India Gold HS7108 Import Data 2025 May Overview

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

India's gold imports under HS Code 7108 in May 2025 reveal a market dominated by high-purity shipments from Switzerland, which accounted for 32.65% of import value but only 20.10% of weight, signaling premium-grade demand. The top buyer concentration remains high, with Switzerland and the UAE leading as key suppliers, while import restrictions push compliance toward authorized channels like India-UAE CEPA. This analysis, based on cleanly processed Customs data from the yTrade database, highlights strategic shifts in sourcing and regulatory risks for India's gold trade.

India Gold (HS 7108) 2025 May Import Background

What is HS Code 7108?

HS Code 7108 covers gold (including gold plated with platinum), primarily in unwrought, semi-manufactured, or powder forms. This category is critical for industries like jewellery, electronics, and investment-grade bullion, driven by stable global demand for its intrinsic value and industrial applications. India, as one of the world’s largest gold consumers, relies heavily on imports under this code to meet domestic demand.

Current Context and Strategic Position

In May 2025, India tightened import controls on HS Code 7108 gold, reclassifying high-purity non-monetary gold (≥99.5%) as restricted under new sub-codes (71081210, 71081290) [sjexim.services]. The policy, effective May 19, 2025, channels imports through authorized agencies, TRQ holders under India-UAE CEPA, or refineries to curb tariff evasion [Lex Works]. India’s strategic reliance on gold imports under HS Code 7108 necessitates vigilance amid these regulatory shifts to balance trade compliance and market stability.

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

Key Observations

In May 2025, India's import of Gold under HS Code 7108 held steady at 5.52 billion USD, with a volume of 35,320 kilograms, reflecting a notable increase in quantity while value remained flat compared to April.

Price and Volume Dynamics

Month-over-month, the import value for India Gold HS Code 7108 Import 2025 May was unchanged from April's 5.52 billion USD, but volume surged by 27% from 27,800 kg, indicating a potential dip in average prices or a volume-driven push. This deviation from typical seasonal patterns—where gold demand often peaks around festivals—suggests importers may have accelerated shipments ahead of impending policy restrictions, rather than responding to usual demand cycles.

External Context and Outlook

The volume spike aligns with the DGFT's move to restrict imports under HS Code 7108 effective May 19, 2025, as detailed by sjexim.services. This policy, aimed at curbing tariff evasion and enhancing compliance, likely triggered a pre-deadline import rush. Going forward, the restricted regime may suppress volumes, shaping the India Gold HS Code 7108 Import trajectory for the rest of 2025.

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

Product Specialization and Concentration

According to yTrade data, India's gold import under HS Code 7108 in May 2025 is heavily concentrated in non-monetary unwrought gold with standard purity, specifically sub-code 71081290, which accounts for over half the value share. This sub-code has a unit price of approximately 107,000 USD per kilogram, significantly lower than the high-purity unwrought gold in sub-code 71081210 at 294,000 USD per kilogram, indicating a clear specialization in bulk, lower-grade imports. An extreme price anomaly is present in semi-manufactured gold sub-code 71081310, with a unit price over 6 million USD per kilogram, which is isolated from the main analysis due to its outlier nature.

Value-Chain Structure and Grade Analysis

The non-anomalous sub-codes can be grouped into two main categories based on form and purity: unwrought gold for bulk trade, including standard purity (71081290) and high purity above 99.5% (71081210), and semi-manufactured gold (71081390) for more processed forms. This structure shows that India's gold imports under HS Code 7108 are primarily fungible commodities, with unwrought gold likely tied to global indices, while semi-manufactured items represent a smaller, value-added segment. The dominance of unwrought forms suggests a market focused on raw material sourcing rather than finished goods.

Strategic Implication and Pricing Power

For market players, the concentration in bulk unwrought gold implies limited pricing power due to commodity-like competition and high volume dependence. The recent policy changes, such as restrictions on high-purity gold imports requiring authorization [SJ Exim Services], may increase compliance costs and reduce flexibility, pushing importers towards more regulated channels. This reinforces the need for strategic focus on securing authorized import quotas and diversifying into value-added segments to mitigate risks in India's gold import landscape for 2025.

