India Silver HS7106 Import Data 2025 February Overview

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

India's silver imports under HS Code 7106 in February 2025 reveal a market dominated by high-grade products, with CHINA HONGKONG supplying 73.42% of the import value but just 11.94% of the weight—highlighting a focus on refined or semi-processed silver. The trade is highly concentrated among a few key partners, increasing supply chain risk, while policy shifts like IIBX compliance demand strategic sourcing adjustments. This analysis, based on cleanly processed Customs data from the yTrade database, covers February 2025, ensuring timely and reliable insights.

India Silver (HS 7106) 2025 February 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 like jewellery, electronics, and solar panels due to its conductivity and corrosion resistance. Global demand remains stable, driven by industrial applications and investment demand.

Current Context and Strategic Position

In May 2025, India's DGFT Notification No. 08/2025-26 amended import policies for Chapter 71, including HS Code 7106, introducing new sub-classifications and restrictions for high-purity unwrought silver (71069120) [Cybex]. Imports now require routing through nominated agencies or qualified jewellers via the India International Bullion Exchange (IIBX) [Lex Works]. India's strategic role in silver HS Code 7106 imports in 2025 is heightened by these regulatory shifts, necessitating close market monitoring amid evolving trade policies.

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

Key Observations

India's Silver HS Code 7106 Imports for February 2025 collapsed to $311.76 million, with volumes plunging to just 12.15 metric tons. This represents a dramatic slowdown from the previous month's elevated activity.

Price and Volume Dynamics

The February 2025 figures show a severe month-over-month contraction, with import value dropping roughly 75% from January's $1.27 billion. This sharp decline aligns with typical post-holiday softening in silver demand after peak manufacturing and festival seasons, but the magnitude suggests additional constraints beyond normal seasonal patterns. The data indicates importers significantly scaled back procurement ahead of anticipated regulatory changes.

External Context and Outlook

The import collapse directly reflects market anticipation of stricter import controls. Although formalized in May, authorities had signaled tighter oversight of silver shipments under HS Code 7106, including potential routing restrictions through designated channels like the India International Bullion Exchange [Cybex]. This policy direction caused immediate caution among buyers, disrupting typical import flows. Looking ahead, India's Silver import landscape under HS Code 7106 will remain tightly managed, with volumes staying suppressed until new compliance mechanisms become operational.

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

Product Specialization and Concentration

According to yTrade data, the India Silver HS Code 7106 Import in 2025 February is heavily concentrated in semi-manufactured silver under sub-code 71069220, which accounts for over 90% of the import value. This product has an exceptionally high unit price of approximately 403,016 USD per kilogram, far exceeding other sub-codes, indicating a specialized, high-grade segment. This anomaly is isolated from the broader market due to its premium nature.

Value-Chain Structure and Grade Analysis

The remaining sub-codes fall into two main groups: semi-manufactured silver with unit prices ranging from 1,913 to 5,060 USD per kilogram, and unwrought or powder forms priced between 348 and 3,655 USD per kilogram. This wide price spread suggests a market for differentiated goods based on purity and processing stage, rather than a fungible bulk commodity trade. Lower-purity or raw forms like silver powder are less significant in value terms.

Strategic Implication and Pricing Power

High-value semi-manufactured silver commands strong pricing power, but importers must adapt to recent regulatory changes. [DGFT Notification] restrictions require high-purity silver imports to go through nominated agencies or the India International Bullion Exchange (DGFT Notification), increasing compliance costs and potentially limiting supply for premium grades. Market players should focus on securing reliable channels for high-value products while managing risks from policy shifts.

Check Detailed HS 7106 Breakdown

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

Geographic Concentration and Dominant Role

In February 2025, India's silver imports under HS Code 7106 were highly concentrated, with CHINA HONGKONG dominating as the top supplier, accounting for 73.42% of the import value but only 11.94% of the weight. This large disparity between value and weight ratios points to imports of higher-grade or processed silver, such as refined bullion or semi-manufactured goods, rather than raw ore. The unit price from CHINA HONGKONG is significantly higher, indicating a focus on value-added products in this period.

Partner Countries Clusters and Underlying Causes

The import partners form three clear clusters. First, CHINA HONGKONG, the UNITED KINGDOM, and AUSTRALIA together contribute over 90% of the value, likely due to their roles as major global silver trading hubs and sources of high-purity metal. Second, countries like THAILAND and GERMANY show moderate value shares with higher weight ratios, suggesting imports of lower-grade or bulk silver. Third, the UNITED STATES and SOUTH KOREA have high shipment frequencies but low value contributions, possibly indicating smaller, specialized consignments or re-export activities.

Forward Strategy and Supply Chain Implications

For market players, India's updated import policies, such as restrictions on high-purity silver requiring imports through nominated agencies or the India International Bullion Exchange (IIBX) [Cybex], mean that sourcing must align with regulatory channels. Importers should prioritize partnerships with approved entities in dominant countries like CHINA HONGKONG to ensure compliance and secure supply chains, while monitoring for shifts in trade flows due to these policy changes.

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India's silver import market under HS Code 7106 in February 2025 is defined by high-value, semi-manufactured products. Price is driven by product purity and processing stage. Premium semi-manufactured silver commands over 90% of import value. Supply faces new risks from India's regulatory shift requiring high-purity imports through nominated agencies or IIBX. This policy increases compliance costs and may limit premium supply. The market relies heavily on a few high-value, frequent buyers and sourcing from hubs like China Hong Kong. Supply chains must now prioritize regulatory alignment over pure cost efficiency.

Action Plan: Data-Driven Steps for Silver Market Execution

• Use HS Code unit price data to segment silver by purity and processing level. This allows precise targeting of high-margin product categories within India Silver Import 2025 February.
• Analyze buyer frequency and value data to identify and secure contracts with dominant high-value importers. This ensures stable revenue streams under HS Code 7106.
• Monitor real-time regulatory updates from DGFT and IIBX portals. This prevents compliance failures and supply disruptions for high-purity silver.
• Track partner country trade flows to diversify sources beyond China Hong Kong. This reduces dependency risk and capitalizes on emerging supply opportunities.
• Leverage shipment frequency data to optimize inventory cycles. This minimizes holding costs and aligns stock levels with actual import patterns.

Take Action Now —— Explore India Silver Import Data

Frequently Asked Questions

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

The sharp 75% drop in import value to $311.76 million reflects market caution ahead of stricter import controls, including potential routing restrictions through designated channels like the India International Bullion Exchange.

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

CHINA HONGKONG dominates with 73.42% of import value, followed by the UNITED KINGDOM and AUSTRALIA, which collectively account for over 90% of high-value shipments.

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

Prices vary due to product grade: CHINA HONGKONG’s high unit price reflects semi-manufactured silver (e.g., sub-code 71069220 at ~403,016 USD/kg), while others supply lower-purity forms like powder or unwrought silver.

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

Prioritize relationships with frequent high-value buyers (67.51% of market value) and align sourcing with approved agencies to comply with new regulatory requirements for high-purity imports.

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

Suppliers in CHINA HONGKONG and other dominant hubs must adapt to India’s regulatory shifts, ensuring compliance while leveraging their role in high-grade silver trade. Smaller suppliers face limited opportunities due to low value share.

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

Imports are specialized, with over 90% of value tied to high-grade semi-manufactured silver, likely for premium industrial or investment uses, rather than bulk commodity applications.