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Switzerland → United States (refine) → India · Sale of bullion on IIBX

Public law and official guidance, published as research. Not legal, tax or financial advice.

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Switzerland (Doré bar - unstamped) ⟶ United States (Doré bar - unstamped → 999.9 kilobar) ⟶ India (999.9 kilobar)

Not researched: United States → India

Leg 1: Switzerland

Where the goods start

  1. 1

    Screen the bars, buyer and destination against Swiss sanctions before release: no purchase, import, transit or related services (including brokerage and financing) for gold of Russian origin exported after 4 Aug 2022 or gold processed from it in third countries

    Who
    Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
    Primary law

    [transcription] Art. 14d paras 1-4 read in an unofficial third-party English translation (as at 22 Mar 2024, held in laws/); Annex 26 covers 7108, 7112 91 and ex 7118 90 gold coins; Annex 27 ex 7113 and ex 7114. [unconfirmed] The official consolidation is now Stand 21 Sep 2026 and was not read (the fetch tool truncates before Art. 14d); changes after March 2024 are not ruled out. The ordinance contains no explicit ban on selling gold to Russia; the export-side effect is through the services ban.

    • Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72), Art. 14d

  2. 2

    Release the bars from the refinery vault or free port against the owner's instruction and prepare the weight list (bar list), commercial invoice and packing list for the shipment

    Who
    Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
    Issues
    Outbound weight list / bar list; Commercial invoice to the foreign buyer; Packing list
    Standard

    The weight list is sourced to LBMA Annex C; commercial invoice and packing list are standard export practice, not read in a Swiss source.

    • LBMA Good Delivery Rules, Annex C (weight lists); Customs Act Arts. 62-66 (free ports)

  3. 3

    Lodge the electronic export declaration in Passar (HS 7108; e-dec Export was usable only to end-2025); the declarant must make it binding and physically export the goods within 120 days of its acceptance in the IT system

    Who
    Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
    Issues
    Passar export declaration (HS 7108)
    Official guidance

    R-10-10 (valid 1 Jan 2026) cites Art. 25-29 ZG and Art. 79-83 ZV for the declaration duty, says declarations are electronic in principle, and sets the 120-day limit from acceptance in the IT system. R-10-10 held and read in full on 2026-09-28; the Customs Act and Ordinance texts themselves were not read. R-10-10 has no gold-specific rule.

    • Customs Act (ZG, SR 631.0); BAZG R-10-10, ZG Arts. 25-29 (as cited in R-10-10)

  4. 4

    Receive the export assessment notice (Veranlagungsverfuegung Ausfuhr), the evidence that the goods were properly cleared for export

    Who
    Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
    Issues
    Veranlagungsverfuegung Ausfuhr
    Official guidance

    R-10-10 cites Art. 38 and 69 ZG and Art. 92 ZV for the export assessment notice and says it is evidence of proper assessment and of export for VAT. R-10-10 held and read in full on 2026-09-28.

    • Customs Act (ZG); BAZG R-10-10, ZG Arts. 38 and 69; ZV Art. 92 (as cited in R-10-10)

  5. 5

    Treat the sale as a VAT-exempt export (supply of goods directly transported abroad) and keep the export assessment notice as evidence

    Who
    Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
    Needs
    Veranlagungsverfuegung Ausfuhr
    Primary law

    Art. 23(2) no. 1 read in the held MWSTG (Stand 1 Jan 2025, German wording current). Art. 23(3): direct export includes export into an open customs warehouse or a free port. Investment gold of at least 995 fineness is separately exempt with credit under Art. 23(2) no. 12 (see ch.tax-import-vat).

    • Federal VAT Act (MWSTG, SR 641.20), Art. 23(2) no. 1

  6. 6

    Hand the sealed consignment to a secure valuables carrier and fly it out (Zurich or Geneva) under an air waybill

    Who
    Swiss refiner (melter/trade-assayer licence, LBMA Good Delivery-listed)
    Issues
    Air waybill (outbound)
    Unverified

    Carrier practice. Cantonal licensing: in the Canton of Zurich "Sicherheitstransporte von Personen, Gütern und Wertsachen" require a licence under the Polizeigesetz, 9. Abschnitt (cantonal page, read by WebFetch 2026-09-28; PolG text not read). Geneva and other cantons not checked. No Swiss source read describes the outbound air leg for gold.

Controls

  • Banks identify the contracting party and beneficial owner for precious-metals trading and for cash transactions over CHF 15,000 (CDB 20; Form A, Form K).

