India Gold HS7108 Import Data 2025 June Overview

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

India's gold imports under HS Code 7108 in June 2025 reveal a market split between high-purity shipments from hubs like the UAE and standard-grade gold from major producers like Ghana and Peru, reflecting varied product grades. Importers face tightening regulations, requiring compliance with TRQ mechanisms and BIS hallmarking, particularly for UAE-sourced gold. The market shows a clear geographic divide, with Ghana and Peru dominating in value despite lower shipment frequency, while the UAE's premium gold commands significantly higher unit prices. This analysis, covering June 2025, is based on cleanly processed Customs data from the yTrade database.

India Gold (HS 7108) 2025 June 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, given gold's role as a store of value and industrial input. Global demand remains stable due to its dual utility in luxury goods and financial hedging.

Current Context and Strategic Position

In June 2025, India's DGFT imposed restrictions on gold imports under HS Code 7108, reclassifying sub-codes like 71081210 (≥99.5% purity, non-monetary) as "Restricted" and mandating imports only through RBI-nominated agencies, IIBX, or CEPA TRQ holders [sjexim.services]. These measures aim to curb misclassification, enhance traceability, and protect customs revenue, particularly for UAE-sourced gold under CEPA concessions (Lex Works). India’s strategic reliance on regulated gold imports underscores the need for compliance with BIS hallmarking and GST requirements, making market vigilance essential for stakeholders in 2025.

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

Key Observations

In June 2025, India's imports of Gold under HS Code 7108 totaled 4.01 billion USD with a volume of 28.88 thousand kg, marking a sharp decline from May and reflecting the impact of new regulatory measures.

Price and Volume Dynamics

The monthly data shows significant volatility, with a peak in March at 7.30 billion USD and 37.97 thousand kg, likely driven by seasonal stock replenishment ahead of festivals and year-end financial activities. From May to June, values dropped by approximately 27% and volumes by 18%, indicating a pullback in import momentum due to anticipatory adjustments before policy enforcement. This trend underscores the industry's sensitivity to regulatory shifts and typical cyclical demand patterns in gold trading.

External Context and Outlook

The June downturn aligns directly with India's DGFT restrictions announced that month, which reclassified certain gold imports under HS Code 7108 as restricted and mandated stricter compliance via nominated agencies and hallmarking requirements [sjexim.services]. These changes, aimed curbing misclassification and protecting revenue, are expected to maintain subdued import levels in the near term, with stakeholders adapting to enhanced oversight and formalized trade channels.

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

Product Specialization and Concentration

India's gold imports under HS Code 7108 in June 2025 are heavily concentrated in unwrought, non-monetary gold, with the sub-code 71081290 dominating the market. According to yTrade data, this code for unwrought gold accounts for over 91% of the weight and 71% of the value, with a unit price of approximately 113,846 USD per kilogram. A smaller but higher-priced segment, sub-code 71081210, has a unit price of about 299,452 USD per kilogram, indicating a focus on higher purity grades. The semi-manufactured gold sub-codes, such as 71081310 with an extremely high unit price near 4.7 million USD per kilogram, represent an isolated anomaly due to their minimal share and are excluded from the main analysis.

Value-Chain Structure and Grade Analysis

The non-anomalous sub-codes fall into two clear categories based on purity and form: standard unwrought gold (71081290) and high-purity unwrought gold (71081210). This structure shows that India's gold import market under HS Code 7108 primarily deals in bulk, fungible commodities, where price is closely tied to purity levels rather than advanced manufacturing. The high unit price disparity between these groups underscores a trade in differentiated grades, but the overall emphasis remains on raw material inputs rather than finished goods.

Strategic Implication and Pricing Power

For market players, India's import restrictions, as detailed in [sjexim.services], mean that pricing power is concentrated among RBI and DGFT nominated agencies, who control access. Importers must focus on compliance with purity standards and channel strategies, such as using the India International Bullion Exchange, to navigate these policies and maintain competitive positioning in the India Gold HS Code 7108 Import 2025 June landscape.

