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HS 7106Precious metals

HS Code for Silver Bullion (HS 7106)

Silver has two demand pillars: industrial (solar PV, electronics, brazing) ~55%, and investment/jewellery ~45%. LBMA Good Delivery bars (750-1,100 oz troy, 999+ fine) are the wholesale trade form. Solar panel silver paste demand grew 25% in 2023.

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

Sample 6-digit codes

CodeDescription
7106.10Silver powder
7106.91Silver in unwrought forms
7106.92Silver in semi-manufactured forms
Need to check a specific code? Use the free HS code lookup tool.

Typical import duty by market

MarketDuty
European Union
0%
Investment silver exempt from VAT in many MS - but not all (Germany 19%).
India (BCD)
6-10%
Plus GST 3% on bullion; investment gold/silver duties are politically driven.
United States
0%
Switzerland
0%
Refining hub - Argor, Metalor, PAMP.

Worked landed-cost example

1,000 kg silver bars 999.9, FOB Zurich USD 29.50/oz, CIF Mumbai

Basis (32,150 oz)USD 948,425
Insurance + secure freightUSD 4,800
CIFUSD 953,225
India BCD 6%USD 57,193
GST 3%USD 30,313
Landed ≈ USD 1.04m. India duty structure is highly politically sensitive - changes 2-4x per year.
Run your own numbers in the import duty & tax calculator.
Regulatory checkpoints
  • · LBMA Good Delivery List - approved refiners.
  • · Basel III LCR treatment differs from gold.
  • · AML/KYC for cash bullion transactions.
  • · OECD due diligence guidance for silver (esp. Mexican origin).
Top exporting countries
  • · Mexico
  • · China
  • · Peru
  • · Poland (KGHM)
  • · Switzerland (refining hub)

Frequently asked questions

Solar demand outlook?

Each GW of solar PV uses ~15 MT silver in front-side paste, though TOPCon and HJT cells push per-cell silver down. Global PV additions grew from 200 GW (2022) to 400+ GW (2024) - silver demand from PV doubled. Watch as silver-less N-type cells emerge from 2025-27.

Destination market toolkits

Country-specific duty, VAT/GST and Incoterms practice for the top destinations for precious metals.

Import into India →
IGST on imports · 5% / 12% / 18% / 28%
Import into China →
Import VAT · 13% standard, 9% reduced, 6% services
Import into United States →
No federal VAT / GST · 0% federal
Import into Germany →
VAT (Umsatzsteuer / Einfuhrumsatzsteuer) · 19% standard, 7% reduced
Import into Mexico →
IVA (VAT) · 16% standard / 8% in northern & southern border zones
Import into United Arab Emirates →
VAT · 5% standard

Precious metals landed-cost pages: every destination market

Jump straight to the precious metals import guide for any of the destination markets we cover.

Related commodity guides

HS 7108Precious metals
HS Code for Non-Monetary Gold (HS 7108) →
HS 7110Precious metals
HS Code for Platinum Group Metals - PGMs (Chapter 7110) →
HS 61 & 62Consumer goods
HS Code for Textiles & Apparel (Chapters 61 and 62) →
HS 85Electronics
HS Code for Electronics (Chapter 85) →

Related tools

HS Code Lookup →
Search harmonised codes across 21 sections.
Import Duty & Tax →
Landed cost with duty, VAT/GST and cess.
Landed Cost by HS & Country →
Duty + VAT/GST + Incoterm split for this HS.
CIF ↔ FOB Converter →
Convert customs value between Incoterms.

Sources & citations

Duty rates and regulations compiled from WCO HS, WTO integrated database, national customs authorities and published FTA schedules. Provided for decision-support only - confirm the 10-digit line and current preferential status with your licensed customs broker before acting.

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