| division | Key Contents | Implications |
|---|---|---|
| global economy | Expectations of interest rate cuts strengthen preference for safe assets. | Factors driving the increase in imports of gold, silver, and precious metals |
| Exchange rate impact | Dollar strength continues → Gold prices rise | Import prices rise when the won weakens |
| global uncertainty | Geopolitical and Middle East risks, and price instability | Strong investment demand for precious metals |
| ESG/Ethical Trade | Strengthening regulations on 'conflict-free minerals' | Authenticity certification and source management required |
HS71 is a high-value asset class including precious metals, jewelry, and coins , and is subject to a complex mix of investment, luxury goods, and industrial demand.
item | detail |
|---|---|
| HS code | 71 (Pearls, precious stones, metals, coins) |
| Main subcategories | 7102 (diamond), 7108 (gold), 7110 (platinum), 7113 (jewelry), 7118 (coins/medals) |
| Import volume in 2024 | Approximately USD 19.1 billion (+8.9% YoY) |
| Major demand sources | Financial investment (40%), luxury jewelry (35%), industrial (20%), other (5%) |
| Key Features | Investment demand and luxury consumption growth, coupled with demand for semiconductors and medical metals. |
It serves a dual function as an investment asset and industrial goods .
Expectations of a global interest rate decline → Continued expansion in gold and gem imports.
ranking | importing country | specific gravity(%) | Features and Risks |
|---|---|---|---|
| 1 | Swiss | 34.2 | Focus on refined gold and precious metals |
| 2 | Hong Kong | 22.5 | Diamond and Gemstone Processing Distribution Hub |
| 3 | South Africa | 9.8 | gold mine raw material supply |
| 4 | japan | 8.3 | Precious metal parts and crafts |
| 5 | USA | 7.1 | Jewelry and Coins |
| 6 | India | 6.0 | Diamond cutting and processing |
| 7 | uk | 4.3 | Focused on gold bullion and gold coin trading |
| etc | 7.8 | Various countries including Canada and UAE |
The top five countries account for 81.9% of the global precious metals supply chain , centered around
Switzerland, Hong Kong, and South Africa .
nation | Import share (%) | Δ Proportion (previous quarter) | characteristic |
|---|---|---|---|
| Swiss | 34.2 | ▲0.5 | Continued imports of gold bullion and refined precious metals |
| Hong Kong | 22.5 | ▼0.4 | High-priced jewelry and diamond adjustment |
| South Africa | 9.8 | ▲0.2 | Stabilization of mine supply |
| japan | 8.3 | = | Focus on precision-machined products |
| USA | 7.1 | ▲0.3 | Increased coins and collectibles |
| India | 6.0 | = | Expanding imports of crafted gemstones |
| uk | 4.3 | ▼0.3 | Gold trading slows |
| etc | 7.8 | = | Diversification from UAE and Canada |
The "stable precious metals supply chain" centered on Switzerland and South Africa continues.
Imports of high-priced jewelry from Hong Kong remain weak.
division | 2023 Q3 | 2024 Q3 | Increase/decrease (%) | characteristic |
|---|---|---|---|---|
| Gold | 94 t | 102 t | +8.5 | Investment and industry in parallel |
| Silver | 1,410 t | 1,460 t | +3.5 | Increasing demand for electronics and optics |
| Platinum | 9.2 t | 9.8 t | +6.5 | Catalyst and hydrogen industry related |
| bijouterie | 98 Mct | 107 Mct | +9.2 | Luxury demand rebounds |
| Coins and Medals | 15.4 M | 16.7 M | +8.4 | Expansion for collection and investment |
The overall upward trend in precious metals, especially the strengthening of the high-value-added import structure centered on gold and jewelry .
