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.
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 |
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. |
Numerical Example: 100 kg LBMA Good Delivery gold bars (HS 7108.12), CIF Mumbai USD 6.5 M
100 kg LBMA Good Delivery gold bars (HS 7108.12), CIF Mumbai USD 6.5 M. Run your own numbers in the Import Duty & Tax calculator.
- · 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.
- · Switzerland
- · UAE
- · UK
- · United States
- · Australia
- · Canada
- · South Africa
Frequently asked questions
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.
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.
Import duty and tax by destination market
Typical MFN duty, consumption tax and the tax base applied to metals (HS 71) 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.