India Jewellery Import Market -- HS 7113 Trade Data & Price Trend (Q2 2025)

India Jewellery Import (HS 7113) Key Takeaways

India's jewellery imports under HS Code 7113 surged in Q2 2025, driven by bulk silver jewellery (71131141) at 287 million USD and niche high-value segments like 71131923 (545 USD/unit). The market is highly concentrated, with top suppliers handling 51.72% of import value and Thailand dominating as the primary origin (39.58% value share, 79.78% quantity). Import values spiked from $191.10 million in April to $441.53 million in June, fueled by India's customs duty cut to 20% and festive demand. This analysis, based on cleanly processed Customs data from the yTrade database, highlights a high-volume, supplier-dependent trade with policy-driven 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 clasps, hooks, and pins. This category is critical for India’s jewellery manufacturing sector, which relies on imports for high-quality inputs and design innovation. Global demand remains stable due to the enduring value of precious metals in luxury and investment markets.

Current Context and Strategic Position

In Q2 2025, India reduced the Basic Customs Duty (BCD) on HS Code 7113 imports from 25% to 20% [Union Budget], aiming to lower costs for domestic manufacturers. However, silver jewellery (sub-codes 71131141 & 71131149) and platinum jewellery (HS 71131921) face import restrictions until 2026, requiring DGFT approval to protect local industry [TaxGuru, TaxGuru]. India’s jewellery import policies balance tariff relief with strategic controls, making HS Code 7113 trade data vital for monitoring compliance and market shifts. Vigilance is key as these measures reshape India’s jewellery import dynamics.

India Jewellery Import (HS 7113) Price Trend

Key Observations

India's jewellery imports under HS code 7113 surged in Q2 2025, with values climbing from $191.10 million in April to $441.53 million in June, marking a strong quarterly performance driven by policy-induced demand shifts.

Price and Volume Dynamics

The India Jewellery Import trend shows a notable rebound in May and June, following a dip in April. This sequential growth aligns with typical industry cycles where post-April periods often see increased activity ahead of festive and wedding seasons. The sharp rise from May onward suggests importers accelerated purchases to capitalize on favorable conditions, reflecting a clear momentum shift from the earlier volatility in Q1.

External Context and Outlook

The surge in imports is directly tied to India's reduction of basic customs duty on jewellery from 25% to 20%, effective May 1, 2025 [Union Budget]. This policy change lowered costs and incentivized higher import volumes, though restrictions on specific silver and platinum jewellery items (Economic Times) may temper broader growth. Looking ahead, the hs code 7113 value trend is likely to remain elevated through mid-2025, supported by sustained demand and policy clarity, but importers must navigate ongoing restrictions carefully.

India Jewellery Import (HS 7113) HS Code Breakdown

Product Specialization and Concentration

According to yTrade data for Q2 2025, India's import of HS Code 7113 is dominated by silver jewellery under sub-code 71131141, which accounts for the largest value share at 287 million USD. This product, described as jewellery of silver, has a low unit price of 1.74 USD per unit, indicating a high-volume, bulk-oriented trade. A significant anomaly is isolated in sub-code 71131923, with an extremely high unit price of 545 USD per unit, suggesting a niche, high-value segment that diverges from the main market pool.

Value-Chain Structure and Grade Analysis

The non-anomalous sub-codes fall into two main groups: bulk silver jewellery with low unit prices (e.g., 71131141 and 71131149 at around 1.4-1.7 USD per unit) and standard precious metal jewellery excluding silver, with moderate to high unit prices ranging from 6.98 to 116.48 USD per unit (e.g., 71131913 and 71131919). This structure highlights a trade in differentiated manufactured goods rather than fungible commodities, with clear gradations in quality and value-add stages.

Strategic Implication and Pricing Power

For importers, bulk silver items face lower pricing power due to high competition and volume sensitivity, while higher-value segments offer better margins but require niche market focus. Policy changes, such as the basic customs duty reduction to 20% [Union Budget] and import restrictions on specific silver jewellery codes until March 2026 [Taxguru], directly influence cost structures and market access under India's HS Code 7113 import landscape.

Check Detailed HS Code 7113 Breakdown

India Jewellery Import (HS 7113) Origin Countries

Geographic Concentration and Dominant Role

In Q2 2025, Thailand was the dominant origin for India's jewellery imports, accounting for 39.58% of the total import value. However, Thailand's quantity share of 79.78% far exceeds its value share, indicating that India primarily sources bulk, lower-value jewellery components or raw materials from there, rather than finished high-end pieces. In contrast, imports from India itself show a high frequency share of 69.28% with lower value and quantity shares, pointing to frequent small shipments due to returned goods or reverse logistics, such as quality rejections or inventory returns.