Item | 2024 Q1 (USD/kg) | 2024 Q2 | 2024 Q3 | QoQ Δ(%) |
|---|---|---|---|---|
| Gold | 63,800 | 64,500 | 66,100 | +2.5 |
| Silver | 740 | 755 | 780 | +3.3 |
| Platinum | 29,200 | 30,100 | 30,600 | +1.7 |
| diamond | 14,200 | 14,000 | 13,800 | ▼1.4 |
Gold and silver rose, while **gems (diamonds)** fell slightly due to a correction in the high-end market.
branch | characteristic | Volatility (0–1) |
|---|---|---|
| Q1 | Increased income during the holiday and wedding seasons | 0.70 |
| Q2 | Import of new luxury brand lines | 0.63 |
| Q3 | Expectations of interest rate changes increase investment income | 0.77 |
| Q4 | Concentrated retail and coin demand | 0.82 |
Precious metals are a second-half product with a high concentration of imports in Q3 and Q4 .
item | detail |
|---|---|
| tariff | Most FTAs are duty-free, but some metal products are subject to small amounts of tariffs. |
| Non-tariff | Strengthening AML (Anti-Money Laundering), Country of Origin Certification, and Ethical Mining Reporting Obligations |
| Domestic alternative | Korea Minting and Security Printing Corporation (KOMSCO), LS-Nikko Copper, etc. |
| assignment | Internalizing precious metal recovery and refining technologies and expanding carbon emission reduction certifications |
characteristic | evaluation | analysis |
|---|---|---|
| Carbon emissions impact | middle | High-carbon industries in the smelting and refining process |
| ESG Risk | award | Human rights and environmental issues in mining areas |
| Net Zero Contribution | middle | Recycled metal market growth |
| circular economy | award | Advances in recycling gold and silver refining technology |
Recycling precious metals is emerging as a key ESG strategy.
importing country | Policy (0–1) | Logistics (0–1) | Trust Index |
|---|---|---|---|
| Swiss | 0.21 | 0.23 | 0.87 |
| Hong Kong | 0.33 | 0.35 | 0.72 |
| South Africa | 0.34 | 0.33 | 0.74 |
| japan | 0.25 | 0.24 | 0.84 |
| USA | 0.27 | 0.28 | 0.81 |
| India | 0.31 | 0.32 | 0.77 |
| uk | 0.24 | 0.26 | 0.83 |
Average Trust Index ≈ 0.80 (excellent) — stable supply from Switzerland, Japan, and the UK, with risk from Hong Kong.
industry | Major companies | Imported items | characteristic |
|---|---|---|---|
| financial investment | Bank of Korea, Shinhan Financial Group, and Samsung Securities | gold bars and coins | Gold investment oxidization |
| Jewelry/Luxury Goods | Hanwha Galleria and Shinsegae International | Jewelry and handicrafts | Luxury consumption-oriented |
| Industrial metals | Samsung Electronics and SK Hynix | gold, silver, platinum | For semiconductor packaging |
| Crafts & Collectibles | Korea Minting and Security Printing Corporation (KOMSCO) | gold coins and medals | Export and limited edition |
characteristic | Currently (2025 Q3) | Compared to the previous quarter (Δ%) | analysis |
|---|---|---|---|
| ΔImport | +7.4% | ▲1.2 | Expectations of interest rate easing and increased investment |
| ΔPrice | +2.3% | ▲0.8 | Gold and silver unit prices rise |
| ΔCountryShare | +0.3% | ▲0.2 | Increased share of Switzerland and South Africa |
| Trust Index | 0.80 | = | Supply chain stability |
| Forecast (3M) | +7.8% | ▲ | Expected increase in demand at the end of the year |
Summary: Imports of precious metals and jewelry are experiencing a strong positive trend . Key
drivers include a centered import structure in Switzerland and Hong Kong, expectations of interest rate cuts, and a recovery in luxury consumption .
division | Suggestion | Expected effect |
|---|---|---|
| 1 | Introduction of an Ethical Mining Certification System | Securing Trust in ESG-Based Trade |
| 2 | Advancing the precious metal recovery and refining system | Reduced dependence on imports |
| 3 | AI real-time metal price linked procurement system | Transaction stabilization |
| 4 | K-Jewelry Overseas Exhibition and Export Incentives | Expanding domestic demand-export linkages |
| 5 | Blockchain-based precious metals distribution tracking | Strengthening anti-counterfeiting and laundering measures |
HS 71 (Pearls, Precious Stones, Metals, Coins) Imports Trade Index – 2025 Q3
ΔImport +7.4% , ΔPrice +2.3% , Trust 0.80 , Forecast (3M) +7.8%
→ Imports remain strong due to the simultaneous expansion of investment assets and luxury consumption .
The supply chain, centered on Switzerland and Hong Kong, remains stable, but ESG and ethical mining issues need to be addressed.