Check Detailed HS 7108 Breakdown

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

Geographic Concentration and Dominant Role

In June 2025, India's gold imports under HS Code 7108 were dominated by Ghana and Peru in value terms, with Ghana holding a 17.70% value share despite lower shipment frequency, indicating a focus on higher-value gold shipments. The unit price disparity—calculated as value ratio divided by weight ratio—shows Ghana's gold at approximately 1.42 USD/kg, suggesting standard purity, while the UAE's much higher ratio of 7.36 USD/kg points to premium, high-purity gold imports, reflecting varied product grades in the market.

Partner Countries Clusters and Underlying Causes

The top partners form three clear clusters: first, major gold producers like Ghana and Peru, with high frequency and value shares, supplying bulk standard gold; second, high-purity hubs such as the UAE, Switzerland, and Australia, where financial centers and trade agreements enable premium gold flows; and third, lower-grade sources like the Dominican Republic and Chile, with low unit prices likely due to dore or scrap gold, driven by cost-efficient sourcing needs.

Forward Strategy and Supply Chain Implications

Market players must adapt to India's tightened import rules for gold, as new DGFT restrictions under HS Code 7108 require compliance with TRQ mechanisms and BIS hallmarking, particularly for UAE-sourced gold [sjexim.services]. Importers should diversify sources to stable producers like Ghana or Peru, ensure purity certifications, and leverage formal channels like IIBX to mitigate supply risks and align with regulatory shifts.

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Gold Import 2025 June under HS Code 7108 operates as a bulk commodity market. Price is driven by gold purity grades and geopolitical supply risks. High-purity gold from hubs like the UAE commands premium prices, while standard gold from major producers like Ghana dominates volume. Supply chain implications focus on securing consistent raw material flows. India's role is as a processing hub, dependent on regulated channels and quality certifications due to import restrictions.

Action Plan: Data-Driven Steps for Gold Market Execution

• Track purity-linked unit prices by origin to negotiate better deals, because grade variations directly impact profit margins.
• Use buyer frequency data to align inventory with dominant high-volume purchase cycles, preventing stockouts or overstock.
• Diversify sourcing to include stable producers like Peru alongside premium hubs, reducing reliance on single geographies and supply shocks.
• Verify BIS hallmarking and DGFT compliance for all shipments, ensuring smooth customs clearance and avoiding regulatory penalties.
• Leverage IIBX or nominated agency partnerships for bulk transactions, securing access despite import quota constraints.

Forward Risk Mitigation

India's gold market faces high regulatory and supply chain risks. DGFT restrictions limit import channels to authorized entities. Price volatility from global indices and geopolitical events can disrupt costs. Supply security depends on stable producer relationships and exchange mechanisms. Market players must prioritize compliance and data-backed sourcing to navigate these challenges successfully.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

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

India's gold imports dropped sharply in June 2025 due to new DGFT restrictions, with a 27% decline in value and 18% in volume from May. The policy shifts, including stricter compliance and hallmarking requirements, have subdued import momentum.

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

Ghana and Peru dominate India's gold imports, with Ghana holding a 17.7% value share. The UAE, Switzerland, and Australia also play key roles as high-purity gold suppliers.

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

Price disparities stem from purity and form differences: Ghana supplies standard unwrought gold (71081290), while the UAE trades premium high-purity gold (71081210) at significantly higher unit prices.

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

Importers must prioritize compliance with purity standards and build relationships with RBI-nominated agencies, as 92% of import value comes from a few dominant bulk buyers. Diversifying sources like Ghana or Peru can mitigate supply risks.

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

Suppliers of standard gold (e.g., Ghana, Peru) benefit from steady bulk demand, while high-purity exporters (e.g., UAE) must align with India’s regulatory shifts, such as TRQ mechanisms and BIS certifications.

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

India’s gold imports under HS Code 7108 are primarily raw material inputs, with 91% of volume being unwrought, non-monetary gold for commodity trading or jewelry manufacturing.