India Silver Products HS7106 Import Data 2025 June Overview

India Silver Products (HS 7106) 2025 June Import: Key Takeaways

India's June 2025 Silver Products (HS Code 7106) imports reveal heavy reliance on CHINA HONGKONG, which dominated with 85.69% of value and 91.97% of quantity, while other sources like SWITZERLAND and ITALY supplied higher-purity silver at premium prices. The market shows clear clustering by unit price, with bulk/low-grade imports from the US and South Korea contrasting sharply with refined products from European partners. This analysis, covering June 2025, is based on cleanly processed Customs data from the yTrade database. New import restrictions mandate compliance checks for high-purity silver, urging buyers to diversify sourcing or align with authorized channels.

India Silver Products (HS 7106) 2025 June Import Background

What is HS Code 7106?

HS Code 7106 covers silver products, including silver plated with gold or platinum, in unwrought or semi-manufactured forms, or in powder form. These products are critical for industries like jewelry, electronics, and solar panel manufacturing, where high-purity silver is essential. Global demand remains stable due to its dual role as a precious metal and industrial commodity.

Current Context and Strategic Position

In June 2025, India amended its import policy for HS Code 7106 through DGFT Notification No. 08/2025-26, restricting imports of 99.9%+ purity silver (sub-code 71069120) to authorized channels like RBI-nominated agencies and the India International Bullion Exchange (IIBX) [Cybex]. This aligns with India’s 2025 trade framework to curb revenue leakage while retaining CEPA benefits (Lex Works). With customs duties around 15-17%, India’s silver imports remain strategically significant for domestic manufacturing and forex management, necessitating close market monitoring.

India Silver Products (HS 7106) 2025 June Import: Trend Summary

Key Observations

In June 2025, India's imports of Silver Products under HS Code 7106 were valued at 337.25 million USD with a volume of 15.37 thousand kg, marking a sharp decline from the previous month.

Price and Volume Dynamics

The month-over-month comparison shows a dramatic drop in both value and volume from May to June, with value decreasing by approximately 55% and volume falling by over 90%. This collapse in imports deviates from typical silver demand patterns, which are usually steadier due to industrial and jewelry uses, but it reflects anticipatory stockpiling in May ahead of regulatory changes. The sequential trend indicates a rush to import before restrictions, followed by an immediate downturn.

External Context and Outlook

The import volatility is directly attributable to India's amended import policy for HS Code 7106, implemented in May 2025, which restricted silver imports to authorized channels such as nominated agencies and the India International Bullion Exchange [Cybex]. This policy shift, aimed at enhancing regulatory oversight, caused a pre-policy surge in May imports and a post-implementation crash in June, shaping the near-term outlook for India Silver Products Import 2025 June under tighter controls.

India Silver Products (HS 7106) 2025 June Import: HS Code Breakdown

Product Specialization and Concentration

India's import of Silver Products under HS Code 7106 in June 2025 is heavily concentrated in high-value semi-manufactured silver, specifically the sub-code for "Metals; silver, semi-manufactured" with code 71069221. According to yTrade data, this product accounts for 86% of the total import value and 6% of the weight, with a unit price of 309,696 USD per kilogram, far exceeding other sub-codes and indicating a specialized, high-grade segment. An anomaly is present in sub-code 71069120 for unwrought silver, which has no recorded unit price and is isolated from the main analysis due to data inconsistency.

Value-Chain Structure and Grade Analysis

The remaining non-anomalous sub-codes fall into three clear categories based on form and value stage: semi-manufactured silver (e.g., codes like 71069229 and 71069290 with unit prices ranging from 2,579 to 29,187 USD/kg), unwrought silver (e.g., 71069110 and 71069190 with prices around 2,362 to 3,101 USD/kg), and silver powder (71061000 at 180 USD/kg). This structure shows a progression from lower-value raw forms to higher-value processed goods, suggesting that India's import market for Silver Products under HS Code 7106 involves differentiated manufactured items rather than fungible bulk commodities, with price variations reflecting grade and processing level.

Strategic Implication and Pricing Power

For market players, the high unit prices in semi-manufactured segments indicate strong pricing power for suppliers of refined silver products, while the import restrictions highlighted in recent policy changes, such as those requiring imports through authorized channels like the India International Bullion Exchange [Cybex], emphasize the need for compliance and focus on high-value areas. Strategic efforts should prioritize navigating these regulatory frameworks to maintain access and leverage the premium nature of India's Silver Products import under HS Code 7106 in 2025 June.

