HS 7108Precious metals

HS Code for Non-Monetary Gold (HS 7108)

Non-monetary gold trades under HS 7108 - unwrought, semi-manufactured, or in powder form. The LBMA Good Delivery bar (400 oz troy, 99.5% min, from an accredited refiner) is the professional-market standard. Investment gold receives VAT exemption in most jurisdictions.

Reviewed against WCO HS · WTO IDB · National customs schedules2 authoritative sourcesLast reviewed July 2026

Sample 6-digit codes

Code	Description
7108.11	Gold, non-monetary, powder
7108.12	Gold, non-monetary, other unwrought forms
7108.13	Gold, non-monetary, other semi-manufactured forms
7108.20	Gold, monetary

Need to check a specific code? Use the free HS code lookup tool.

Typical import duty by market

Market	Duty
European Union	0% Investment gold VAT-exempt (Directive 98/80/EC).
United States	0%
United Kingdom	0% Investment gold VAT-exempt.
India (BCD)	6% Plus 3% AIDC, 0.75% welfare surcharge, IGST 3%. Total ~13.5% effective; largest single tax base.
UAE	0% 0% VAT on investment-grade gold >= 99% purity.
China	0% Import through SGE (Shanghai Gold Exchange) mandatory for bullion.

Worked landed-cost example

50 kg fine gold bars (LBMA Good Delivery), FOB Zurich USD 2,300/oz (approx USD 74/g), CIF Mumbai

Gold value (50,000g x USD 74/g)USD 3,700,000

Freight + insurance (secure logistics)USD 8,000

CIF valueUSD 3,708,000

India BCD @ 6%USD 222,480

AIDC @ 3.75%USD 139,050

IGST @ 3%USD 111,240

Landed cost ≈ USD 4.18m. India's gold import policy is repeatedly revised; consult current CBIC notifications.

Run your own numbers in the import duty & tax calculator.

Regulatory checkpoints

· LBMA Good Delivery Rules - accredited refiner list, bar spec, chain-of-integrity requirements.
· OECD Due Diligence Guidance for Responsible Supply Chains - Level 3 gold.
· Dodd-Frank Section 1502 (US) - conflict minerals reporting.
· EU Conflict Minerals Regulation 2017/821 - due diligence on gold smelters/refiners.
· Kimberley Process - not for gold; but overlapping chain-of-custody logic.
· AML/FATF - gold is high-risk; customer identification, source-of-funds required by dealers.

Top exporting countries

· Switzerland (refined bullion)
· UAE
· USA
· Hong Kong
· United Kingdom (London vaults)
· South Africa

Frequently asked questions

LBMA Good Delivery bar?

400 troy oz (approx 12.4kg) nominal, min 99.5% fine gold, from an LBMA-accredited refiner, cast to specific dimensions with markings for refiner, serial number, weight, fineness, year. The professional standard for global bullion market.

Investment gold VAT exemption?

In the EU (Directive 98/80/EC) and UK, investment-grade gold (bars/wafers >=99.5%, coins from an approved list) is VAT-exempt. Non-investment gold (jewellery, industrial) attracts full VAT. India applies duties (BCD + AIDC + IGST) at import.