HS 71Metals

HS Code for Precious Metals (Chapter 71)

Chapter 71 splits precious metals by chemistry and form. Refined gold in LBMA Good Delivery bars is 7108.12; unwrought below GD standard is 7108.13. Silver, platinum, palladium and rhodium each have their own headings. AML/KYC and hallmarking regulation dominate compliance.

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 (bars, ingots, LBMA GD)
7108.13	Gold, non-monetary, semi-manufactured (granules, coin blanks)
7108.20	Gold, monetary
7106.10	Silver, powder
7106.91	Silver, unwrought
7110.11	Platinum, unwrought or in powder form
7110.21	Palladium, unwrought or in powder form
7118.90	Coin (other than gold coin), non-legal-tender

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

Typical import duty by market

Market	Duty
India (BCD)	6% gold / 6% silver bars Plus AIDC 5% and IGST 3%; effective landed rate ~15%.
United States	0%
European Union	0% Investment gold VAT-exempt under 2006/112/EC Art. 344.
United Arab Emirates	0% Gold in GD form zero-rated for VAT for VAT-registered dealers.
China	0% for SGE-approved refiners Import quota controlled by PBoC; retail import restricted.

Worked landed-cost example

100 kg LBMA Good Delivery gold bars (HS 7108.12), CIF Mumbai USD 6.5 M

Assessable valueUSD 6,500,000

BCD @ 6%USD 390,000

AIDC @ 5%USD 325,000

SWS @ 10% of BCDUSD 39,000

IGST @ 3%USD 217,590

Landed cost ≈ USD 7.47 M - roughly 15% above cost; nominated agencies (banks + RBI-authorised) route India's bullion imports.

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

Regulatory checkpoints

· LBMA Good Delivery standards for gold (400 oz bars, 99.5% min) and silver (1,000 oz bars).
· OECD Due Diligence Guidance for Responsible Supply Chains of Minerals from Conflict-Affected Areas (Gold Supplement).
· US Dodd-Frank Sec 1502 - conflict minerals (3TG excludes gold in some contexts; verify current SEC rulemaking).
· India BIS Hallmarking mandatory on jewellery; PMLA reporting for cash purchases > INR 2 lakh.
· FATF Recommendation 22 - DNFBP status for precious metal dealers.

Top exporting countries

· Switzerland
· UAE
· UK
· United States
· Australia
· Canada
· South Africa

Frequently asked questions

Why is investment gold VAT-exempt in the EU?

Council Directive 2006/112/EC Art. 344-356 exempts investment gold (bars/wafers ≥ 995 fine, LBMA-listed producers) from VAT to align tax treatment with financial instruments. Gold jewellery and industrial forms are fully VATable.

What is the chain of custody requirement for responsibly-sourced gold?

LBMA Responsible Gold Guidance and OECD 5-step framework require documented origin from mine or recycler, KYC on suppliers, red-flag risk assessment, third-party audit and public disclosure. Non-compliance de-lists a refiner from LBMA Good Delivery.