India Jewellery Import Market -- HS 7113 Trade Data & Price Trend (Q1 2025)

India Jewellery Import (HS 7113) Key Takeaways

India’s jewellery imports under HS Code 7113 surged to $624.8 million in Q1 2025, peaking in February ahead of regulatory shifts, as high-value precious metal jewellery dominated with a 38.71% share. The market relies heavily on concentrated suppliers like AL DARWISH JEWELLERY, while Thailand leads in volume but lags in value, contrasting with premium shipments from the UAE and US. This analysis, based on cleanly processed customs data from the yTrade database, highlights India’s strategic pivot toward high-margin, non-restricted items amid policy volatility.

India Jewellery Import (HS 7113) Background

What is HS Code 7113?

HS Code 7113 covers articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal, including components like hooks, clasps, and pins. This category is critical for the global jewellery industry, driven by demand for luxury goods, cultural significance, and investment in precious metals. India, a major consumer and producer, relies heavily on imports under this code to meet domestic demand and support its export-oriented jewellery manufacturing sector.

Current Context and Strategic Position

India’s jewellery import landscape under HS Code 7113 saw significant policy shifts in Q1 2025, with the basic customs duty (BCD) reduced from 25% to 20% [Union Budget]. However, imports of specific silver jewellery (HS 71131141 & 71131149) and platinum jewellery (HS 71131921) were restricted, requiring DGFT approval [TaxGuru, TaxGuru]. These measures aim to balance trade deficits and protect domestic manufacturers. For stakeholders, monitoring HS Code 7113 trade data is essential to navigate duty structures and regulatory compliance in India’s strategically vital jewellery market.

India Jewellery Import (HS 7113) Price Trend

Key Observations

India's jewellery imports under HS code 7113 totaled $624.8 million in Q1 2025, marking a strong start to the year. The quarter peaked in February at $241.6 million before moderating slightly in March.

Price and Volume Dynamics

The India Jewellery Import trend showed notable volatility within the quarter. January began at $147.2 million, followed by a significant 64% sequential jump in February. This surge likely reflects accelerated ordering ahead of anticipated policy shifts. March imports dipped 2.3% month-over-month to $236 million, suggesting a stabilization after the February rush. The hs code 7113 value trend indicates importers were actively adjusting their strategies in response to evolving regulatory signals.

External Context and Outlook

The quarter's volatility aligns directly with India's tariff and policy adjustments. The government reduced the basic customs duty on jewellery and parts from 25% to 20% effective May 1, 2025 [Union Budget], encouraging earlier imports to capitalize on lower costs. Concurrently, restrictions were imposed on certain silver jewellery imports (HS codes 71131141 & 71131149) until March 2026 [TaxGuru], creating urgency for shipments before limitations took effect. These competing forces—duty cuts incentivizing imports and restrictions curbing them—drove the uneven quarterly pattern. Looking ahead, import activity may soften as restrictions tighten and buyers adapt to the new duty structure.

India Jewellery Import (HS 7113) HS Code Breakdown

Product Specialization and Concentration

In Q1 2025, India's import of HS Code 7113 is dominated by high-value precious metal jewellery, specifically sub-code 71131913 for jewellery of precious metals excluding silver, with a unit price of $190.14 per piece, according to yTrade data. This sub-code holds a 38.71% value share, indicating strong specialization in finished, luxury items. Anomalies like sub-code 71131911, with an extremely low unit price of $0.25 per piece, are isolated from the main analysis due to their bulk, low-value nature, likely representing parts or low-grade components.

Value-Chain Structure and Grade Analysis

The non-anomalous sub-codes fall into two clear categories based on unit price and material. High-grade precious metal jewellery, such as 71131913 and 71131919, has unit prices ranging from $66 to $190 per piece, reflecting differentiated, finished goods with significant value addition. Silver jewellery, like 71131141 and 71131149, shows lower unit prices around $1.60 to $1.86 per piece, suggesting a more commodity-like, bulk trade pattern, though variants like 71131144 at $25.41 indicate some mid-range differentiation. This structure points to a market split between high-value manufactured products and more fungible bulk items.

Strategic Implication and Pricing Power

Importers of high-value precious metal jewellery under India's HS Code 7113 import regime likely hold stronger pricing power due to product differentiation and lower regulatory scrutiny, while silver jewellery faces constraints from recent import restrictions [TaxGuru]. Strategic focus should prioritize high-margin, non-silver items, as analysis of HS Code 7113 trade data reveals silver's vulnerability to policy shifts, such as duty reductions and license requirements, impacting supply chains and cost structures for bulk buyers.

Check Detailed HS Code 7113 Breakdown

India Jewellery Import (HS 7113) Origin Countries

Geographic Concentration and Dominant Role

Thailand is the dominant origin for India's jewellery imports in Q1 2025, supplying 24.63% of the total import value. However, its 46.10% share of quantity is nearly double its value share. This gap shows India sources a large volume of lower-value jewellery items from Thailand, likely mass-produced or fashion pieces. The United Arab Emirates also plays a key role with a high value share of 8.72%, but its low quantity share points to trade in higher-value goods.

Origin Countries Clusters and Underlying Causes

The data reveals three clear clusters. The High-Yield Cluster includes the United States and UAE, where value shares (11.99% and 8.72%) significantly outpace their small quantity shares. This indicates imports of premium, branded jewellery. The Volume Cluster is led by Italy and Indonesia, which have massive quantity shares (49.58% and 1.06%) that exceed their value contributions, suggesting bulk imports of components or lower-end goods. A notable case is India's own presence in the data, which signifies re-imports of returned goods or inventory from abroad, pointing to potential supply chain adjustments. The Transactional Cluster, featuring high frequency from India and Hong Kong, reflects a trade pattern of many small, likely retail-oriented shipments.