    CHF 15,000 cash

    StandardAmount not confirmed
    • CDB 20 (SBA), CDB Art. 4(2)(f)-(g), 7, 20-21, 27-28

  • Melt material imported from abroad for sale in Switzerland needs a formal import declaration; simplified and oral declarations are excluded in principle. A buyer or licensee who accepts melt material that has not been through customs breaches due diligence under the PMCA: fine up to CHF 2,000 per ca…

    Official guidance
    • BAZG Merkblatt 'Annahme von Schmelzgut aus dem Ausland' (Jan 2024)

  • Commercial production of melt products (bars, plates, rods, granules made by melting precious metal or melt material) requires a melt licence; acting without it is punishable by a fine (EMKG Art. 48). Every melt product must bear the licence holder's stamp; melt products for resale must be assayed b…

    Primary law
    • EMKG/PMCA (SR 941.31), Arts. 1(2), 24, 31(1), 32-33, 47, 48

  • Holders of a melter licence may accept melt material only from persons who can prove lawful acquisition, and must verify the customer's identity by a probative document such as a passport or identity card. Where origin is doubtful or the offer comes from unknown persons, origin must be clarified wit…

    Primary law
    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 1 (parsed into section sch-2)

      “Der Inhaber einer Schmelzbewilligung darf Schmelzgut nur von Per-”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 2 (parsed into section sch-2)

      “Es muss die Identität des Kunden anhand eines beweiskräftigen Do- kumentes wie Pass oder Identitätskarte überprüfen.”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168a Abs. 3 (parsed into section sch-2)

      “Bestehen über die Herkunft der Ware Zweifel oder stammen die An- gebote von Unbekannten, so ist der Inhaber der Schmelzbewilligung verpflichtet, die Herkunft des Schmelzgutes besonders sorgfältig abzu- klären.”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 1 (parsed into section sch-2)

      “derlichen organisatorischen Massnahmen, um das Schmelzen von Schmelzgut unrechtmässiger Herkunft zu verhindern.”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 2 (parsed into section sch-2)

      “so ist die Ware durch den Inhaber der Schmelzbewilligung bis zur Klärung des Falles in unverändertem Zu- stand aufzubewahren.”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168b Abs. 3 (parsed into section sch-2)

      “Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168c Abs. 1 (parsed into section sch-2)

      “Der Inhaber einer Schmelzbewilligung muss über seine Ankäufe von Schmelzgut und Schmelzprodukten Buch führen.”

    • PMCO/EMKV (articles in refs), EMKV (SR 941.311, Stand 1 Jan 2024) Art. 168c Abs. 2 Bst. b (parsed into section sch-2)

      “die in Artikel 168a Absatz 2 vorgeschriebenen Identifikations- nachweise;”

    • PMCO/EMKV (articles in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168a)

      “Er muss die Identität des Kunden anhand eines beweiskräftigen Dokumentes wie Pass oder Identitätskarte überprüfen und muss sich vor Ausführung des Auftrages den rechtmässigen Erwerb des Schmelzgutes durch den Auftraggeber nachweisen lassen.”

    • PMCO/EMKV (articles in refs), BAZG Schmelzen und Prüfen (Dec 2023) Ziff. 4.1.6 (restates Art. 168b Abs. 3)

      “Die Dokumente über den Geschäftsverkehr mit Schmelzgut und Schmelzprodukten müssen während zehn Jahren aufbewahrt werden.”

    • PMCO/EMKV (articles in refs), BAZG Richtlinie R-247 (1 Jan 2023) Ziff. 3.3.2

      “Bestehen Zweifel über die Herkunft des Materials oder in Bezug auf die Integrität des Kunden sind Bewilligungsinhaber verpflichtet, den Sachverhalt besonders sorgfältig abzuklären”

  • Purchase, import, transit and transport of gold (Annex 26) originating in Russia and exported from Russia after 4 Aug 2022, and of gold processed from it in third countries, are prohibited, as are related services (all kinds, including financial services, brokerage and technical assistance) and the …

    Primary law
    • Ordinance of 4 March 2022 on measures in connection with the situation in Ukraine (SR 946.231.176.72), Art. 14d

  • Precious metals are 'sensitive goods' in free ports (Customs Ordinance Annex 2, as amended on 18 November 2015): the declarant must declare them electronically on entry into storage, and an electronic inventory record of them is kept per depositor and submitted by the warehouse keeper to customs on …

    Primary law
    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917, ZV Anhang 2 (sensitive goods) as amended

      “Anhang 2 wird wie folgt geändert:”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Anhang 2 Ziff. 5: precious metals ex tariff chapter 71

