HS Code:
The category 'Of precious metal whether or not plated or clad with precious metal' (commonly associated with HS Code 71, specifically subcategories like 7113 for jewelry and 7114 for articles of goldsmithsโ or silversmithsโ wares) includes items made from precious metals such as gold, silver, platinum, or palladium, whether or not plated or clad with other precious metals. This category encompasses a wide range of products including jewelry, watches, and other decorative or functional items. These products are traded globally due to their high value, cultural significance, and use in investment and fashion industries.
Total Trade Volume
USD 150 billion
Data from 2022
Source
United Nations Comtrade Database
USD 35 billion
23.3% of total trade of total trade
Increasing
USD 25 billion
16.7% of total trade of total trade
Stable
USD 20 billion
13.3% of total trade of total trade
Increasing
USD 18 billion
12.0% of total trade of total trade
Increasing
USD 10 billion
6.7% of total trade of total trade
Stable
Average Rate
8.5%
Highest Rate
35% (applied 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 scrutiny on supply chains, pushing companies to adopt transparent sourcing practices and certifications like Fairmined or Responsible Jewellery Council (RJC).
2021-2023
Growing investment in gold as a safe-haven asset
Higher trade volumes for gold jewelry and bullion, especially during economic uncertainties like post-COVID recovery and geopolitical tensions.
2020-2022
Shift towards lab-grown diamonds and alternative materials
Reduced demand for traditional precious metal jewelry in some markets, particularly among younger demographics in developed countries.
2022-2023
India reduced its import duty on gold from 12.5% to 6% in the 2023 budget to curb smuggling and boost legal imports.
July 2023
Expected to increase India's gold jewelry imports by 10-15% in the coming years, strengthening its position in global trade.
The EU implemented stricter regulations on the import of precious metals to ensure they are not sourced from conflict zones, requiring detailed supply chain documentation.
January 2023
Increased compliance costs for exporters to the EU, potentially shifting trade patterns towards markets with fewer restrictions.
Switzerland solidified its role as a global hub for gold refining and trade, with record exports of processed gold to Asia and the Middle East.
March 2023
Reinforces Switzerland's dominance in the precious metals market, potentially increasing its trade volume share further.