India Restricts Imports of Gold and Silver Items from South Korea

05 September 2017
Imports of Gold and Silver

India has restricted imports of gold and silver items from South Korea in order to check sudden increase in inbound shipments of precious metals from that country. The importers of gold and silver in India will now have to obtain a license from Directorate General of Foreign Trade (DGFT) for importing articles of gold and silver from South Korea. This has been done on the basis of reports on rising imports of gold and silver from South Korea, with which India has a free trade agreement since January 2010.


India is the 5th largest importer of precious metals including gold and silver. The country’s total imports of products under Chapter 71 in 2016 stood at USD 48129744000. As per the latest Indian government notification, imports from South Korea of following products under Chapter 71 are restricted:



HS Code

Product Description

7113

Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal

7114

Articles of goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of metal clad with precious metal

7115

Articles of precious metal or of metal clad with precious metal, n.e.s.

7118

Coin, incl. legal tender

  

Let’s get an outlook on India imports of gold and silver from South Korea and other countries.



India Imports of Gold and Silver from South Korea


According to India import data of gold and silver recorded in 2016, South Korea rank 20th exporter country of gold and 4th exporter country of silver to India. How much export business of gold and silver South Korea did in India during 2016? Find below:

imports gold Silver



India Imports of Gold and Silver Items from South Korea under HS Code 7113, 7114 & 7115


As Indian government has imposed restrictions on some gold and silver items of Chapter 71 importing from South Korea in order to tackle sudden rise in inbound shipments of precious metals; let’s have a look on India import statistics of these items.

Gold and Silver


Indian Customs Duty on Gold and Silver Imports from South Korea



Under free trade agreement between India and South Korea, Basic Customs Duty (BCD) on gold and silver was eliminated. However, after implantation of new tax policy in India, 12.5% countervailing duty on gold and silver imports has been subsumed in the Goods and Services Tax (GST). So, from now imports on chapter 71 attract only 3% integrated GST. Imports of gold and silver from non-FTA countries attract 10% customs duty. India is the world’s 2nd largest consumer of gold and silver after China. For more on how to calculate customs duty on gold in India, import duty on silver bars in India and import duty on silver in India; click on Indian Customs Duty on Gold and Silver. 


 

What is Comprehensive Economic Partnership Agreement (CEPA)?


Since 2010, import export business between India and South Korea has been on a free trade agreement. Officially, it is known as Comprehensive Economic Partnership Agreement (CEPA), which provides better access for the Indian service industry in South Korea. Services include in the field of legal, finance, engineering and information technology. This agreement has eased restrictions on foreign direct investments between the two countries.


 

India Total Imports of Gold and Silver from Global Countries Recorded in 2016



Gold and silver items under chapter 71 recorded as the 2nd largest imports of India during 2016. According to a report on import of precious metals in India, import value of all products including pearls, precious stones, precious metals, coins, clad, etc. fall in this chapter recorded USD 48129744000 in the last year, which declined from 2015 value of USD 59632900000. India gold imports data shows that gold stood as the largest importing product under chapter 71 in 2016, while silver was the 4th largest importing item in this chapter. So, value of gold imports in India was the highest in this year. Here is India import statistics of gold and silver and other top items of chapter 71 recorded in 2016.



Indian Import

 

HS Code

Product Description

Import Value 2016

7108

Gold

USD 22944490000

7102

Diamonds

USD 18970741000

7103

Precious Stones

USD 2052368000

7106

Silver

USD 1829524000

7101

Pearls

USD 1487171000


 

If we see global trade statistics of HS Code 7113, 7114, 7115 and 7118 import into India, which are now restricted from South Korea due to continuous flow of unbound shipments; we found that India imported articles of Jewelry under HS Code 7113 the most in 2016. Let’s have a look on India import value of these HS Codes from global countries recorded in the last year.



HS Code

Product Description

Import Value 2016

7113

Articles of jewellery and parts thereof, of precious metal or of metal clad with precious metal

USD 355566000

7114

Articles of goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of metal clad with precious metal

USD 39595000

7115

Articles of precious metal or of metal clad with precious metal, n.e.s.

USD 6472000

7118

Coin, incl. legal tender

USD 60000



 

Top 5 Countries from which India Imports Gold and Silver


India imports gold from which countries? India imports silver from which countries? India imports maximum gold from Switzerland, followed by United Arab Emirates and Unites States of America. While, silver import data shows that India imports maximum silver from China, followed by United Kingdom, Hong Kong and South Korea. The import value of gold imported from global countries recorded USD 22944490000 in 2016. While, import value of silver imported from global countries registered USD 1829524000 in the said year. Let’s analyse values of gold and silver imported from which countries the most through chart and table given below.



                ·      India Imports Maximum Gold from which Country?


Imports of gold in India were highest from Switzerland in 2016. Its share in value stood at 56.7%. As per gold import data of India, United Arab Emirates and United States of America stood at 2nd and 3rd position respectively as exporter country of gold to India. Find gold import statistics of India on top 5 exporter countries right below.


Exporter Countries


 

Country

Share in Value (%)

Import Value (USD)

Switzerland

56.7%

13015760000

UAE

11.3%

2600032000

USA

5.8%

1323949000

Ghana

5.6%

1275584000

South Africa

5.2%

1188825000



 

                 ·        India Imports Maximum Silver from which Country?


Imports of silver in India were highest from China in 2016. The country recorded 20.8% share in value. As per silver import data of India, the other top exporter countries of silver to India include – United Kingdom, South Korea and Russia. Find silver import statistics of India on top 5 exporter countries right below.


 Exporter Countries of Silver



Country

Share in Value (%)

Import Value (USD)

China

20.8%

380819000

UK

16.6%

304057000

Hong Kong

14.4%

264229000

South Korea

12.8%

233684000

Russia

7.4%

134485000



 

How to Get India Import Data of Gold & Silver?


Want to import gold and silver in India from other countries? Or want to export gold and silver into India? In any case, having in-depth study on Indian market of gold and silver is must. There are some free tools from which you can know about how much India imports gold and silver from global countries. You can contact Indian government agencies and embassies, approach promotional councils and attend global trade events to find information about gold and silver industry.


For comprehensive report on India imports of gold and silver, you have to spend money on market research services that are provided Export Genius. It provides authentic and holistic gold and silver import data of India with complete shipment records based on customs details. What you can have in India import of gold and silver? Find below:


           ·         Who is importing gold/silver in India and from which country?

           ·         Who is exporting gold/silver to India?

           ·         How much quantity of gold and silver is imported by India?

           ·         What is the price of gold and silver in global market?

           ·         At which Indian port, shipments of gold and silver mostly arrive?


These are some of the questions that are covered in India import report of gold and silver. So, check out the samples of gold and silver by clicking on India Import Samples of Gold and India Import Samples of Silver.  And after going through complete data fields, request for complete India import data of gold and silver right away.


To buy our market research report and data, e-mail us at info@exportgenius.in.


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