HS Code:
The category III. JEWELRY, GOLDSMITHS' AND SILVERSMITHS' WARES AND OTHER ARTICLES, classified under HS Code 71, encompasses a wide range of products including precious metals (gold, silver, platinum), precious and semi-precious stones, jewelry, and other related articles such as coins and imitation jewelry. This category is a significant part of global trade due to the high value of the materials and craftsmanship involved. The trade is driven by consumer demand for luxury goods, investment in precious metals, and cultural significance of jewelry in various regions.
Total Trade Volume
USD 300 billion
Data from 2022
Source
World Trade Organization (WTO) and International Trade Centre (ITC)
USD 80 billion
26.7% of total trade
Increasing
USD 45 billion
15.0% of total trade
Stable
USD 40 billion
13.3% of total trade
Increasing
USD 35 billion
11.7% of total trade
Increasing
USD 25 billion
8.3% of total trade
Stable
Average Rate
6.5%
Highest Rate
35% (imposed by certain developing countries to protect local industries)
Lowest Rate
0% (under free trade agreements like EU-Switzerland or USMCA)
Rising demand for sustainable and ethically sourced jewelry
Increased focus on traceability and certification, boosting costs but also consumer trust and market access in developed economies
2021-2023
Growth in online jewelry sales
E-commerce platforms have expanded market reach, particularly for small and medium enterprises, while challenging traditional retail models
2020-2023
Fluctuations in gold and silver prices
Price volatility affects consumer purchasing power and investment demand, with significant impacts on trade volumes in key markets like India and China
2022-2023
The European Union introduced new regulations requiring detailed certification for diamonds imported into the bloc to ensure they are not sourced from conflict zones.
January 2023
This has increased compliance costs for exporters but also enhanced market access for certified suppliers, particularly from Africa and Canada.
India reduced its import duty on gold from 12.5% to 6% to curb smuggling and boost formal trade channels.
July 2023
This is expected to increase legal gold imports into India, one of the largest consumers, potentially raising global trade volumes in this category.
As part of ongoing trade negotiations, tariffs on certain jewelry categories between the US and China were lowered, promoting bilateral trade.
March 2022
This has led to a moderate increase in jewelry exports from China to the US, benefiting manufacturers but raising concerns among domestic US producers.