      “Perlen, Diamanten, Edelsteine, Schmucksteine, Edelmetalle und Edel- metallplattierungen sowie Waren daraus (ex Zolltarifkapitel 71)”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917 Ziff. IV: in force

      “Diese Verordnung tritt am 1. Januar 2016 in Kraft.”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 178a Abs. 1: electronic declaration on entry into the free port

      “Die anmeldepflichtige Person muss sensible Waren bei der Einlagerung ins Zoll- freilager elektronisch anmelden.”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 185: inventory record per depositor

      “Die Bestandesaufzeichnung für sensible Waren ist je Einlagererin oder je Einlagerer zu führen.”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 184 Abs. 2: kept electronically

      “Sie muss elektronisch geführt werden.”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), ZV Art. 184 Abs. 3bis: warehouse keeper submits it on request

      “Auf Verlangen muss die Lagerhalterin oder der Lagerhalter der EZV die”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), AS 2015 4917, ZV Art. 246a: amendment date

      “Übergangsbestimmungen zur Änderung vom 18. November 2015”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), BAZG R-10-50 (1 Jul 2025) s.1.3.1: export goods count as sensitive goods

      “Ausfuhrwaren gelten als sensible Waren”

    • Customs Ordinance (ZV) as amended on 18 November 2015 (articles in refs), R-10-50 s.4.1: inventory records over all sensitive goods

      “Bestandesaufzeichnungen nach den Grundsätzen der ordnungsgemässen Buchführung”

  • Cash threshold for dealers in goods (anti-money laundering)

    Primary law
    • GwG Art. 8a(1)

      “Händlerinnen und Händler nach Artikel 2 Absatz 1 Buchstabe b müssen folgende”

    • GwG Art. 8a(1)(a)

      “Identifizierung der Vertragspartei (Art. 3 Abs. 1);”

  • Cash threshold for dealers in gold (anti-money laundering)

    Primary law
    • GwG Art. 8a(1)

      “Händlerinnen und Händler nach Artikel 2 Absatz 1 Buchstabe b müssen folgende”

    • GwG Art. 8a(1)(a)

      “Identifizierung der Vertragspartei (Art. 3 Abs. 1);”

    • GwG Art. 8a(2bis)

      “oder Edelsteinen beträgt die massgebende Schwelle im Sinne von Ab-”

    • EMKG Art. 1(1)

      “Edelmetalle im Sinne dieses Gesetzes sind Gold, Silber, Platin und Palladium.”

Leg 2: United States

On the way

Doré bar - unstamped → 999.9 kilobar

  1. 7

    Screen the supplier and the gold: KYC, OFAC sanctions lists, and confirm the gold is not of Russian Federation origin (unless it was outside Russia before 28 June 2022); apply CAHRA red flags from the 2023 Africa Gold Advisory

    Who
    Importer of record (bullion bank, trader, refiner or dealer)
    Needs
    Commercial invoice; Bar list (serials, weights, fineness)
    Issues
    Importer's supplier KYC and OFAC / Russian-origin screening file
    Primary law
    • E.O. 14068; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i); determination under s.1(a)(i)(A), 1(b) and 5; delegation 31 CFR 587.802

  2. 8

    File entry (CBP Form 3461 or electronic equivalent) with evidence of the right to make entry, commercial invoice and packing list, and the entry summary (CBP Form 7501) classifying the gold under HTSUS 7108 with country of origin; deposit any duty (heading 7108 free except 4.1% on 7108.12.50 and 7108.13.70 for non-preference origins) and the 0.3464% merchandise processing fee; shipments of $2,500 or less may use informal entry

    Who
    Licensed customs broker
    Needs
    Importer's supplier KYC and OFAC / Russian-origin screening file; Commercial invoice; Packing list; Air waybill
    Issues
    CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees)
    Primary law
    • 19 CFR 142.3; 19 CFR 143.21; 19 CFR 24.23; HTSUS 7108

  3. 9

    Review, examine if selected, and release the goods; CBP enforces the Russian-origin gold ban and any withhold release order on gold made with forced labour

    Who
    US Customs and Border Protection
    Needs
    CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent)
    Issues
    CBP release of entered goods (ACE cargo release)
    Primary law
    • 19 CFR 142.3; E.O. 14068 gold determination; 19 U.S.C. 1307 and 19 CFR 12.42

  4. 10

    Deliver released gold directly to the refinery or to a COMEX-approved depository (for COMEX, bars must come directly from an approved producer or assayer with certificates, or from another depository)

    Who
    Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
    Needs
    CBP release of entered goods (ACE cargo release)
    Issues
    Delivery record airport to refinery or depository
    Standard
  5. 11

    Onboard the supplier under the LBMA Responsible Gold Guidance and OECD five-step framework: KYC, mine-of-origin evidence, origin-country export papers for imported mined gold, sanctions screening; the refiner as a dealer applies its AML program

    Who
    Refinery (US), may be LBMA Good Delivery and/or COMEX approved producer
    Needs
    Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority); Export customs declaration accepted by the dispatching country's customs
    Issues
    Refiner supplier onboarding file (RGG / OECD five-step)
    Standard

    COMEX requires approved producers to follow LBMA RGG; which origin papers a given US refiner demands was not seen.