Origin Countries Clusters and Underlying Causes

The origin countries can be grouped into three clusters based on trade patterns. First, the Volume Cluster includes Thailand, which supplies high-quantity, lower-value items, likely supporting India's domestic jewellery manufacturing. Second, the Transactional Cluster is dominated by re-imports from India, characterized by high-frequency, small-trade volumes, suggesting ongoing adjustments in supply chains like quality control issues. Third, the High-Yield Cluster consists of countries like Italy, France, and the United Kingdom, where value shares slightly exceed quantity shares, indicating niche imports of higher-value, finished jewellery, though their overall market share is small.

Forward Strategy and Supply Chain Implications

India's heavy reliance on Thailand for bulk jewellery imports poses supply chain risks, such as potential disruptions or price volatility, highlighting the need for diversification into other sources. The recent reduction in import duty from 25% to 20% on HS Code 7113 jewellery items [Union Budget] may lower costs and boost imports, but restrictions on specific silver and platinum jewellery until 2026 [Taxguru] require importers to seek alternative suppliers or adjust sourcing strategies to comply with regulations and maintain stable jewellery imports into India.

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 Q2 2025, the India Jewellery Import supplier market shows a concentrated structure. According to yTrade data, high-value, high-frequency suppliers dominate, holding over half the import value at 51.72%. These suppliers handle 77.16% of all shipments, indicating that typical trade involves regular, substantial transactions. This group moves the majority of weight and quantity, making it the core of India's jewellery imports.

Strategic Supplier Clusters and Trade Role

The remaining clusters include high-value, low-frequency suppliers contributing 46.88% of value with few shipments, and low-value groups with minimal impact. The dominant high-value, high-frequency suppliers, like BICS with "International Cargo Services" in its name, suggest an intermediated or agent-driven market. The profile of HS code 7113 suppliers points to logistics and trading firms facilitating bulk jewellery imports, rather than direct manufacturer relationships.

Sourcing Strategy and Vulnerability

For Indian importers, the reliance on high-value suppliers requires strategic focus on managing these key partners, especially with recent duty cuts. The basic customs duty reduction to 20% on jewellery parts [Union Budget] lowers costs but import restrictions on silver and platinum items (Union Budget) add risk. Diversifying beyond dominant clusters could reduce vulnerability to policy shifts or supply disruptions.

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 trade data shows two distinct price drivers. Bulk silver items face low pricing power due to high-volume competition. Niche high-value items command premium prices but require specialized focus. The Jewellery supply chain relies heavily on Thailand for bulk sourcing and key high-frequency suppliers. This creates vulnerability to policy shifts like India's silver import restrictions. Recent duty cuts lower costs but add complexity.

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

• Analyze hs code 7113 trade data to identify alternative bulk suppliers beyond Thailand. This reduces geographic concentration risk and ensures supply stability for India Jewellery Import operations.
• Monitor high-value, high-frequency supplier performance using shipment frequency data. Strengthen relationships with these partners to secure better terms and avoid disruptions in the Jewellery supply chain.
• Target imports from high-yield origins like Italy and France for premium segments. Use unit price analysis to identify specific high-margin products that complement bulk imports and diversify revenue streams.
• Track policy updates and customs duty changes in real-time. Adjust sourcing strategies immediately to comply with regulations like silver restrictions and capitalize on duty reductions to maintain cost advantage.
• Screen for anomalous high-unit-price sub-codes like 71131923 in import data. Develop specialized procurement channels for these niche products to capture premium margins and differentiate market offerings.

Take Action Now —— Explore India Jewellery Import Data

Frequently Asked Questions

Q1. What is driving the recent changes in India Jewellery Import 2025 Q2?

India's jewellery imports surged in Q2 2025, with values rising from $191.10 million in April to $441.53 million in June, driven by a customs duty cut from 25% to 20% and pre-festive demand.

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

Thailand dominates with 39.58% of import value, followed by re-imports from India (high-frequency, low-value shipments) and niche suppliers like Italy and France.

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

Bulk silver jewellery from Thailand (e.g., sub-code 71131141 at $1.74/unit) contrasts with high-value niche items like 71131923 ($545/unit), reflecting divergent product grades.

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

Importers should prioritize high-value, high-frequency suppliers (51.72% of trade) while diversifying beyond Thailand to mitigate supply risks from policy shifts like silver import restrictions.

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

Suppliers in Thailand benefit from bulk demand, while European niche players gain from higher margins. However, all must adapt to India’s duty cuts and silver import curbs until 2026.

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

India imports bulk silver jewellery for domestic manufacturing and high-value finished pieces for niche markets, with re-imports suggesting quality adjustments or reverse logistics.

Detailed Monthly Report

India HS7113 Import Snapshot 2025 APR

India HS7113 Import Snapshot 2025 MAY

India HS7113 Import Snapshot 2025 JUN