India Silver HS7106 Import Data 2025 July Overview

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

India's Silver (HS Code 7106) imports in July 2025 reveal heavy reliance on Hong Kong, which supplied over half the volume at a competitive 1.14 USD/kg, signaling cost-driven bulk procurement of standard-grade bullion. Secondary suppliers like the U.S. and South Korea offer stability, while Switzerland and Singapore cater to niche high-purity demand. This analysis, covering July 2025, is based on verified Customs data from the yTrade database.

India Silver (HS 7106) 2025 July 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 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

India’s import policy for HS Code 7106 was amended in July 2025, restricting imports to nominated agencies and qualified jewellers under DGFT Notification No. 08/2025-26 [Cybex]. This move aims to curb revenue leakage and ensure compliance with trade regulations. India, a major silver consumer, relies on imports to meet domestic demand, making policy shifts like these pivotal for market stability. Vigilance is key as these changes impact supply chains and pricing dynamics.

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

Key Observations

India's silver imports under HS Code 7106 in July 2025 totaled $348.71 million in value and 37.57 thousand kilograms in volume, marking a significant volume surge despite modest value growth.

Price and Volume Dynamics

Month-over-month, July's import value rose 3.4% from June's $337.25 million, while volume skyrocketed 144% from 15.37 thousand kg, indicating a shift toward bulk or lower-purity shipments typical of post-regulatory adjustments in precious metals. Year-over-year comparisons are hampered by data limitations, but the sequential spike aligns with industry stock replenishment cycles, where importers often accelerate volume to secure supplies ahead of potential policy tightness, rather than seasonal demand peaks which typically occur later in the year for silver jewelry.

External Context and Outlook

The volatility in July's imports directly stems from India's amended import policy effective May 2025, which restricted HS Code 7106 silver to channelized routes through nominated agencies [Cybex], causing initial disruption followed by volume normalization as traders adapted. Looking ahead, imports are expected to stabilize under these regulatory constraints, with continued oversight likely keeping volumes in check while supporting compliance-focused trade flows for India Silver HS Code 7106 Import in 2025.

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

Product Specialization and Concentration

According to yTrade data for India Silver HS Code 7106 Import in 2025 July, the market is heavily concentrated in semi-manufactured silver under code 71069221, which accounts for nearly 79% of the import value. This product has an extremely high unit price of approximately 79,425 USD per kilogram, making it a clear outlier that is isolated from the standard analysis due to its specialized, likely high-purity nature.

Value-Chain Structure and Grade Analysis

The non-anomalous imports are grouped into unwrought silver and semi-manufactured silver. Unwrought silver, such as under codes 71069120 and 71069110, has unit prices around 2,460 to 2,478 USD per kilogram, while standard semi-manufactured silver under codes like 71069290 averages about 3,400 USD per kilogram. This structure shows a trade in fungible bulk commodities, with semi-manufactured forms fetching slightly higher prices due to basic processing.

Strategic Implication and Pricing Power

Importers face constrained pricing power because India's import policy for Silver HS Code 7106 is restricted to nominated agencies, as per [Cybex]. This channelization limits competition and emphasizes compliance over price negotiation, requiring strategic focus on building relationships with authorized entities and adhering to regulatory frameworks for 2025 July imports.

Check Detailed HS 7106 Breakdown

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

Geographic Concentration and Dominant Role

India's silver imports for July 2025 show a heavy reliance on Hong Kong, which supplied over half the total volume and 42.9% of the total value. The unit price from Hong Kong was approximately 1.14 USD/kg, a lower price that suggests it is a primary source for standard-grade bullion. This pattern for India Silver HS Code 7106 Import 2025 July indicates a sourcing strategy focused on large-volume, cost-effective procurement from a single dominant hub.

Partner Countries Clusters and Underlying Causes

The import profile reveals three distinct clusters. The first includes the United States and South Korea, which provide moderate volumes at mid-range prices, acting as reliable secondary suppliers. The second cluster consists of Switzerland and Singapore, which ship smaller quantities but at a significantly higher unit price (1.58 USD/kg and 1.08 USD/kg, respectively), indicating a focus on higher-purity or specialized silver products. The final cluster contains outliers like Australia and Peru, which have minimal shipment frequency but a very high value, pointing to infrequent deals for premium, high-value silver items.

Forward Strategy and Supply Chain Implications

Importers must adapt their strategy to navigate new regulatory changes. The recent policy shift makes India Silver HS Code 7106 Import 2025 July a restricted activity, allowing shipments only through nominated agencies and qualified jewellers as per the [DGFT Notification]. This mandates a greater focus on compliance and building relationships with authorized channels. To mitigate supply risk from Hong Kong's dominance, buyers should also develop their secondary sources in the U.S. and South Korea to ensure a stable and diversified pipeline.

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

Get Complete Partner Countries Profile

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

Strategic Supply Chain Overview

India Silver Import 2025 July under HS Code 7106 is a high-value commodity trade driven by product grade and regulatory policy. Price is set by purity level, with semi-manufactured forms commanding premiums. Supply risk is high due to heavy reliance on Hong Kong for bulk volume and new government restrictions limiting imports to nominated agencies. This creates a channelized market where compliance and relationship-building outweigh price negotiation.

Action Plan: Data-Driven Steps for Silver Market Execution

• Identify and target only nominated agencies and authorized buyers using importer lists. This ensures compliance with India's new restricted import policy for HS Code 7106 and secures market access.
• Monitor Hong Kong's shipment volumes and prices weekly to anticipate supply shocks. This allows for proactive sourcing from secondary partners like the U.S. or South Korea to avoid delays.
• Track competitor pricing for semi-manufactured silver (HS Code 71069290) to benchmark your offers. This protects profit margins in a market where processed goods have a higher value.
• Use shipment frequency data to predict the purchasing cycles of large, frequent buyers. This helps align your production and logistics with their demand, preventing lost sales.

Take Action Now —— Explore India Silver Import Data

Frequently Asked Questions

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

The surge in volume (up 144% month-over-month) reflects post-regulatory adjustments, as India now restricts silver imports to nominated agencies. This policy shift caused initial disruption before traders adapted by securing bulk shipments.

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

Hong Kong dominates with over 50% of volume and 42.9% of value, followed by the U.S. and South Korea as secondary suppliers. Switzerland and Singapore provide smaller, higher-priced shipments.

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

Price gaps stem from product specialization: Hong Kong supplies lower-cost bullion (~1.14 USD/kg), while Switzerland ships premium semi-manufactured silver (~1.58 USD/kg).

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

Prioritize relationships with authorized agencies due to regulatory restrictions. Diversify sourcing beyond Hong Kong to mitigate supply risks, leveraging U.S. and South Korean partners.

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

Suppliers must align with India’s nominated agency system. High-volume buyers (e.g., Hong Kong) face pricing pressure, while niche suppliers (e.g., Switzerland) can target premium segments.

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

Imports are primarily fungible bulk commodities (unwrought silver) or semi-manufactured forms for jewelry/industrial use, with high-purity variants serving specialized applications.