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India Silver Products (HS 7106) 2025 June Import: Market Concentration

Geographic Concentration and Dominant Role

In June 2025, India's import of Silver Products under HS Code 7106 was heavily concentrated, with CHINA HONGKONG dominating by accounting for 85.69% of the value and 91.97% of the quantity. Weight data is not available for CHINA HONGKONG, preventing direct unit price analysis. For other countries, the value ratio is consistently lower than the weight ratio where data exists, indicating that these imports have lower value per kilogram, suggesting they may involve lower-grade silver or bulk forms compared to the dominant source.

Partner Countries Clusters and Underlying Causes

The partner countries form three clusters based on unit price and trade patterns. First, SWITZERLAND and ITALY show higher unit prices (around 3,000-4,600 USD/kg), likely supplying refined or high-purity silver products. Second, UNITED STATES and SOUTH KOREA have very low unit prices (around 300-700 USD/kg), possibly indicating sources for lower-grade or scrap silver. Third, countries like GERMANY, CHINA MAINLAND, and THAILAND fall in the middle with moderate unit prices, representing standard commercial silver imports. High frequency of transactions from UNITED STATES and ITALY suggests diversified, smaller lot sourcing.

Forward Strategy and Supply Chain Implications

The geographic patterns highlight reliance on CHINA HONGKONG for volume, but new import restrictions under HS Code 7106, as per [Cybex], require imports of high-purity silver to be channelized through nominated agencies or IIBX. Market players must verify supplier compliance with these policies to avoid disruptions and consider diversifying sources to aligned countries like SWITZERLAND for premium products or explore authorized routes for bulk imports.

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

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

Strategic Supply Chain Overview

India Silver Products Import 2025 June under HS Code 7106 is driven by two core price factors. High-grade semi-manufactured silver commands premium prices due to its specialized processing. Regulatory compliance costs also influence final landed prices. The supply chain acts as a processing hub for high-value silver products. It depends heavily on compliant channels and dominant suppliers. This creates both opportunity and vulnerability.

Action Plan: Data-Driven Steps for Silver Products Market Execution

• Use HS Code 7106 sub-code data to verify product grade and align pricing with international benchmarks. This prevents overpayment for lower-specification silver.
• Analyze buyer frequency patterns to forecast demand cycles and optimize inventory levels. This reduces capital tied in excess stock during low-activity periods.
• Screen all suppliers—especially from CHINA HONGKONG—for IIBX or authorized channel compliance. This avoids customs hold-ups and financial penalties.
• Diversify sourcing to include partners like SWITZERLAND for high-purity silver. This mitigates risk from over-reliance on a single geography.
• Monitor regulatory updates from Cybex in real-time to adapt procurement strategies quickly. This ensures uninterrupted supply under changing trade rules.

Take Action Now —— Explore India Silver Products Import Data

Frequently Asked Questions

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

India's silver imports collapsed in June 2025, with a 55% drop in value and 90% in volume, due to anticipatory stockpiling in May ahead of new import restrictions. The policy now requires imports through authorized channels like the India International Bullion Exchange, disrupting typical trade patterns.

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

CHINA HONGKONG dominates, supplying 85.69% of the import value and 91.97% of the quantity. Other notable partners include SWITZERLAND and ITALY (higher-grade silver) and UNITED STATES (lower-grade or scrap silver).

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

Prices vary by product grade and form: semi-manufactured silver (e.g., 71069221 at ~309,696 USD/kg) commands premiums, while unwrought silver (e.g., 71069110 at ~2,362 USD/kg) and silver powder (71061000 at 180 USD/kg) are lower-value.

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

Importers must prioritize compliance with new regulations, secure relationships with high-value bulk buyers (65.77% of trade), and diversify sources to mitigate reliance on CHINA HONGKONG.

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

Suppliers of high-grade semi-manufactured silver (e.g., from SWITZERLAND) have pricing power, while bulk suppliers must align with India’s authorized channels to maintain market access amid regulatory tightening.

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

India’s imports focus on differentiated manufactured items like semi-manufactured silver for industrial or jewelry use, rather than fungible bulk commodities, reflecting demand for high-value processed forms.