Check Detailed HS 7108 Breakdown

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

Geographic Concentration and Dominant Role

In May 2025, India's gold imports under HS Code 7108 were heavily concentrated, with Switzerland leading by a large margin in value share. Switzerland accounted for 32.65% of the import value but only 20.10% of the weight, indicating a higher unit price and likely imports of higher purity gold. This disparity suggests that India sourced premium-grade gold from Switzerland during this period.

Partner Countries Clusters and Underlying Causes

The top import partners form three clusters based on value-to-weight ratios. First, high-value, high-purity sources like Switzerland and the United Arab Emirates show value ratios exceeding weight ratios, pointing to refined gold imports, possibly due to their roles as financial and trading hubs. Second, bulk or lower-grade sources such as the Dominican Republic and Chile have lower value ratios compared to weight ratios, indicating imports of raw or less refined gold, often from mining-rich regions. Third, balanced sources like Ghana and Peru have nearly equal ratios, suggesting mixed grades or standard trade flows.

Forward Strategy and Supply Chain Implications

With India's recent import restrictions on high-purity gold under HS Code 7108, as detailed in [DGFT Notification], importers must shift towards authorized channels like nominated agencies or TRQ holders under the India-UAE CEPA. Supply chains should prioritize compliance with BIS hallmarking and GST registration to avoid disruptions, focusing on stable partners like the UAE for concessional imports under the CEPA framework (DGFT Notification).

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Gold Import 2025 May under HS Code 7108 is a bulk commodity trade dominated by standard-purity unwrought gold. Price is driven by global gold indices and purity grade differentials. High-volume buyers and Swiss/UAE hubs control most flows. Recent import restrictions add compliance risk. The supply chain implication is heavy reliance on secure, authorized channels for raw material processing, not finished goods.

Action Plan: Data-Driven Steps for Gold Market Execution

• Monitor HS Code 7108 sub-component prices weekly to spot purity-driven cost shifts and adjust sourcing to protect margins against index volatility.
• Use buyer frequency data to identify core high-volume clients for relationship management, ensuring stable revenue despite market concentration risks.
• Analyze partner country value-weight ratios to prioritize UAE and Swiss sources for consistent high-purity supply under CEPA rules, avoiding unauthorized entry points.
• Track regulatory updates like BIS hallmarking requirements in real-time to pre-empt compliance delays and maintain uninterrupted import operations under new DGFT rules.

Take Action Now —— Explore India Gold Import Data

Frequently Asked Questions

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

The surge in volume (27% increase) while value remained flat suggests importers rushed shipments ahead of India's new import restrictions on high-purity gold, effective May 19, 2025. This policy shift disrupted typical seasonal demand patterns.

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

Switzerland dominated with 32.65% of import value, followed by the UAE, reflecting their roles as high-purity gold hubs. Bulk-grade imports came from mining-rich regions like the Dominican Republic and Chile.

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

Price differences stem from purity and form: high-purity unwrought gold (sub-code 71081210) averaged 294,000 USD/kg, while standard bulk-grade (71081290) was 107,000 USD/kg. Switzerland’s higher unit price aligns with premium-grade shipments.

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

Importers must prioritize compliance with new authorization requirements for high-purity gold and diversify into value-added segments like semi-manufactured gold to mitigate reliance on bulk commodity trade.

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

Suppliers must adapt to India’s regulated import channels, focusing on authorized partners like UAE under CEPA. Bulk-grade exporters face commodity-style competition, while high-purity suppliers can leverage Switzerland’s premium positioning.

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

India’s imports are primarily fungible, unwrought gold (71081290/71081210) for bulk trading, likely tied to global indices. Semi-manufactured gold (71081390) represents a smaller, value-added segment for jewelry or industrial use.