India Silver HS7106 Import Data 2025 August Overview

India Silver (HS 7106) 2025 August Import: Key Takeaways

India's Silver Import under HS Code 7106 in August 2025 was dominated by high-purity refined silver from Switzerland, which accounted for 33.4% of import value but only 18% of weight, signaling premium-grade sourcing. The market showed a clear split between high-value suppliers (Switzerland, China) and bulk providers (UAE, Peru), reflecting diverse quality and pricing strategies. Buyer concentration remains a risk, with a few key players driving demand. This analysis, based on cleanly processed Customs data from the yTrade database, highlights critical supply chain dynamics for India's silver imports in August 2025.

India Silver (HS 7106) 2025 August Import Background

What is HS Code 7106?

HS Code 7106 covers silver (including silver plated with gold or platinum), unwrought or in semi-manufactured forms, or in powder form. This product is critical for industries such as jewelry, electronics, and solar panels, where high-purity silver is essential. Global demand remains stable due to its dual role as an industrial input and a store of value.

Current Context and Strategic Position

In August 2025, India's import policy for HS Code 7106 was governed by DGFT Notification No. 08/2025-26, which introduced restrictions on high-purity silver (99.9% or more) under sub-code 71069120, allowing imports only through nominated agencies or qualified jewellers via the India International Bullion Exchange (IIBX) [Cybex]. These measures aimed to enhance traceability and prevent tariff circumvention. India, a major silver importer, relies on this trade flow to meet domestic industrial and jewelry demand, necessitating close monitoring of policy shifts and global price trends in 2025.

India Silver (HS 7106) 2025 August Import: Trend Summary

Key Observations

In August 2025, India's import of Silver under HS Code 7106 reached 20.99 billion USD in value with a volume of 22.30 thousand kg, representing an unprecedented surge compared to earlier months.

Price and Volume Dynamics

Month-over-month, the import value skyrocketed from 348.71 million USD in July to 20.99 billion USD in August, while volume decreased from 37.57 thousand kg to 22.30 thousand kg, indicating a massive rise in per-unit value. This deviation from typical seasonal patterns—where silver imports often build gradually ahead of India's festive demand in Q4—points to an outlier event driven by external policy shocks rather than organic market cycles.

External Context and Outlook

The spike aligns directly with India's import policy overhaul in May 2025, per DGFT Notification No. 08/2025-26 [Cybex], which restricted high-purity silver imports (e.g., under code 71069120) and funneled trade through designated channels (Cybex). This likely triggered a August rush as importers adapted to new compliance requirements. Going forward, volumes may stabilize under the revised framework, though volatility could persist during the transition.

India Silver (HS 7106) 2025 August Import: HS Code Breakdown

Product Specialization and Concentration

In August 2025, India's silver imports under HS Code 7106 were dominated by semi-manufactured silver, according to yTrade data. The top sub-code, "Metals; silver, semi-manufactured" (HS 71069290), held a 31% value share with a unit price of 3.16 million USD per kilogram, indicating a focus on higher-value products. Extreme price anomalies were present, with one semi-manufactured code at 5.21 million USD per kg and another at only 4,784 USD per kg, which are isolated from the main analysis due to their outlier nature.

Value-Chain Structure and Grade Analysis

The non-anomalous imports break into three groups based on form and value. High-purity unwrought silver, with unit prices around 1.3 to 1.8 million USD per kg, represents the bulk of raw material imports. Semi-manufactured silver at 3.16 million USD per kg forms a high-value segment, while lower-grade unwrought silver, powder, and less processed semi-manufactured items have unit prices under 400,000 USD per kg. This structure shows a trade in both fungible bulk commodities and differentiated, value-added goods, with pricing closely tied to purity and processing stage.

Strategic Implication and Pricing Power

For India Silver HS Code 7106 Import 2025 August, pricing power is strongest in high-value semi-manufactured and high-purity unwrought silver, but import restrictions on specific high-purity codes, as noted in [Lex Works], may limit supply and increase costs for those segments. Market players should focus on securing channels for restricted grades or diversifying into less regulated, value-added products to mitigate risks and capitalize on premium pricing opportunities.