    • LBMA RGG; 31 CFR 1027.210

  6. 12

    Receive, weigh, melt and sample the lot; assay and issue the outturn used for settlement

    Who
    Refinery (US), may be LBMA Good Delivery and/or COMEX approved producer
    Needs
    Refiner supplier onboarding file (RGG / OECD five-step); Carrier receipt / chain-of-custody record mine to refinery
    Issues
    Refiner outturn / assay report (US refinery)
    Unverified

    Industry practice; no US refiner outturn read.

  7. 13

    Refine to 995 or 999.9 and cast 400 oz Good Delivery, 100 oz or 1 kg bars bearing the facility's brand mark, serial number, weight and fineness

    Who
    Refinery (US), may be LBMA Good Delivery and/or COMEX approved producer
    Needs
    Refiner outturn / assay report (US refinery)
    Form
    Doré bar - stamped/exporter-sealed → 999.9 kilobar
    Standard
  8. 14

    Issue refiner certificates and a bar list for the bars produced

    Who
    Refinery (US), may be LBMA Good Delivery and/or COMEX approved producer
    Issues
    Refiner certificate for bars produced (brand, serial, weight, fineness); Bar list (serials, weights, fineness)
    Standard
  9. 15

    Undergo the annual independent LBMA RGG assurance audit and publish the compliance report

    Who
    Refinery (US), may be LBMA Good Delivery and/or COMEX approved producer
    Issues
    LBMA Responsible Gold Guidance annual assurance report
    Standard
  10. 16

    Deliver bars into a COMEX-approved depository directly from the approved producer with refiner certificates, from an approved assayer with assay certificates, or from another approved depository

    Who
    Secure logistics carrier (armoured / valuables; COMEX-approved carrier where relevant)
    Needs
    Refiner certificate for bars produced (brand, serial, weight, fineness)
    Issues
    Chain-of-integrity receipt at depository
    Standard
  11. 17

    Inspect and weigh the bars and record them as eligible stock

    Who
    COMEX-approved depository / bullion vault
    Needs
    Chain-of-integrity receipt at depository; Bar list (serials, weights, fineness)
    Issues
    Depository inspection, weight record and eligible-stock entry
    Standard
  12. 18

    Issue an electronic warrant in the name of the clearing member, referencing bar serials and the approved producer; the metal becomes registered (deliverable) stock

    Who
    COMEX-approved depository / bullion vault
    Needs
    Depository inspection, weight record and eligible-stock entry
    Issues
    COMEX gold warrant (electronic UCC Article 7 document of title)
    Standard
    • COMEX Rulebook; UCC Article 7, Rule 705.A; 113108

  13. 19

    Report eligible, pledged and registered stocks to the exchange registrar daily by 2:00 p.m.

    Who
    COMEX-approved depository / bullion vault
    Standard
  14. 20

    Optionally pledge the warrant to CME as collateral (title to CME, first-priority security interest, 15% haircut)

    Who
    Futures clearing member / bullion bank
    Needs
    COMEX gold warrant (electronic UCC Article 7 document of title)
    Standard
  15. 21

    Release the bars from the depository (load-out after warrant cancellation if on COMEX warrant) to the carrier

    Who
    COMEX-approved depository / bullion vault
    Needs
    Depository inspection, weight record and eligible-stock entry
    Standard
  16. 22

    File EEI in AES for the foreign-origin gold and give the ITN to the carrier (same rules as export; BIS licence for Russia/Belarus)

    Who
    US principal party in interest (USPPI) / exporter
    Issues
    EEI/ITN for re-export of foreign-origin gold
    Primary law
    • Foreign Trade Regulations, 15 CFR 30.2, 30.4

Taxes and fees

  • Customs duty on gold (HTSUS 7108)

