HSN Code 71022120: Diamonds – Worked

HSN Code 71022120 represents Diamonds – Worked under GST classification. This code helps businesses identify Diamonds – Worked correctly for billing, taxation, and trade. With HSN Code 71022120, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Diamonds – Worked.

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Description of Goods for HSN Code 71022120

HSN Code 71022120 relates to the following description.

Description of Goods

Industrial : Unworked or simply sawn, cleaved or bruted: Unsorted

Chapter

71 - Natural or cultured pearls, precious or semi-precious stones, precious metals, metals clad with precious metal, and articles thereof; imitation jewellery; coin

Sub Chapter

7102 - Diamonds, whether or not worked, but not mounted or set

CGST

0.125%

SGST

0.125%

IGST

0.25%

CESS

0%

What does HSN Code 71022120 not include?

Diamonds – Worked does not include products with the following descriptions.

HSN Code 71022910

Industrial : Other : Crushed (other than those specified in .125% rate entry )

HSN Code 71022990

Industrial : Other : Other (other than those specified in .125% rate entry )

HSN Code 71023910

Non-industrial : Others : Diamond, cut or otherwise worked but not mounted or set

HSN Code 71023910

Non-industrial : Others : Diamond, cut or otherwise worked but not mounted or set (other than those specified in .125% rate entry )

HSN Code 71023990

Non-industrial : Others : Other (other than those specified in .125% rate entry )

India’s Trade Performance — HSN Code 71022120 in FY 2024-25

TradeStat EIDB — Ministry of Commerce & Industry FY 2018-19–FY 2024-25 Values in ₹ Crore

India’s Exports

FY 2024-25

₹14 Cr

−27.89% vs FY 2023-24

0.0004% of India’s total exports

India’s Imports

FY 2024-25

₹1,302 Cr

−12.64% vs FY 2023-24

0.0214% of India’s total imports

Trade Balance

FY 2024-25

−₹1,288 Cr

Trade Deficit

Surplus rank #12297 of 12657 HSN codes

% of Sub-Chapter 7102

FY 2024-25

0.01%

Share of Sub-Chapter 7102’s total exports in FY 2024-25

Import side: 0.95% of Sub-Chapter 7102’s imports

Rank Within Sub-Chapter 7102

FY 2024-25

#4 of 8

Position by export value among HSN codes in Sub-Chapter 7102

Import-side rank: #4 of 8

At a glance

−3.89%

Export CAGR

FY 2018-19 → FY 2024-25 · 7 fiscal years

#5335

National Export Rank

of 12657 HSN codes by export value, FY 2024-25

+91.62%

Peak Growth Year

FY 2021-22 · strongest single-year move

0.01%

Contribution to Sub-Ch. 7102

Share of Sub-Chapter 7102 exports in FY 2024-25

India Export-Import Trade Statistics for HSN Code 71022120

7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB.

