Jewelry and precious metal imports are India's second-largest import category after petroleum. Gold jewelry, loose diamonds, gemstones, and silver articles all face high duties and intense customs scrutiny on valuation. India's gold import policy also involves STE (State Trading Enterprise) channels for some categories.
Jewelry and Precious Metal Duty Rates
| Product | HS Code | BCD | IGST |
|---|---|---|---|
| Gold bars / coins | 7108.12 / 7108.13 | 15% | 3% |
| Gold jewelry | 7113.19 | 15% | 3% |
| Silver bars / coins | 7106.91 | 15% | 3% |
| Diamond (rough) | 7102.31 | 0% | 0.25% |
| Diamond (cut/polished) | 7102.39 | 5% | 1.5% |
| Platinum | 7110.11 | 15.4% | 3% |
| Gemstones (precious) | 7103 | 0% | 0.25% |
Gold Import Controls
Gold import into India is allowed for:
- Nominated agencies (banks, MMTC, STC) for commercial imports
- Travelers' allowance: 1 kg gold per person with 15% customs duty
- Replenishment for exporters under DFRC/advance authorization
- SEZ and Export-Oriented Units (duty-free for export production)
Valuation Scrutiny for Jewelry
Customs scrutinizes jewelry valuation closely — undervaluation is a known method for evading duty on high-value goods. Expect:
- Reference prices from DGFT / SEEPZ valuation committee
- Physical examination common even for Green channel entries
- Carat content verification by customs assayer
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Frequently asked questions
BCD 15% + IGST 3% on gold jewelry. For gold bars: same rate. Effective duty is approximately 18.5% of CIF value.
Commercial gold imports are restricted to nominated agencies (banks, MMTC, STC). Travelers can bring up to 1 kg with 15% customs duty. Jewelers import gold through nominated banks against specific quotas.