HS Code:
Chapter 71 of the Harmonized System (HS) Code pertains to 'Natural or Cultured Pearls, Precious or Semi-Precious Stones, Precious Metals, Metals Clad with Precious Metal, and Articles Thereof; Imitation Jewellery; Coin.' This category includes a wide range of products such as diamonds, gold, silver, platinum, jewelry, and coins. These goods are significant in global trade due to their high value, use in luxury markets, industrial applications, and as investment assets. Trade in this category is influenced by factors such as mining output, consumer demand for luxury goods, economic stability, and geopolitical factors.
Total Trade Volume
USD 650 billion
Data from 2022
Source
United Nations Comtrade Database
Average Rate
5.2%
Highest Rate
35% (applied by certain developing countries on luxury jewelry imports)
Lowest Rate
0% (under free trade agreements or for raw materials like unprocessed gold)
Rising demand for lab-grown diamonds
Shifting market share from natural diamonds, reducing prices, and increasing accessibility to consumers; challenging traditional diamond mining industries.
2021-2023
Increased investment in gold as a safe-haven asset
Higher trade volumes in gold bullion and coins due to economic uncertainties and inflation concerns globally.
2020-2022
Growth in luxury jewelry demand in Asia-Pacific
Boosting exports to countries like China and India, driven by rising middle-class purchasing power and cultural affinity for gold and gemstones.
2019-2023
The European Union imposed a ban on the import of Russian diamonds as part of sanctions related to geopolitical tensions, aiming to curb funding through diamond trade.
January 2023
Redirection of Russian diamond exports to non-EU markets like India and the UAE; potential price increases for diamonds in the EU due to supply constraints.
A bilateral agreement reduced tariffs on certain precious metal imports between the US and China, facilitating smoother trade flows.
March 2022
Increased trade volume between the two countries, stabilizing prices for gold and silver products in the short term.
New regulations under the Kimberley Process Certification Scheme were introduced to enhance traceability of conflict-free diamonds.
November 2022
Increased compliance costs for exporters but improved consumer confidence in ethical sourcing.