India Gold HS7108 Import Data 2025 February Overview

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

India's Gold HS Code 7108 Import in 2025 February reveals a high-value, purity-driven market, with UAE dominating as the primary supplier (53.57% of import value) but at a premium unit price, signaling premium-grade shipments. The market shows tight geographic concentration, raising supply chain risks, while Switzerland’s bulk, lower-purity imports (43.92% weight share) highlight divergent sourcing strategies. This analysis, covering February 2025, is based on processed Customs data from the yTrade database.

India Gold (HS 7108) 2025 February 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 product is a critical input for India’s jewellery, electronics, and investment sectors, driving consistent global demand due to its role as a store of value and industrial material. High-purity gold (99.5% or above) is particularly significant for monetary and bullion markets.

Current Context and Strategic Position

In February 2025, India implemented key regulatory changes for Gold imports under HS Code 7108, including stricter purity-based classifications and restricted import channels [sjexim.services]. These measures aim to curb misclassification and enhance oversight, particularly for non-monetary gold imports. India’s reliance on gold imports, coupled with its role as a global demand hub, underscores the need for vigilance amid evolving trade policies and India-UAE CEPA TRQ adjustments [taxguru.in]. Market participants must monitor these shifts to navigate compliance and sourcing strategies effectively.

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

Key Observations

In February 2025, India's imports of Gold under HS Code 7108 reached a value of 3.98 billion USD with a volume of 16.34 thousand kg, showing a noticeable shift from the previous month.

Price and Volume Dynamics

The month-over-month comparison reveals a 5.9% decrease in import value from January's 4.23 billion USD, while volume data for January was not recorded, making direct comparisons challenging. This decline aligns with typical seasonal patterns in the gold market, where February often experiences reduced import activity due to lower demand outside of major festival or wedding seasons in India. The absence of significant stock replenishment cycles during this period further supports the subdued performance, indicating a routine adjustment rather than a market anomaly.

External Context and Outlook

The observed trend in February 2025 was likely influenced by the customs duty reduction on jewellery products, effective from February 2, which may have indirectly affected gold import dynamics by stimulating downstream demand [research.hktdc.com]. Additionally, anticipation of stricter import restrictions later in the year, as outlined in DGFT notifications, could have prompted cautious trade behavior. For India Gold HS Code 7108 Import 2025 February, the outlook remains watchful, with policy developments expected to drive future volatility in alignment with monetary and regulatory frameworks.

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

Product Specialization and Concentration

According to yTrade data, India's gold imports under HS Code 7108 in February 2025 were overwhelmingly concentrated on unwrought gold. The sub-code 71081200, "Metals; gold, non-monetary, unwrought (but not powder)", dominated with over 98% of the import value and nearly 100% of the weight, at a unit price of approximately 240,000 USD per kilogram. A small volume of semi-manufactured gold under sub-code 71081300 was imported at a much higher unit price of around 6.89 million USD per kilogram, which is isolated as a specialized anomaly due to its extreme value disparity.

Value-Chain Structure and Grade Analysis

The non-anomalous imports are primarily raw, unwrought gold, which is traded as a fungible bulk commodity closely tied to global gold price indices. This structure indicates a market focused on basic, high-purity material rather than differentiated finished goods, with minimal presence of value-added stages in the top import segments for February 2025.

Strategic Implication and Pricing Power

For importers, pricing power is low for raw gold due to its commodity nature, requiring focus on volume and cost efficiency. The isolated high-value semi-manufactured segment offers niche opportunities but with limited scale. The February 2025 customs duty reduction on jewellery [research.hktdc.com] may indirectly boost demand for raw gold, influencing import strategies under India Gold HS Code 7108 Import 2025 February.

Check Detailed HS 7108 Breakdown

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

Geographic Concentration and Dominant Role

India's Gold HS Code 7108 Import in 2025 February shows a highly concentrated sourcing pattern, with UNITED ARAB EMIRATES dominating as the primary supplier, accounting for 53.57% of the import value but only 26.56% of the weight, indicating a higher unit price likely due to premium purity or refined forms. This disparity suggests that UAE supplies higher-grade gold, aligning with commodity trends where value concentrates in purer products.

Partner Countries Clusters and Underlying Causes

The import partners form two main clusters: first, UAE and Switzerland, where Switzerland has a high weight share (43.92%) but lower value (10.07%), pointing to bulk or lower-purity gold imports; second, countries like Peru and UK with moderate value but minimal weight, indicating specialized, high-value shipments possibly for niche markets or specific industrial uses, driven by trade agreements or refining capabilities.

Forward Strategy and Supply Chain Implications

For market players, the geographic concentration underscores the need to diversify sources to mitigate risks, especially with recent DGFT restrictions shifting gold import policies to restricted categories under HS Code 7108, as per [DGFT Notification]. Importers should leverage TRQ mechanisms under India-UAE CEPA and ensure compliance with BIS hallmarking to secure supply chains amid regulatory changes. (DGFT Notification)

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Gold Import 2025 February under HS Code 7108 operates as a bulk commodity market. Price is driven by global gold indices and purity grade. Supply depends heavily on UAE and Switzerland. This creates high exposure to geopolitical shifts and policy changes like recent DGFT restrictions. The market lacks pricing power due to its raw material focus. Buyers are concentrated, with one group dominating volume. This structure demands extreme cost efficiency and supply security.

Action Plan: Data-Driven Steps for Gold Market Execution

• Diversify import sources beyond UAE and Switzerland. Use trade data to identify alternative suppliers with stable trade terms. This reduces geopolitical risk and ensures consistent supply.
• Secure advance TRQ approvals under India-UAE CEPA. Leverage bilateral agreement quotas for duty-free access. This maintains cost competitiveness amid regulatory changes.
• Target high-frequency, high-volume buyers with bulk offers. Use buyer transaction data to align shipments with their stock cycles. This secures large-volume contracts and market share.
• Monitor BIS hallmarking compliance for all shipments. Verify purity standards through certified refiners. This avoids customs delays and maintains product quality.
• Track DGFT notifications for real-time policy shifts. Use regulatory alerts to adapt import plans instantly. This prevents costly compliance failures or shipment rejections.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

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

India's gold imports in February 2025 declined by 5.9% in value compared to January, likely due to seasonal demand patterns and anticipation of stricter import restrictions. The customs duty reduction on jewellery may have indirectly influenced import dynamics by stimulating downstream demand.

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

The United Arab Emirates (UAE) dominated as the primary supplier, accounting for 53.57% of import value, followed by Switzerland with 10.07% of value but a higher 43.92% weight share.

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

The price disparity stems from product specialization—UAE supplies higher-purity gold (refined forms), while Switzerland's bulk shipments likely consist of lower-purity or unwrought gold, traded at commodity prices.

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

Importers should prioritize relationships with dominant high-volume buyers (handling 89% of import value) while diversifying sources to mitigate risks from regulatory changes like DGFT restrictions on high-purity gold.

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

Suppliers from UAE benefit from premium pricing due to high-grade gold demand, but all exporters must adapt to India's regulatory shifts, including hallmarking compliance and TRQ mechanisms under trade agreements.

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

India's imports are overwhelmingly raw, unwrought gold (98% of value), indicating use as a bulk commodity for refining, jewellery production, or financial reserves, with minimal value-added processing at import stage.