Forward Strategy and Supply Chain Implications

India's jewellery import strategy must balance cost-effective volume sourcing from Thailand and Italy with premium sourcing from the US and UAE. The high volume of re-imports from India itself requires attention to reverse logistics and quality control. Recent policy changes, including a cut in the basic customs duty on jewellery to 20% from 25% [Union Budget] and new restrictions on certain silver and platinum jewellery imports [TaxGuru], will directly impact this balance. These restrictions may force a strategic shift, requiring importers to diversify sources for restricted items and potentially increasing reliance on domestic production or alternative partners not facing trade barriers.

Table: India Jewellery (HS 7113) Top Origin Countries (Source: yTrade)

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India Jewellery (HS 7113) Suppliers Analysis

Supplier Concentration and Dominance

In Q1 2025, the India Jewellery Import market shows a concentrated structure, with high-value, high-frequency suppliers dominating. According to yTrade data, this group handles over half of the total import value at 50.95%, indicating that typical trade involves frequent, high-value transactions. The India Jewellery Import suppliers primarily rely on this cluster for the bulk of their value, underscoring a market driven by consistent, premium exchanges.

Strategic Supplier Clusters and Trade Role

The other clusters include high-value, low-frequency suppliers contributing 46.81% of value but with infrequent shipments, and low-value groups with minimal impact. The dominant cluster's representative companies, such as AL DARWISH JEWELLERY and TIFFANY AND COMPANY, point to a market supplied directly by branded manufacturers, not intermediaries. The profile of HS code 7113 suppliers suggests a focus on established brands, reducing reliance on trading agents and emphasizing direct relationships for quality assurance.

Sourcing Strategy and Vulnerability

For importers in India, the strategy should prioritize building strong ties with high-value, frequent suppliers to ensure steady supply, while monitoring the high-value, low-frequency cluster for bulk opportunities. The recent customs duty cut to 20% on jewellery imports [India Budget] lowers costs, but restrictions on specific silver and platinum jewellery until 2026 add vulnerability to supply disruptions, requiring diversified sourcing or license management to mitigate risks.

Table: India Jewellery (HS 7113) Top Suppliers List (Source: yTrade)

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Action Plan for Jewellery Market Operation and Expansion

Strategic Supply Chain Overview

India's Jewellery Import market under HS Code 7113 operates on a dual structure. High-value precious metal items drive profitability through product differentiation. Bulk silver jewellery faces significant price pressure from recent import restrictions.

Core price drivers are product specification and policy shifts. The hs code 7113 trade data shows premium jewellery commands prices up to $190 per piece. Silver items trade near commodity levels. Government actions, like the 20% customs duty and silver import bans until 2026, directly impact cost structures.

Supply chain implications require balancing two sourcing models. Premium items need direct relationships with branded manufacturers like Tiffany. Bulk items require volume sourcing from Thailand and Italy. India's own re-import activity indicates complex reverse logistics. The Jewellery supply chain must now navigate both policy barriers and quality demands.

Action Plan: Data-Driven Steps for Jewellery Market Execution and Expansion

• Use hs code 7113 trade data to target imports of sub-code 71131913. Focus on high-margin precious metal jewellery excluding silver. This directly avoids recent import restrictions and captures the highest unit values.
• Build direct contracts with high-value, high-frequency suppliers like AL DARWISH JEWELLERY. Secure consistent supply of differentiated goods. This ensures quality control and reduces vulnerability to intermediary markups.
• Diversify geographic sourcing to mitigate policy risk. Reduce reliance on Thailand for volume and increase premium sourcing from the UAE and US. This protects your Jewellery supply chain from sudden trade barrier changes on specific origins.
• Monitor the high-value, low-frequency supplier cluster for bulk purchase opportunities. Analyze their shipment patterns for periodic, large-volume deals. This strategy allows for capitalizing on lower per-unit costs without maintaining high inventory.

Take Action Now —— Explore India Jewellery Import Data

Frequently Asked Questions

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

The volatility in Q1 2025 was driven by importers accelerating orders ahead of a customs duty cut to 20% and new restrictions on certain silver jewellery, causing a 64% surge in February followed by a slight dip in March.

Q2. Who are the main origin countries of India Jewellery (HS Code 7113) 2025 Q1?

Thailand dominated with 24.63% of import value, followed by the UAE (8.72%) and the US (11.99%), with Thailand supplying nearly half the volume but lower-value items.

Q3. Why does the unit price differ across origin countries of India Jewellery Import?

Prices vary due to product specialization: high-value jewellery (e.g., $190/piece for precious metals) comes from the US/UAE, while bulk silver items (~$1.60/piece) are sourced from Thailand and Italy.

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

Prioritize high-margin, non-silver items from high-value suppliers like AL DARWISH JEWELLERY, while diversifying sources to mitigate risks from silver import restrictions.

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

Premium suppliers (US/UAE) benefit from stable demand for branded goods, while bulk exporters (Thailand/Italy) face pressure due to India’s policy shifts on low-value items.

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

India imports high-end jewellery for luxury retail and bulk silver items for mass-market segments, reflecting a dual demand for differentiated and commodity-grade products.

Detailed Monthly Report

India HS7113 Import Snapshot 2025 JAN

India HS7113 Import Snapshot 2025 FEB

India HS7113 Import Snapshot 2025 MAR