HS Code 26.16 – Precious metal ores and concentrates

HS code 2616 is a 4-digit heading in the Harmonized System that covers: Precious metal ores and concentrates. Heading 2616 covers Precious metal ores and concentrates, a high-value and strategically important classification within international trade. This includes ores and concentrates of gold, silver, and platinum group metals (PGMs) such as platinum, palladium, rhodium, iridium, osmium, and ruthenium. The scope encompasses raw, unrefined minerals as extracted from the earth, as well as products that have undergone initial physical beneficiation processes (ee.g., crushing, grinding, flotation, gravity separation) to increase the concentration of the precious metal. These processes do not involve chemical refining to produce pure metal, but rather enrich the valuable mineral content, making it more economical for subsequent smelting and refining. Key sub-categories would distinguish between gold, silver, and PGM concentrates. This classification is critical for trade compliance due to the high monetary value of these goods, necessitating stringent security measures, accurate valuation for customs duties, and adherence to anti-money laundering regulations. Precious metals are vital for investment, jewelry, electronics, automotive catalysts, and various industrial applications. Historically, the trade of these materials has been central to global finance and economic development. As part of Chapter 26, this heading clearly differentiates these raw mineral products from refined precious metals (Chapter 71) or jewelry (Chapter 71), underscoring the chapter's focus on unrefined metallic ores and concentrates.

Gold ore, silver ore, platinum ore, palladium ore, rhodium ore, iridium ore, osmium ore, ruthenium ore, gold concentrate, silver concentrate, platinum group metal (PGM) concentrate, dore bullion (if containing significant impurities from initial smelting of concentrate), gold-bearing quartz ore, silver-lead concentrate, platinum-palladium concentrate, alluvial gold concentrate, sulfide gold ore, oxide silver ore, base metal sulfide concentrate (precious metal bearing), telluride gold ore, primary gold concentrate, flotation silver concentrate, gravity gold concentrate, PGM filter cake, unprocessed gold ore, partially refined silver concentrate, industrial gold concentrate, silver-zinc concentrate, gold-copper concentrate, raw PGM ore.

Common misclassifications for precious metal ores and concentrates involve confusion with unwrought precious metals (HS 7106-7110) or even jewelry and articles thereof (HS 7113). Traders might mistake dore bullion (an impure alloy of gold and silver from initial smelting) for fully refined unwrought gold or silver, which fall under Chapter 71. The key distinction is the degree of refining: HS 2616 covers materials that still require significant metallurgical processing to yield pure metal, whereas Chapter 71 covers metals that are already refined to a high purity and are in unwrought forms (e.g., bars, ingots). Incorrectly classifying these high-value goods can lead to significant customs penalties, security risks, and non-compliance with anti-money laundering regulations.

In 2025, the top exporters of HS code 2616 in UN Comtrade data were Peru (about $5.6B, 24% of world exports), Australia ($2.9B) and Russia (about $2.1B). World exports came to about $23.0B, adding countries' reported figures and partner-based estimates for those that did not report (UN Comtrade data). Countries that did not report 2025 data are estimated from partner records, which can understate them.

In 2025, the top importers of HS code 2616 in UN Comtrade data were China ($19.0B, 70% of world imports), Germany ($2.5B) and South Korea ($1.1B). World imports came to about $27.0B, adding countries' reported figures and partner-based estimates for those that did not report (UN Comtrade data). Countries that did not report 2025 data are estimated from partner records, which can understate them.

HS code 2616 is a 4-digit heading under Chapter 26 of the Harmonized System. The first 2 digits (26) identify the chapter, and digits 3-4 (16) specify the heading. This code contains multiple 6-digit subheadings for precise product classification.