HSN Code 71023910: Cut or Worked Non-Industrial Diamonds

HSN Code 71023910 represents Cut or Worked Non-Industrial Diamonds under GST classification. This code helps businesses identify Cut or Worked Non-Industrial Diamonds correctly for billing, taxation, and trade. With HSN Code 71023910, companies can avoid errors in invoices, simplify compliance, and enable hassle-free import or export of Cut or Worked Non-Industrial Diamonds.

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Description of Goods for HSN Code 71023910

HSN Code 71023910 relates to the following description.

Description of Goods

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

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%

Description of Goods

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

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

0.75%

SGST

0.75%

IGST

1.5%

CESS

0%

What does HSN Code 71023910 not include?

Cut or Worked Non-Industrial Diamonds 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 71023990

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

India’s Trade Performance — HSN Code 71023910 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

₹1,12,188 Cr

−14.96% vs FY 2023-24

3.0482% of India’s total exports

India’s Imports

FY 2024-25

₹47,537 Cr

−21.05% vs FY 2023-24

0.7824% of India’s total imports

Trade Balance

FY 2024-25

₹64,651 Cr

Trade Surplus

Surplus rank #6 of 12657 HSN codes

% of Sub-Chapter 7102

FY 2024-25

96.39%

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

Import side: 34.68% of Sub-Chapter 7102’s imports

Rank Within Sub-Chapter 7102

FY 2024-25

#1 of 8

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

Import-side rank: #2 of 8

At a glance

−6.34%

Export CAGR

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

#4

National Export Rank

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

+49.07%

Peak Growth Year

FY 2021-22 · strongest single-year move

96.39%

Contribution to Sub-Ch. 7102

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

India Export-Import Trade Statistics for HSN Code 71023910

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 #1

Balance

+98,543.06

Exports

1,66,216.51 ₹ Cr

7.2744% share

— YoY

94.56% of Sub-Ch. 7102

Imports

67,673.45 ₹ Cr

1.8879% share

— YoY

38.07% of Sub-Ch. 7102

FY 2019-20 Exp. Rank #1

Balance

+75,535.01

Exports

1,31,690.86 ₹ Cr

5.9825% share

−20.77% YoY

94.06% of Sub-Ch. 7102

Imports

56,155.85 ₹ Cr

1.6774% share

−17.02% YoY

37.80% of Sub-Ch. 7102

FY 2020-21 Exp. Rank #1

Balance

+73,834.61

Exports

1,21,956.75 ₹ Cr

5.6702% share

−7.39% YoY

96.94% of Sub-Ch. 7102

Imports

48,122.14 ₹ Cr

1.6515% share

−14.31% YoY

37.55% of Sub-Ch. 7102

FY 2021-22 Exp. Rank #1

Balance

+1,18,223.55

Exports

1,81,798.54 ₹ Cr

5.7929% share

+49.07% YoY

96.02% of Sub-Ch. 7102

Imports

63,574.99 ₹ Cr

1.3910% share

+32.11% YoY

30.96% of Sub-Ch. 7102

FY 2022-23 Exp. Rank #2

Balance

+1,08,146.54

Exports

1,76,578.07 ₹ Cr

4.8769% share

−2.87% YoY

96.12% of Sub-Ch. 7102

Imports

68,431.53 ₹ Cr

1.1903% share

+7.64% YoY

32.98% of Sub-Ch. 7102

FY 2023-24 Exp. Rank #3

Balance

+71,718.59

Exports

1,31,928.29 ₹ Cr

3.6463% share

−25.29% YoY

94.58% of Sub-Ch. 7102

Imports

60,209.70 ₹ Cr

1.0721% share

−12.01% YoY

33.69% of Sub-Ch. 7102

FY 2024-25 Exp. Rank #4

Balance

+64,650.78

Exports

1,12,187.75 ₹ Cr

3.0482% share

−14.96% YoY

96.39% of Sub-Ch. 7102

Imports

47,536.97 ₹ Cr

0.7824% share

−21.05% YoY

34.68% of Sub-Ch. 7102

CAGR · 7-Year

Exports

−6.34% /yr

Imports

−5.72% /yr

Consistently Surplus
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 71023910 Export-Import Analysis

Export Decline: −6.34% CAGR Over 7 Years

India's exports under HSN Code 71023910 have declined at a compound annual rate of −6.34% over 7 fiscal years, falling from ₹1,66,216.51 Crore in FY 2018-19 to ₹1,12,187.75 Crore in FY 2024-25.

HSN Code 71023910 Ranked #4 Among All 12657 HSN codes by Export Value

In FY 2024-25, HSN Code 71023910 ranks #4 out of 12657 HSN codes by total export value. Within Sub-Chapter 7102, it ranks #1 of 8. By trade surplus, it ranks #6 of 12657.

FY 2021-22 Was the Strongest Growth Year for HSN Code 71023910 Exports

The strongest single-year export movement for HSN Code 71023910 was recorded in FY 2021-22, when exports surged by 49.07% over the prior year.

India Maintains a Trade Surplus of ₹64,650.78 Crore in HSN Code 71023910 Goods

In FY 2024-25, India's exports of ₹1,12,187.75 Cr exceeded imports of ₹47,536.97 Cr, resulting in a trade surplus of ₹64,650.78 Crore — ranking #6 of 12657 by surplus magnitude.

Import Growth of −5.72% CAGR Signals Stable Import Dependency for Cut or Worked Non-Industrial Diamonds

India's imports under HSN Code 71023910 have grown at −5.72% CAGR, reaching ₹47,536.97 Crore in FY 2024-25.

HSN Code 71023910 Contributes 96.39% of Sub-Chapter 7102 Exports — Ranked #1

Among the 8 HSN codes under Sub-Chapter 7102, HSN Code 71023910 ranks #1 by export value — accounting for 96.39% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 34.68% share (rank #2).

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Frequently Asked Questions

Clear answers to common queries about HSN Code 71023910 and GST compliance.

What products are classified under HSN 71023910 ?

It includes Synthetic Precious Stones – Rubies and Sapphires

Can we claim ITC on inputs used to trade Cut or Worked Non-Industrial Diamonds?

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 Cut or Worked Non-Industrial Diamonds?

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.

Any common misclassification issue with Cut or Worked Non-Industrial Diamonds?

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 Cut or Worked Non-Industrial Diamonds?

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.

How should mixed supplies be billed when Cut or Worked Non-Industrial Diamonds is sold with other items?

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

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.