India Gold HS7108 Import Data 2025 July Overview

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

India's gold imports under HS Code 7108 in July 2025 reveal a high-purity market dominated by Switzerland, accounting for 20.25% of import value with an estimated unit price of $282/kg, reflecting strict regulatory focus on refined gold. The UAE emerges as a key supplier under the India-UAE CEPA agreement, while lower-purity sources like the Dominican Republic show distinct value-weight disparities. Importers must prioritize traceable, high-purity suppliers to comply with tightening DGFT restrictions. This analysis is based on cleanly processed Customs data from the yTrade database for July 2025.

India Gold (HS 7108) 2025 July 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 products, given gold's role as a store of value and industrial material. Global demand remains stable due to its dual utility in luxury goods and high-tech applications.

Current Context and Strategic Position

India's July 2025 import policy for gold (HS Code 7108) has tightened under DGFT Notification No. 08/2025-26, restricting imports of non-monetary gold (99.5%+ purity) to authorized entities like RBI-nominated agencies and IIBX traders [sjexim.services]. The India-UAE CEPA TRQ mechanism now mandates BIS hallmarking and GST compliance, reinforcing traceability [taxguru.in]. As a top global gold consumer, India’s regulatory shifts demand close market monitoring to navigate restricted channels and evolving trade terms.

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

Key Observations

In July 2025, India's import of gold under HS Code 7108 reached 7.81 billion USD with a volume of 43.34 thousand kg, representing a sharp monthly surge driven by anticipatory buying ahead of regulatory changes.

Price and Volume Dynamics

The month-over-month spike from June's 4.01 billion USD and 28.88 thousand kg aligns with gold's industry cycle, where importers often stockpile before policy tightenings or seasonal demand peaks, such as India's wedding season. This volatility underscores the metal's sensitivity to inventory adjustments and regulatory timelines, with July's figures highlighting a typical rush to secure supply before restrictions bite.

External Context and Outlook

This import surge is directly tied to the DGFT's mid-2025 restrictions on gold imports, as detailed in [sjexim.services], which prompted a last-minute influx before new rules like TRQ quotas and BIS hallmarking requirements took effect (lexworks.co.in). Moving forward, these policies are likely to curb volatility but may reduce overall import volumes as compliance hurdles increase.

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

Product Specialization and Concentration

The import market for India Gold HS Code 7108 in July 2025 is highly concentrated in unwrought gold forms. According to yTrade data, the sub-code for non-monetary, unwrought gold dominates with 84% of import shipments and 56% of total value, at a unit price of 136,432 USD per kilogram. This lower price compared to other sub-codes indicates a focus on bulk commodity gold. A high-purity variant under a similar description commands a higher unit price of 298,064 USD per kilogram, highlighting a grade-based specialization. Semi-manufactured gold items with extremely high prices are isolated anomalies in this analysis.

Value-Chain Structure and Grade Analysis

The main imports are grouped into standard unwrought gold and high-purity unwrought gold, based on unit price differences. Standard gold has a lower price per kilogram, while high-purity gold costs more, likely due to finer purity levels such as 99.5% or higher. This setup points to a trade in fungible bulk commodities, where prices are driven by global gold indices and purity grades, not by complex manufacturing or branding.

Strategic Implication and Pricing Power

For businesses involved in India Gold HS Code 7108 imports, the bulk commodity nature means limited pricing power, with costs tied to international markets. Regulatory changes, such as restricted import policies for high-purity gold [sjexim.services], require a strategic focus on compliance and sourcing through authorized channels like nominated agencies. This reinforces the need for partnerships and adherence to purity standards to navigate the 2025 July import landscape.

Check Detailed HS 7108 Breakdown

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

Geographic Concentration and Dominant Role

In July 2025, India's gold imports under HS Code 7108 are heavily concentrated, with Switzerland leading as the top source by value, accounting for 20.25% of total import value. Switzerland's high value share compared to its weight share (12.92%) points to a significantly higher unit price, estimated around $282 per kilogram, indicating imports of high-purity gold, likely 99.5% or more, which aligns with India's regulatory focus on restricted, high-quality non-monetary gold.

Partner Countries Clusters and Underlying Causes

The top sources form two clear clusters: high-purity suppliers like Switzerland, Peru, Ghana, and the UAE, with value ratios exceeding weight ratios, suggesting refined gold for jewelry or investment; and lower-purity sources like the Dominican Republic and Chile, where lower value ratios indicate bulk or industrial-grade gold. The UAE's strong presence is driven by the India-UAE CEPA agreement, which allows tariff-rate quotas for gold imports, as highlighted in recent policy updates [DGFT Notification].

Forward Strategy and Supply Chain Implications

For India's gold import strategy in 2025, companies must prioritize sourcing from authorized channels under DGFT restrictions, such as the UAE via CEPA quotas or RBI-nominated agencies, to ensure compliance with new purity standards and avoid disruptions. This shift requires focusing on traceable, high-purity suppliers while reducing reliance on unregulated sources, as reinforced by recent policy tightening on HS Code 7108 imports (DGFT Notification).

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Gold Import 2025 July under HS Code 7108 is a bulk commodity trade. Prices are driven by purity grade and global gold indices. High-purity gold from Switzerland and the UAE commands premium prices. Supply chains face regulatory risks from DGFT restrictions on non-monetary gold. Companies must prioritize authorized channels and high-grade sourcing to ensure compliance and supply security.

Action Plan: Data-Driven Steps for Gold Market Execution

• Target high-frequency, high-value buyers with bulk pricing to secure stable revenue. This minimizes demand volatility in a commodity market.
• Use UAE CEPA quota data to allocate import volumes through authorized agencies. This ensures compliance with DGFT tariff-rate policies.
• Monitor Swiss and Peruvian shipment purity grades via customs documentation. This prevents rejection of non-compliant high-value cargos.
• Track DGFT notification updates weekly to anticipate policy shifts on HS Code 7108. This avoids supply chain disruptions from sudden import restrictions.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

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

The surge in India's gold imports to 7.81 billion USD in July 2025 was driven by anticipatory buying ahead of regulatory restrictions, including DGFT's tightened policies on high-purity gold imports.

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

Switzerland is the top source, accounting for 20.25% of import value, followed by the UAE, Peru, and Ghana, which supply high-purity gold under preferential trade agreements.

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

Price differences stem from purity grades—Switzerland's high-purity gold (99.5%+) costs $282/kg, while bulk commodity gold from other sources trades at lower prices.

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

Importers must prioritize sourcing from authorized channels like UAE CEPA quotas or RBI-nominated agencies to comply with DGFT purity standards and avoid disruptions.

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

Suppliers of high-purity gold, especially from Switzerland and the UAE, have stable demand, while bulk commodity exporters face tighter regulatory scrutiny.

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

India's gold imports are dominated by unwrought forms (84% of shipments), primarily for jewelry, investment, and industrial use, with purity grades determining pricing.