Check Detailed HS 7106 Breakdown

India Silver (HS 7106) 2025 August Import: Market Concentration

Geographic Concentration and Dominant Role

In August 2025, India's import of Silver under HS Code 7106 was highly concentrated, with Switzerland dominating as the top supplier by value. Switzerland accounted for 33.4% of the import value but only 18.0% of the weight, indicating a significantly higher unit price and likely imports of high-purity refined silver. This disparity suggests that India sourced premium-grade silver from Switzerland during this period.

Partner Countries Clusters and Underlying Causes

The partner countries form two main clusters based on trade patterns. First, high-value suppliers like Switzerland and China show value ratios exceeding weight ratios, pointing to refined silver imports due to their advanced refining industries. Second, bulk suppliers such as the UAE and Peru have high quantity shares but lower value ratios, indicating raw or less pure silver, possibly from mining-rich regions. A third group includes countries like the US and South Korea with balanced ratios, suggesting varied roles in intermediate processing or re-exports.

Forward Strategy and Supply Chain Implications

For forward strategy, importers should focus on securing high-purity silver from reliable refiners like Switzerland while ensuring compliance with India's updated import policies, which restrict certain grades under HS Code 7106 to nominated agencies [DGFT Notification]. Bulk buyers may leverage cost-effective sources like the UAE, but must monitor geopolitical and regulatory changes to avoid disruptions in the Silver supply chain for India in 2025.

Table: India Silver (HS 7106) Top Partner Countries (Source: yTrade)

Get Complete Partner Countries Profile

India Silver (HS 7106) 2025 August Import: Action Plan for Silver Market Expansion

Strategic Supply Chain Overview

India Silver Import 2025 August under HS Code 7106 is defined by three core price drivers. First, product purity and processing stage dictate value, with semi-manufactured and high-purity unwrought silver commanding premium prices. Second, market concentration among a few high-value, low-frequency buyers creates pricing volatility. Third, sourcing geography influences cost, as premium suppliers like Switzerland charge more for refined silver. These drivers create significant supply chain implications. India must ensure consistent access to high-grade silver despite import restrictions on certain codes. It must also manage reliance on key buyers and navigate geopolitical risks from concentrated sourcing.

Action Plan: Data-Driven Steps for Silver Market Execution

• Analyze buyer purchase frequency data to forecast demand cycles and optimize inventory levels, preventing stockouts or overstock during low-activity periods.
• Monitor DGFT notifications and HS Code 7106 sub-category restrictions in real-time to avoid compliance penalties and secure necessary import licenses for restricted high-purity silver.
• Diversify supplier base using trade data to identify alternative high-purity sources beyond Switzerland, reducing geopolitical and supply chain disruption risks.
• Track unit prices by sub-code under HS Code 7106 to prioritize sourcing of semi-manufactured silver, capturing higher margins in value-added segments.
• Engage high-value, low-frequency buyers with tailored bulk transaction terms to secure large orders and stabilize revenue streams in a concentrated market.

Take Action Now —— Explore India Silver Import Data

Frequently Asked Questions

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

India's silver imports surged to 20.99 billion USD in August 2025 due to a policy overhaul, which restricted high-purity imports and triggered a rush to comply with new regulations. The spike deviated from typical seasonal patterns, reflecting external shocks rather than organic demand.

Q2. Who are the main partner countries in this India Silver Import 2025 August?

Switzerland dominated with 33.4% of import value, followed by China and the UAE. Switzerland's higher unit price suggests premium-grade silver, while the UAE supplied bulk, lower-purity material.

Q3. Why does the unit price differ across India Silver Import 2025 August partner countries?

Price differences stem from product specialization: Switzerland supplied high-purity unwrought silver (1.3–1.8 million USD/kg), while semi-manufactured silver (3.16 million USD/kg) and lower-grade bulk imports (<400,000 USD/kg) skewed regional averages.

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

Importers should prioritize high-value, infrequent buyers (57.81% of market value) and secure high-purity supply from refiners like Switzerland, while diversifying to mitigate regulatory risks on restricted grades.

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

Suppliers of premium semi-manufactured or high-purity silver (e.g., Switzerland) hold pricing power, but bulk exporters (e.g., UAE) must monitor policy shifts to maintain cost advantages in India’s volatile market.

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

India imports both raw, high-purity silver for refining and semi-manufactured products for value-added industries like jewelry, reflecting a dual focus on bulk commodities and processed goods.