FY 2018-19 Exp. Rank #4244

Balance

−343.95

Exports

17.94 ₹ Cr

0.0008% share

— YoY

0.01% of Sub-Ch. 7102

Imports

361.89 ₹ Cr

0.0101% share

— YoY

0.20% of Sub-Ch. 7102

FY 2019-20 Exp. Rank #4531

Balance

−525.38

Exports

14.59 ₹ Cr

0.0007% share

−18.67% YoY

0.01% of Sub-Ch. 7102

Imports

539.97 ₹ Cr

0.0161% share

+49.21% YoY

0.36% of Sub-Ch. 7102

FY 2020-21 Exp. Rank #4158

Balance

−384.45

Exports

20.28 ₹ Cr

0.0009% share

+39.00% YoY

0.02% of Sub-Ch. 7102

Imports

404.73 ₹ Cr

0.0139% share

−25.05% YoY

0.32% of Sub-Ch. 7102

FY 2021-22 Exp. Rank #3718

Balance

−912.17

Exports

38.86 ₹ Cr

0.0012% share

+91.62% YoY

0.02% of Sub-Ch. 7102

Imports

951.03 ₹ Cr

0.0208% share

+134.98% YoY

0.46% of Sub-Ch. 7102

FY 2022-23 Exp. Rank #4132

Balance

−1,555.96

Exports

30.81 ₹ Cr

0.0009% share

−20.72% YoY

0.02% of Sub-Ch. 7102

Imports

1,586.77 ₹ Cr

0.0276% share

+66.85% YoY

0.76% of Sub-Ch. 7102

FY 2023-24 Exp. Rank #4802

Balance

−1,470.88

Exports

19.61 ₹ Cr

0.0005% share

−36.35% YoY

0.01% of Sub-Ch. 7102

Imports

1,490.49 ₹ Cr

0.0265% share

−6.07% YoY

0.83% of Sub-Ch. 7102

FY 2024-25 Exp. Rank #5335

Balance

−1,287.90

Exports

14.14 ₹ Cr

0.0004% share

−27.89% YoY

0.01% of Sub-Ch. 7102

Imports

1,302.04 ₹ Cr

0.0214% share

−12.64% YoY

0.95% of Sub-Ch. 7102

CAGR · 7-Year

Exports

−3.89% /yr

Imports

23.79% /yr

Consistently Deficit
Sub-Chapter 7102 total

reference, FY 2024-25

Export

₹1,16,388.01 Cr

Import

₹1,37,056.97 Cr

Trade Balance

−20,668.96

Peak export growth year Latest available data Not available YoY = change vs previous FY

Key Trade Insights: HSN Code 71022120 Export-Import Analysis

Export Decline: −3.89% CAGR Over 7 Years

India's exports under HSN Code 71022120 have declined at a compound annual rate of −3.89% over 7 fiscal years, falling from ₹17.94 Crore in FY 2018-19 to ₹14.14 Crore in FY 2024-25.

HSN Code 71022120 Ranked #5335 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 71022120 ranks #5335 out of 12657 HSN codes by total export value. Within Sub-Chapter 7102, it ranks #4 of 8. By trade surplus, it ranks #12297 of 12657.

FY 2021-22 Was the Strongest Growth Year for HSN Code 71022120 Exports

The strongest single-year export movement for HSN Code 71022120 was recorded in FY 2021-22, when exports surged by 91.62% over the prior year.

India Records a Trade Deficit of ₹1,287.90 Crore in HSN Code 71022120 Goods

In FY 2024-25, India's imports of ₹1,302.04 Cr exceeded exports of ₹14.14 Cr, resulting in a trade deficit of ₹1,287.90 Crore — ranking #12297 of 12657 by surplus magnitude.

Import Growth of 23.79% CAGR Signals Rising Demand for Diamonds – Worked

India's imports under HSN Code 71022120 have grown at 23.79% CAGR, reaching ₹1,302.04 Crore in FY 2024-25.

HSN Code 71022120 Contributes 0.01% of Sub-Chapter 7102 Exports — Ranked #4

Among the 8 HSN codes under Sub-Chapter 7102, HSN Code 71022120 ranks #4 by export value — accounting for 0.01% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 0.95% share (rank #4).

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Frequently Asked Questions

Clear answers to common queries about HSN Code 71022120 and GST compliance.

What products are classified under HSN 71022120 ?

It includes Sapphires, Rubies and Emeralds

How should mixed supplies be billed when Diamonds – Worked is sold with other items?

Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Diamonds – Worked; Nil for exempt items if applicable).

Any common misclassification issue with Diamonds – Worked?

Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection.

Does packaging or labelling change the GST for Diamonds – Worked?

For food/agri items, GST can be 5% when not fresh/chilled and sold as pre‑packaged & labelled; otherwise often Nil. For non‑food items, rates depend on the specific sub‑heading.

Can we claim ITC on inputs used to trade Diamonds – Worked?

If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42.

Do e‑way bill and e‑invoice apply for Diamonds – Worked?

e‑Way bill is needed above ₹50,000 consignment value (subject to exemptions). e‑Invoicing is turnover‑based (presently AATO > ₹5 crore) for B2B supplies.

How much GST applies to Diamonds – Worked?

Under HSN 71022120, Diamonds – Worked attracts Varies when sold in taxable form. Describe the exact form on the invoice.

Important Disclaimer

The above does not constitute professional advice or a formal recommendation. We recommend consulting a professional tax consultant before acting on the information contained in this piece of content.