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.
Sample 6-digit codes
| Code | Description |
|---|---|
| 7106.10 | Silver powder |
| 7106.91 | Silver in unwrought forms |
| 7106.92 | Silver in semi-manufactured forms |
Typical import duty by market
| Market | Duty |
|---|---|
| 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. |
Numerical Example: 1,000 kg silver bars 999.9, FOB Zurich USD 29.50/oz, CIF Mumbai
1,000 kg silver bars 999.9, FOB Zurich USD 29.50/oz, CIF Mumbai. Run your own numbers in the Import Duty & Tax calculator.
- · 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).
- · Mexico
- · China
- · Peru
- · Poland (KGHM)
- · Switzerland (refining hub)
Frequently asked questions
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.
Import duty and tax by destination market
Typical MFN duty, consumption tax and the tax base applied to precious metals (HS 7106) 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.