India Gold HS7108 Import Data 2025 January Overview

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

India’s January 2025 gold imports under HS Code 7108 reveal a market dominated by the UAE, supplying high-purity gold with a 34.78% value share, while mining nations like Peru and Ghana provide raw material at lower values. The import landscape is tightly regulated, requiring compliance with new policies like the India-UAE CEPA TRQ and IIBX for refined gold, while raw material imports face stricter refinery restrictions. This analysis, covering India Gold Import 2025 January, is based on cleanly processed Customs data from the yTrade database.

India Gold (HS 7108) 2025 January 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, electronics, and investment, where high-purity gold is essential. Global demand remains stable due to its dual role as a luxury good and a financial safe-haven asset.

Current Context and Strategic Position

In January 2025, India tightened import restrictions on gold under HS Code 7108, reclassifying non-monetary gold with 99.5%+ purity (71081210) as restricted. Imports now require RBI/DGFT approval, BIS hallmarking, or compliance with India-UAE CEPA TRQ rules [sjexim.services]. These measures aim to curb revenue leakage and align with the Finance Act 2025. As the world’s second-largest gold consumer, India’s policy shifts for HS Code 7108 imports in 2025 demand close market monitoring to navigate regulatory and trade risks.

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

Key Observations

India's gold imports under HS Code 7108 in January 2025 totaled $4.23 billion in value, though volume data showed 0.00 kg, indicating potential reporting gaps or a value-focused metric for the period.

Price and Volume Dynamics

With no comparative data for QoQ or YoY analysis, the $4.23 billion import value suggests strong activity, consistent with India's seasonal demand cycles where January often sees elevated gold purchases due to wedding and festival seasons driving retail and jewelry stock replenishment.

External Context and Outlook

The outlook for India Gold HS Code 7108 Import in 2025 is shaped by impending policy shifts, such as the DGFT's restriction on non-monetary gold imports effective from May 2025 [DGFT Notification], which may curb future volumes and increase regulatory scrutiny, potentially leading to heightened volatility post-implementation (DGFT Notification).

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

Product Specialization and Concentration

According to yTrade data, India's gold imports under HS Code 7108 in January 2025 were overwhelmingly concentrated in non-monetary unwrought gold, which accounted for over 98% of the import value. This sub-code, representing gold in its raw, unworked form, dominated with a value share of 98.78% and a quantity share of 98.69%, based on weight metrics. The unit prices for both main sub-codes were closely aligned, indicating no significant price disparities or anomalies that would suggest specialized grades or forms within this period.

Value-Chain Structure and Grade Analysis

The import structure for India Gold HS Code 7108 in January 2025 consists of two primary categories: unwrought gold and semi-manufactured gold. Unwrought gold serves as the raw material input, while semi-manufactured gold represents a minor segment of partially processed goods. This configuration points to a trade in fungible bulk commodities, where pricing is largely tied to global indices and metal purity rather than value-added differentiation. The high share of raw imports suggests that India's market for gold under this code is primarily driven by base metal demand rather than finished products.

Strategic Implication and Pricing Power

For importers of India Gold HS Code 7108 in 2025 January, the commodity-like nature of gold means limited pricing power, with costs influenced by international markets and regulatory changes. Recent policy updates, such as restrictions on high-purity gold imports requiring specific channels like RBI nominations or India-UAE CEPA quotas [SJ Exim Services], emphasize the need for compliance with hallmarking and GST registration (Lex Works). This shifts strategic focus towards securing authorized import routes and monitoring regulatory shifts to mitigate supply risks.

Check Detailed HS 7108 Breakdown

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

Geographic Concentration and Dominant Role

India's January 2025 import of Gold HS Code 7108 is heavily concentrated, with the UAE dominating as the top source by both value (34.78%) and shipment frequency (30.38%). The UAE's high value share relative to its quantity share (18.73%) signals it is the primary supplier of high-purity, high-value gold, a pattern consistent with its role as a global bullion hub. This sets the stage for a market defined by premium sourcing.

Partner Countries Clusters and Underlying Causes

The import partners form two clear clusters. The first consists of major gold mining and producing nations like Peru, Ghana, South Africa, and the Dominican Republic, which ship large volumes but at lower average values, indicating they supply raw or dore gold. The second cluster includes trade and financial hubs like the UAE, USA, and Switzerland, which act as intermediaries, handling high-value, refined gold. This split shows a supply chain where raw material is sourced from mines and then processed or traded through financial centers before reaching India.

Forward Strategy and Supply Chain Implications

For buyers, this geographic split means a two-track strategy. Sourcing refined gold will remain centered on the UAE, but this now requires strict compliance with new regulatory channels like the India-UAE CEPA Tariff Rate Quota (TRQ) and the India International Bullion Exchange (IIBX) [sjexim.services]. For raw material, importers must work directly with mining nations but will need an Actual User license, as the import of gold dore is now restricted to authorized refineries. The new policy tightens control over the entire India Gold HS Code 7108 import chain for January 2025.

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Gold Import 2025 January under HS Code 7108 is a commodity market. Price is driven by global gold indices and metal purity. It is not driven by product differentiation. Supply depends on authorized import channels and regulatory compliance. The market shows high buyer concentration. A few high-value importers control 95% of trade. Geographically, sourcing splits between raw gold from mining nations and refined gold from hubs like the UAE. This creates a two-tier supply chain. Implication is strict need for compliance with new policy channels. Supply security now requires using designated routes like IIBX or CEPA quotas.

Action Plan: Data-Driven Steps for Gold Market Execution

• Map all active importers through trade data to identify RBI-authorized entities. This ensures partnerships comply with new regulatory frameworks for HS Code 7108.
• Track real-time regulatory updates using customs databases to anticipate policy shifts. This prevents shipment delays or rejections under tightened import rules.
• Analyze shipment data from mining nations like Peru and Ghana to secure raw gold supply. This diversifies sourcing and reduces over-reliance on refined gold hubs.
• Monitor high-frequency buyer patterns to forecast demand cycles and optimize inventory. This avoids stockouts or excess holding costs in a volatile market.
• Use partner country trade statistics to verify supplier legitimacy and purity certifications. This mitigates risk of non-compliant or low-quality gold imports.

Forward-Looking Risk Factors

India Gold Import 2025 January faces high regulatory risk. Policy changes can abruptly restrict supply channels. Geopolitical issues in source countries may disrupt raw material flow. Market concentration increases vulnerability if key buyers shift strategies. Currency fluctuations and global gold price volatility directly impact costs. Compliance failures could lead to legal penalties or blocked shipments. Proactive monitoring and data-driven agility are essential to manage these risks for HS Code 7108.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

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

India's gold imports in January 2025 are influenced by seasonal demand for weddings and festivals, alongside impending regulatory restrictions on non-monetary gold imports, which may tighten supply chains.

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

The UAE is the dominant supplier, accounting for 34.78% of import value, followed by mining nations like Peru, Ghana, and South Africa, which provide raw or dore gold at lower average values.

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

Price differences stem from the UAE supplying high-purity, refined gold, while mining nations export raw or dore gold, which commands lower unit prices due to its unprocessed state.

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

Importers must prioritize compliance with new regulations, secure authorized channels like RBI nominations or CEPA quotas, and maintain strong relationships with high-value buyers who dominate the market.

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

Suppliers in financial hubs like the UAE have a premium role, while mining nations must align with India’s refinery licensing rules, as the market favors bulk, high-purity imports with strict oversight.

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

Gold imports are primarily raw (unwrought), serving as base material for jewelry and investment demand, with minimal value-added processing in the immediate supply chain.