India Gold HS7108 Import Data 2025 March Overview

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

India’s gold imports under HS Code 7108 in March 2025 reveal a high-purity market dominated by the UAE, which accounted for 48.93% of import value but only 28.30% of weight, signaling premium-grade shipments. The India-UAE CEPA trade agreement drives this concentration, while Switzerland and Saudi Arabia supply standard refined gold, and niche players like Peru and Australia contribute high-value, low-volume shipments. New import restrictions mandate compliance with BIS hallmarking and GST, urging supply chains to diversify beyond the UAE. This analysis, covering March 2025, is based on cleanly processed Customs data from the yTrade database.

India Gold (HS 7108) 2025 March 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 jewelry, electronics, and investment, driven by gold's role as a store of value and industrial input. Global demand remains stable due to its dual utility as a luxury good and financial asset.

Current Context and Strategic Position

India has tightened import controls on HS Code 7108 gold in 2025, reclassifying non-monetary gold with 99.5%+ purity (71081210) as restricted and mandating imports only through authorized channels like RBI-nominated agencies or India-UAE CEPA TRQ holders [sjexim.services]. These measures aim to enhance traceability and curb tariff avoidance, reflecting India's strategic focus on balancing trade partnerships (e.g., UAE CEPA) with domestic regulatory oversight. Given India's status as a top gold importer, vigilance is critical for compliance with evolving March 2025 policies.

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

Key Observations

In March 2025, India's imports of gold under HS Code 7108 surged to 7.30 billion USD with a volume of 37.97 thousand kg, marking a significant monthly peak.

Price and Volume Dynamics

The sharp increase from February's 3.98 billion USD and 16.34 thousand kg reflects a typical industry response to policy anticipation, where importers ramp up volumes ahead of regulatory changes to secure inventory. This 83% value jump and 132% volume rise align with gold's stock cycle behavior, often driven by preemptive buying to avoid future restrictions or capitalize on current tariffs.

External Context and Outlook

This import spike is directly linked to India's updated import policies, as the DGFT restrictions on HS Code 7108 gold [sjexim.services] prompted a rush before tighter controls took effect. Moving forward, these regulatory shifts may stabilize imports but could introduce volatility as compliance requirements like BIS hallmarking are enforced (sjexim.services).

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

Product Specialization and Concentration

In March 2025, India's gold imports under HS Code 7108 are overwhelmingly dominated by unwrought gold. According to yTrade data, the sub-code for non-monetary, unwrought gold accounts for over 99% of both import value and weight, with a unit price of approximately 190,700 USD per kilogram. A separate, high-value anomaly exists for semi-manufactured gold, which has a unit price exceeding 6.4 million USD per kilogram but represents less than 1% of the trade volume.

Value-Chain Structure and Grade Analysis

The import structure for India Gold HS Code 7108 in 2025 March is split into two clear value-add stages: unwrought forms and semi-manufactured products. Unwrought gold functions as a fungible bulk commodity, traded primarily on weight and purity benchmarks, while semi-manufactured gold indicates a specialized, processed segment with higher differentiation. This bifurcation suggests a market where most trade is in standardized raw material, with a small but distinct value-added niche.

Strategic Implication and Pricing Power

For importers, the heavy reliance on unwrought gold under HS Code 7108 implies limited pricing power in the bulk segment, driven by global indices. However, the high-value semi-manufactured category offers potential for premium strategies. Recent policy changes, such as import restrictions highlighted by [sjexim.services], may tighten supply and increase compliance costs, affecting overall import dynamics for India Gold Import in 2025 March.

Check Detailed HS 7108 Breakdown

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

Geographic Concentration and Dominant Role

In March 2025, India's gold imports under HS Code 7108 were highly concentrated, with the UNITED ARAB EMIRATES dominating at 48.93% of total value but only 28.30% of weight, indicating a high unit value around $332,000 per kilogram, which points to imports of high-purity or premium forms of gold. This disparity between value and weight ratios suggests that India is sourcing high-grade gold, consistent with the commodity nature of precious metals where purity drives value. The analysis for India Gold HS Code 7108 Import 2025 March shows UAE as the key supplier.

Partner Countries Clusters and Underlying Causes

The partner countries form three clusters: first, UAE stands out due to its trade agreement benefits under the India-UAE CEPA, facilitating large volumes of regulated imports [SJ Exim Services]. Second, Switzerland and Saudi Arabia have lower value per weight (e.g., Switzerland's value ratio of 12.71% vs. weight ratio of 20.15%), likely supplying refined gold with standard purity. Third, Peru and Australia show high value despite low quantity, possibly due to niche high-purity gold shipments, reflecting diverse sourcing strategies in the gold market.

Forward Strategy and Supply Chain Implications

Market players must adapt to India's new import restrictions, which limit gold imports to authorized channels like nominated agencies or TRQ holders under CEPA, as per DGFT regulations (SJ Exim Services). For supply chains, this means prioritizing compliance with BIS hallmarking and GST registration, and diversifying sources beyond UAE to mitigate regulatory risks. The focus should be on securing reliable partners and monitoring policy updates to ensure uninterrupted supply of high-purity gold.

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Gold Import 2025 March under HS Code 7108 is driven by global gold index pricing and purity benchmarks, with minimal control over bulk unwrought gold costs. Supply chains face high concentration risk, relying heavily on UAE-sourced high-purity gold under CEPA rules, while new DGFT import restrictions increase compliance burdens and potential disruptions. The market’s bifurcation into bulk and high-value niches means supply security and regulatory adaptability are critical.

Action Plan: Data-Driven Steps for Gold Market Execution

• Track UAE shipment purity grades using trade data to negotiate better premiums and avoid overpaying for standard-grade gold.
• Diversify sources to include Swiss or Australian partners identified in cluster analysis to reduce over-reliance on UAE and mitigate supply chain disruptions.
• Analyze dominant buyer purchase cycles to align inventory with their high-frequency demand, minimizing capital tied in unsold stock.
• Monitor DGFT policy updates weekly through authorized channels to ensure compliance and avoid penalties under new import restrictions.

Forward-Looking Strategy

For India Gold Import 2025 March under HS Code 7108, future strategy must balance cost-efficiency in bulk unwrought gold with premium opportunities in semi-manufactured segments. Strengthen relationships with UAE suppliers while developing compliant import routes through nominated agencies. Use real-time trade data to anticipate demand shifts and regulatory changes, ensuring both supply stability and margin protection in a volatile, regulated market.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

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

India's gold imports surged by 83% in value and 132% in volume in March 2025, driven by preemptive buying ahead of new DGFT restrictions on gold imports.

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

The United Arab Emirates dominates with 48.93% of import value, followed by Switzerland (12.71%) and Saudi Arabia, reflecting India's reliance on high-purity gold sources.

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

Price differences stem from product specialization—UAE supplies high-value semi-manufactured gold (~$332k/kg), while Switzerland provides standard refined gold at lower unit prices.

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

Importers must prioritize compliance with BIS hallmarking and GST rules while diversifying suppliers beyond UAE to mitigate regulatory risks from DGFT restrictions.

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

Suppliers must align with India's demand for high-purity gold and adapt to stricter import controls, with UAE-based traders best positioned due to CEPA trade benefits.

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

Gold imports are primarily for bulk commodity trading (99% unwrought gold) and niche high-value processing (semi-manufactured gold), catering to jewelry and investment markets.