About HS Code 710691
This category covers unwrought silver, which refers to silver in its raw, unworked form, typically ingots, bars, grains, or lumps, but specifically excluding powder. This is the primary form in which silver is traded globally as a commodity and a store of value. It serves as a fundamental raw material for a vast array of industries, including jewelry, silverware, electronics, photography, and investment. Major importers are often countries with large jewelry manufacturing sectors, significant industrial demand for silver, or those acting as financial hubs for precious metals. Exporters are predominantly silver-mining nations and countries with advanced refining capabilities. Key aspects of trade include purity standards (e.g., 999 fine silver), weight, and certification by recognized refiners. The price of unwrought silver is highly volatile, influenced by global economic conditions, industrial demand, and speculative investment, making it a significant asset in international financial markets.
Products Under This Code
Silver ingots, silver bars, silver grains, silver shot, silver anodes, silver bullion, silver granules
Real World Examples
COMEX silver bars, London Bullion Market Association (LBMA) good delivery bars, Royal Canadian Mint silver bars, Perth Mint silver ingots, PAMP Suisse silver bars
Common Misclassification
This code is distinct from 710610 (Silver powder) due to its form, and from 710692 (Semi-manufactured silver) which implies some level of working beyond unwrought.
Products Classified Under 7106.91
Industry
This code belongs to the Gems & Jewelry industry.
Trade Overview
Top importers include India, China, and the USA for industrial and jewelry demand, while major exporters are Mexico, Peru, and China, reflecting their mining and refining capacities.
Frequently Asked Questions
What is HS code 710691?
HS code 710691 covers: Metals; silver, unwrought, (but not powder). This category covers unwrought silver, which refers to silver in its raw, unworked form, typically ingots, bars, grains, or lumps, but specifically excluding powder. This is the primary form in which silver is traded globally as a commodity and a store of value. It serves as a fundamental raw material for a vast array of industries, including jewelry, silverware, electronics, photography, and investment. Major importers are often countries with large jewelry manufacturing sectors, significant industrial demand for silver, or those acting as financial hubs for precious metals. Exporters are predominantly silver-mining nations and countries with advanced refining capabilities. Key aspects of trade include purity standards (e.g., 999 fine silver), weight, and certification by recognized refiners. The price of unwrought silver is highly volatile, influenced by global economic conditions, industrial demand, and speculative investment, making it a significant asset in international financial markets.
What products fall under HS code 710691?
Silver ingots, silver bars, silver grains, silver shot, silver anodes, silver bullion, silver granules
What are common misclassifications for HS code 710691?
This code is distinct from 710610 (Silver powder) due to its form, and from 710692 (Semi-manufactured silver) which implies some level of working beyond unwrought.
How is HS code 710691 structured?
HS code 710691 is a 6-digit subheading under the Harmonized System. The first 2 digits (71) identify the chapter, digits 3-4 (06) identify the heading, and digits 5-6 (91) specify the subheading. This code is standardized globally by the World Customs Organization.