--- title: "HSN Code for Synthetic Precious Stones – Diamonds | HSN 71031031 GST Rate" description: "Find HSN and GST Rates for 71031031 related to Synthetic Precious Stones – Diamonds with BUSY Accounting - The reliable source for HSN and GST details in India." canonical: "https://busy.in/hsn/hsn-71031031/" --- # HSN Code 71031031: Synthetic Precious Stones – Diamonds - [Section 14: Guide to HSN Section 14](https://busy.in/hsn/section-14/) - [Chapter 71: Natural Pearls & Metals](https://busy.in/hsn/chapter-71/) - [Sub-chapter 7103: Reconstructed precious stone](https://busy.in/hsn/sub-chapter-7103/) ## GST rates | Description | CGST | SGST | IGST | CESS | | --- | --- | --- | --- | --- | | Unworked or simply sawn or roughly shaped: Precious or semi-precious stones of “Beryl” and “Chrysoberyl” mineralogical species: : Emerald | 0.125% | 0.125% | 0.25% | 0% | ## Frequently asked questions ### What products are classified under HSN 71031031 ? It includes Synthetic Precious Stones – Zirconium ### Does packaging or labelling change the GST for Synthetic Precious Stones – 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. ### Any common misclassification issue with Synthetic Precious Stones – Diamonds? Use the exact HSN and describe the form/grade. For multi‑line invoices, apply the rate per line to avoid wrong tax collection. ### Do e‑way bill and e‑invoice apply for Synthetic Precious Stones – 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. ### How should mixed supplies be billed when Synthetic Precious Stones – Diamonds is sold with other items? Use separate invoice lines per HSN and apply the correct rate per line (e.g., Varies for Synthetic Precious Stones – Diamonds; Nil for exempt items if applicable). ### Can we claim ITC on inputs used to trade Synthetic Precious Stones – Diamonds? If your outward supply is taxable, eligible ITC is available subject to general restrictions. For exempt/Nil supplies, reverse credit per Rule 42. ## India's trade performance: HSN Code 71031031 (FY 2024-25) Source: TradeStat EIDB, Ministry of Commerce & Industry. Values in ₹ Crore (FY 2018-19 to FY 2024-25). - Exports: ₹22 Cr (+118.40% YoY) — 0.0006% of India's total exports - Imports: ₹2,212 Cr (−2.76% YoY) — 0.0364% of India's total imports - Trade balance: −₹2,190 Cr (Deficit); surplus rank #12434 of 12657 HSN codes - Share of Sub-Chapter 7103: 0.56% of its exports; import side 36.12% - Rank within Sub-Chapter 7103: #15 of 55 by export value; import-side #1 ### Key metrics - National export rank: #4742 of 12657 HSN codes by export value (FY 2024-25) - Peak growth year: +365.43% in FY 2021-22 - Contribution to Sub-Ch. 7103: 0.56% of its exports (FY 2024-25) ## India export-import trade statistics: HSN Code 71031031 7-year export and import data, FY 2018-19 to FY 2024-25, in ₹ Crore. Source: Ministry of Commerce & Industry, TradeStat EIDB. | FY | Exports (₹ Cr) | Exp share | Exp YoY | Exp % of Sub-Ch. 7103 | Imports (₹ Cr) | Imp share | Imp YoY | Imp % of Sub-Ch. 7103 | Trade balance | Exp rank | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | FY 2018-19 | Nil | 0.0000% | — | 0.00% | Nil | 0.0000% | — | 0.00% | 0.00 | — | | FY 2019-20 | Nil | 0.0000% | — | 0.00% | Nil | 0.0000% | — | 0.00% | 0.00 | — | | FY 2020-21 | 4.57 | 0.0002% | — | 0.16% | 664.00 | 0.0228% | — | 11.85% | −659.43 | #6031 | | FY 2021-22 | 21.27 | 0.0007% | +365.43% | 0.34% | 1,400.77 | 0.0306% | +110.96% | 9.62% | −1,379.50 | #4523 | | FY 2022-23 | 9.47 | 0.0003% | −55.48% | 0.25% | 2,327.94 | 0.0405% | +66.19% | 8.89% | −2,318.47 | #5701 | | FY 2023-24 | 10.11 | 0.0003% | +6.76% | 0.23% | 2,274.81 | 0.0405% | −2.28% | 37.40% | −2,264.70 | #5717 | | FY 2024-25 | 22.08 | 0.0006% | +118.40% | 0.56% | 2,211.99 | 0.0364% | −2.76% | 36.12% | −2,189.91 | #4742 | ## Key trade insights: HSN Code 71031031 export-import analysis ### Export snapshot for HSN Code 71031031 India exported ₹22.08 Crore worth of Synthetic Precious Stones – Diamonds in FY 2024-25. Multi-year trend data is being compiled for this hsn code. ### HSN Code 71031031 ranked #4742 among all 12657 HSN codes by export value In FY 2024-25, HSN Code 71031031 ranks #4742 out of 12657 HSN codes by total export value. Within Sub-Chapter 7103, it ranks #15 of 55. By trade surplus, it ranks #12434 of 12657. ### FY 2021-22 was the strongest growth year for HSN Code 71031031 exports The strongest single-year export movement for HSN Code 71031031 was recorded in FY 2021-22, when exports surged by 365.43% over the prior year. ### India records a trade deficit of ₹2,189.91 Crore in HSN Code 71031031 goods In FY 2024-25, India's imports of ₹2,211.99 Cr exceeded exports of ₹22.08 Cr, resulting in a trade deficit of ₹2,189.91 Crore — ranking #12434 of 12657 by surplus magnitude. ### HSN Code 71031031 contributes 0.56% of Sub-Chapter 7103 exports — ranked #15 Among the 55 HSN codes under Sub-Chapter 7103, HSN Code 71031031 ranks #15 by export value — accounting for 0.56% of the sub-chapter's total exports in FY 2024-25. On the import side, it holds 36.12% share (rank #1). ## Related HSN Codes in Sub-Chapter 7103 Ranked by export value (FY 2024-25). | Rank | HSN Code | Exports (FY 2024-25) | | --- | --- | --- | | #1 | [HSN Code 71039130: Other Parts for Jewellery](https://busy.in/hsn/hsn-71039130/) | ₹1,833 Cr | | #2 | [HSN Code 71039990: Other Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039990/) | ₹412 Cr | | #3 | [HSN Code 71039952: Tanzanite Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039952/) | ₹407 Cr | | #4 | [HSN Code 71039110: Precious Metal Parts for Jewellery](https://busy.in/hsn/hsn-71039110/) | ₹247 Cr | | #5 | [HSN Code 71039120: Base Metal Parts for Jewellery](https://busy.in/hsn/hsn-71039120/) | ₹184 Cr | | #6 | [HSN Code 71039939: Other Articles of Base Metals](https://busy.in/hsn/hsn-71039939/) | ₹146 Cr | | #7 | [HSN Code 71039951: Tourmaline & Zoisite Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039951/) | ₹145 Cr | | #8 | [HSN Code 71039919: Other Articles of Precious Metals](https://busy.in/hsn/hsn-71039919/) | ₹113 Cr | | #9 | [HSN Code 71039949: Prehnite & Quartz Precious or Semi-Precious Stones](https://busy.in/hsn/hsn-71039949/) | ₹83 Cr | | #10 | [HSN Code 71039911: Precious Metal Foil and Leaf](https://busy.in/hsn/hsn-71039911/) | ₹56 Cr | | #15 | HSN Code 71031031: Synthetic Precious Stones – Diamonds (this hsn code) | ₹22 Cr |