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.
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 |
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. |
Numerical Example: 50 kg fine gold bars (LBMA Good Delivery), FOB Zurich USD 2,300/oz (approx USD 74/g), CIF Mumbai
50 kg fine gold bars (LBMA Good Delivery), FOB Zurich USD 2,300/oz (approx USD 74/g), CIF Mumbai. Run your own numbers in the Import Duty & Tax calculator.
- · 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.
- · Switzerland (refined bullion)
- · UAE
- · USA
- · Hong Kong
- · United Kingdom (London vaults)
- · South Africa
Frequently asked questions
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.
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.
Import duty and tax by destination market
Typical MFN duty, consumption tax and the tax base applied to precious metals (HS 7108) in each market we cover. Rates are indicative at the 6-digit line | confirm the national 8/10-digit code with your broker.
| Market | Duty | Consumption tax | Tax base | Tax as % of CIF |
|---|---|---|---|---|
| India | 15% | IGST 18% | Assessable value + duty | 36.1% |
| United Arab Emirates | 0% | VAT 5% | CIF + duty | 5.0% |
| Saudi Arabia | 0% | VAT 15% | CIF + duty | 15.0% |
| Singapore | 0% | GST 9% | CIF + duty | 9.0% |
| China | 0% | VAT 13% | CIF + duty | 13.0% |
| United States | 0% | Federal VAT 0% | CIF | 0.3% |
| United Kingdom | 0% | VAT 20% | CIF + duty | 20.0% |
| Germany | 0% | USt 19% | CIF + duty | 19.0% |
| Netherlands | 0% | BTW 21% | CIF + duty | 21.0% |
| Vietnam | 0% | VAT 10% | CIF + duty | 10.0% |
| Türkiye | 0% | KDV 20% | CIF + duty | 20.0% |
| Japan | 0% | JCT 10% | CIF + duty | 10.0% |
| South Korea | 0% | VAT 10% | CIF + duty | 10.0% |
| Brazil | 0% | IPI+PIS/COFINS+ICMS 32% | CIF + duty | 32.0% |
| Indonesia | 0% | PPN 11% | CIF + duty | 13.5% |
| Mexico | 0% | IVA 16% | CIF + duty | 16.9% |
| Egypt | 0% | VAT 14% | CIF + duty | 14.0% |
| Nigeria | 0% | VAT 7.5% | CIF + duty | 9.1% |
| South Africa | 0% | VAT 15% | Assessable value + duty | 16.5% |
| Australia | 0% | GST 10% | CIF + duty | 10.0% |
Run your own numbers with the landed cost calculator or check documentation requirements in the LC document checklist.