India Silver HS7106 Import Data 2025 March Overview

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

India’s silver imports under HS Code 7106 in March 2025 reveal a market dominated by the UK, supplying 85% of volume but just 51% of value, signaling bulk or lower-grade shipments. High-unit-price suppliers like Germany and Switzerland suggest demand for refined silver, while import restrictions on high-purity silver add compliance risks. This analysis, covering March 2025, is based on cleanly processed Customs data from the yTrade database.

India Silver (HS 7106) 2025 March 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 jewellery, electronics, and solar panel manufacturing, 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 March 2025, India amended its import policy for HS Code 7106 under the Finance Act 2025, introducing stricter controls and new sub-classifications like 71069120 for high-purity silver [Cybex]. Imports are now restricted to nominated agencies, qualified jewellers via the India International Bullion Exchange (IIBX), and TRQ holders under the India-UAE CEPA [Lex Works]. These changes aim to enhance traceability and prevent tariff circumvention, positioning India as a key regulator in the global silver trade. Market participants must monitor compliance requirements closely in 2025.

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

Key Observations

In March 2025, India's imports of silver under HS Code 7106 amounted to $75.38 million with a volume of 19,160 kg, reflecting a notable downturn from earlier in the year.

Price and Volume Dynamics

The import value plummeted by approximately 76% month-over-month from February's $311.76 million, while volume increased by about 58% from 12,150 kg. This divergence suggests a shift towards lower-value silver products or reduced unit prices, typical in the precious metals sector when import policies tighten ahead of regulatory changes. The volatility aligns with industry patterns where silver flows are highly sensitive to anticipatory market adjustments.

External Context and Outlook

The sharp decline in import value is directly linked to restrictions on high-purity silver imports enacted in March 2025, as detailed in the DGFT notification [Cybex]. These policies, aimed at enhancing traceability and controlling tariffs, are expected to sustain subdued import levels in the near term, influencing India's silver market dynamics under HS Code 7106 for the rest of 2025.

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

Product Specialization and Concentration

According to yTrade data, India's silver imports under HS Code 7106 in March 2025 were dominated by semi-manufactured silver, specifically the sub-code 71069290 for "Metals; silver, semi-manufactured", which held the largest weight share at nearly 30%. A high-value anomaly was isolated with unit price exceeding 34,947 USD per kg, indicating specialized, premium-grade products that are not part of the main market pool.

Value-Chain Structure and Grade Analysis

The non-anomalous imports are grouped into two categories: standard semi-manufactured silver (e.g., sub-codes like 71069290 and 71069210) with unit prices around 2,300-2,500 USD per kg, and unwrought silver (e.g., 71069110) with similar pricing, suggesting a trade in largely fungible bulk commodities where grade variations are minimal and tied to market indices.

Strategic Implication and Pricing Power

For India Silver HS Code 7106 Import in 2025 March, the focus on semi-manufactured products implies importers are targeting value-added goods, but recent policy changes [Cybex] restricting imports to authorized channels may concentrate pricing power among nominated agencies and qualified jewellers, increasing costs and reducing competition.

Check Detailed HS 7106 Breakdown

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

Geographic Concentration and Dominant Role

In March 2025, India's silver imports under HS Code 7106 were highly concentrated, with the UNITED KINGDOM dominating by supplying 85.01% of the quantity but only 50.65% of the value, indicating a focus on lower-unit-price silver, likely in bulk or less refined forms. This disparity suggests that the UK is a primary source for commodity-grade silver, where weight drives the trade more than high value per unit.

Partner Countries Clusters and Underlying Causes

The top partners form two clear clusters: high-volume, lower-unit-price countries like the UK and Italy, which may supply bulk silver due to efficient logistics and trade agreements; and high-unit-price, lower-volume countries like Germany and Switzerland, likely providing refined or high-purity silver based on their precision manufacturing strengths. A third cluster includes moderate sources such as China and Thailand, offering balanced options for diverse needs.

Forward Strategy and Supply Chain Implications

Importers should diversify sources to reduce reliance on single countries and adapt to new regulations. The recent import restrictions on high-purity silver, as outlined in DGFT notifications [Cybex], mean that high-grade suppliers must ensure compliance through nominated agencies or approved channels, impacting sourcing strategies for India's silver market.

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

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

Strategic Supply Chain Overview

India Silver Import 2025 March under HS Code 7106 is driven by two primary price factors. Policy changes now restrict imports to authorized channels, concentrating pricing power among large buyers and nominated agencies. High buyer concentration also impacts costs, as a few dominant importers control most trade value. Supply chains face significant risk from heavy reliance on the UNITED KINGDOM for bulk silver, creating vulnerability to logistics or regulatory shifts. The focus on semi-manufactured goods indicates a move toward value-added products, yet the market remains largely commoditized with minimal grade variation.

Action Plan: Data-Driven Steps for Silver Market Execution

• Diversify sourcing beyond the UK using trade data to identify alternative suppliers like Germany or Switzerland. This reduces supply chain risk and ensures consistent access amid geopolitical or regulatory changes.
• Prioritize direct engagement with high-value, frequent buyers who dominate 77.66% of import value. Secure long-term contracts to stabilize revenue and mitigate order volatility from this critical segment.
• Leverage HS Code sub-category data (e.g., 71069290) to track premium product demand. Adjust inventory to include higher-margin specialized silver, capturing value beyond bulk commodity trade.
• Monitor regulatory updates continuously using platforms like Cybex for HS Code 7106 policy changes. Ensure all imports comply with authorized channel requirements to avoid delays or penalties under new restrictions.

Take Action Now —— Explore India Silver Import Data

Frequently Asked Questions

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

India's silver imports in March 2025 saw a 76% drop in value despite a 58% volume increase, driven by new import restrictions on high-purity silver. The shift reflects a market adjustment toward lower-value, bulk-grade silver products.

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

The UK dominated with 85% of import volume but only 51% of value, followed by Germany and Switzerland supplying high-unit-price silver. Italy and China provided moderate-volume alternatives.

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

Price gaps stem from product specialization: the UK supplies bulk semi-manufactured silver (~2,300–2,500 USD/kg), while Germany/Switzerland likely export refined high-purity silver (e.g., premium 71069290 at ~34,947 USD/kg).

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

Importers must prioritize compliance with new authorized-channel rules while diversifying suppliers to mitigate reliance on the UK. Large buyers (77.66% of trade value) warrant direct engagement.

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

Suppliers of bulk silver (e.g., UK) face stable demand but low margins, while high-purity exporters must adapt to India’s restricted channels. Small-scale buyers offer niche opportunities.

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

India primarily imports semi-manufactured silver (e.g., 71069290) for value-added production, suggesting industrial or jewelry applications over raw material stockpiling.