slight value addition.

Risk Mitigation and Forward Strategy

Market players must adapt to regulatory tightening under India Gold Import 2025 April rules. Dependence on HS Code 7108 imports faces heightened scrutiny, requiring strict compliance with hallmarking and TRQ protocols. Diversifying buyer segments beyond bulk importers can cushion against policy shocks. Proactive engagement with authorized agencies and real-time monitoring of trade alerts will be essential to maintain supply chain continuity and capitalize on emerging opportunities in regulated channels.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

Q1. What is driving the recent changes in India Gold Import 2025 April?

India's gold imports dropped 24% in value and 27% in volume from March 2025 due to new DGFT restrictions, which limited channels to authorized agencies and triggered anticipatory stockpiling in March.

Q2. Who are the main partner countries in this India Gold Import 2025 April?

Switzerland dominated with a 23.62% value share, followed by the UAE, reflecting their role as global hubs for high-purity gold. Peru and Ghana were secondary suppliers with niche shipments.

Q3. Why does the unit price differ across India Gold Import 2025 April partner countries?

Price differences stem from purity grades—Switzerland’s higher-value gold (155,538 USD/kg) contrasts with bulk commodity imports from others, as unwrought non-monetary gold accounted for 78% of trade.

Q4. What should importers in India focus on when buying Gold?

Importers must prioritize compliance with new regulations, secure contracts with dominant high-volume buyers (96% of trade), and explore semi-manufactured gold to mitigate policy risks.

Q5. What does this India Gold import pattern mean for overseas suppliers?

Suppliers like Switzerland and the UAE benefit from stable demand for premium gold, while niche players (e.g., Peru) must align with India’s regulatory shifts to retain market access.

Q6. How is Gold typically used in this trade flow?

Gold imports are primarily unwrought high-purity metal (78% share), used as a bulk commodity for refining or financial reserves, with minor value addition in semi-manufactured products.