    Column 1 general: Free on 7108.11.00 (powder), 7108.12.10 (bullion and dore), 7108.13.10 (gold leaf), 7108.13.55 (rectangular or near-rectangular shapes of 99.5%+ gold marked only with weight, purity or other identifying information), 7108.20.00 (monetary); 4.1% on 7108.12.50 (other unwrought) and 7108.13.70 (other semi-manufactured), Free for special programmes A, AU, BH, CL, CO, D, E, IL, JO, KR, MA, OM, P, PA, PE, S, SG (General Note 3(c)(i): e.g. S = USMCA, PE = Peru TPA, CO = Colombia TPA, AU = Australia FTA, CL = Chile FTA, SG = Singapore FTA, A = GSP, D = AGOA). Column 2: 65% on 7108.12.50 and 7108.13.70, 8% on gold leaf, Free on the others (7108.13.55 footnoted "See 9903.90.08") All imports of gold

    Primary lawAmount not confirmed
    • HTSUS (Revision 19, 2026), heading 7108

  • Nevada gold and silver excise tax

    0.75% of Nevada gross revenue above $20,000,000 up to $150,000,000 (i.e. $975,000 at $150m) plus 1.1% of the excess over $150,000,000; nothing due if $20,000,000 or less

    Official guidanceAmount not confirmed
    • NRS 363D (per Department of Taxation form EXC-F029), NRS 363D.160 (as cited by the Department)

  • IEEPA reciprocal tariff (E.O. 14257) - ended February 2026; gold bullion exempt throughout, other 7108 lines exempt from 8 Sep 2025

    10% on all imports from 12:01 a.m. EDT 5 Apr 2025 (E.O. 14257 s.3(a)) plus country-specific rates from 9 Apr 2025 as modified; goods in Annex II excepted 7108.12.10 (bullion and dore) was already in Annex II; E.O. 14346 Annex II (FR 43788-43789) marks 7108.11.00, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 as "Addition" for goods entered from 12:01 a.m. EDT 8 Sep 2025. Before that, cast kilobars and 100 oz bars classified in 7108.13.5500 paid the additional duty (CBP ruling N351466: "subject to an additional 10 percent ad valorem rate of duty").

    Primary lawAmount not confirmed
    • E.O. 14257 as modified by E.O. 14346 (IEEPA); ended by E.O. 14389

  • Additional duty on Russian products (9903.90.08)

    35% ad valorem in lieu of column 2 rates Products of Russia in U.S. note 30(b); of heading 7108 only 7108.13.55 is listed. Moot for gold: its import is prohibited (us.ctl-russia-gold-ban)

    Primary lawAmount not confirmed
    • HTSUS chapter 99, 9903.90.08

  • Section 122 temporary import surcharge (Proclamation 11012) - gold excepted

    10% ad valorem on articles of any country (heading 9903.03.01), in addition to other duties; not applied to the goods listed in U.S. note 2(aa)(ii) (heading 9903.03.03), which include every 7108 subheading: 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70, 7108.20.00 Gold of HTSUS 7108 excepted ("metals used in currency and bullion", Proc. 11012 para. 14(b); Annex I para. 2; Annex II)

    Primary lawAmount not confirmed
    • Trade Act of 1974 s.122 (19 U.S.C. 2132); Proclamation 11012; HTSUS U.S. note 2(aa), subchapter III, chapter 99, 9903.03.01; 9903.03.03; note 2(aa)(ii)

  • Section 301 forced-labor tariffs on 60 economies (USTR, from 24 Jul 2026) - gold excluded

    Additional 10% or 12.5% ad valorem depending on the economy (headings 9903.05.20-9903.05.84), e.g. Canada 10% (9903.05.29), Mexico 10% (9903.05.55), United Kingdom 10% (9903.05.81), Peru 12.5% (9903.05.63), Colombia 12.5% (9903.05.32), United Arab Emirates 12.5% (9903.05.80), Switzerland: for goods whose column-1 rate is under 12.5%, column-1 rate plus additional duty totalling 12.5% (9903.05.74; note 52(k)); the same top-up method applies to the EU, Japan, South Korea and Taiwan headings; not applied to articles in U.S. note 52(b) (heading 9903.05.86), which lists 7108.11.00, 7108.12.10, 7108.12.50, 7108.13.10, 7108.13.55, 7108.13.70 and 7108.20.00 All HTSUS 7108 gold excluded; applies to other products of the listed economies

    Primary lawAmount not confirmed
    • Trade Act of 1974 s.301 (19 U.S.C. 2411); USTR notice FR Doc. 2026-15181; HTSUS U.S. note 52, subchapter III, chapter 99, 9903.05.20-9903.05.84; 9903.05.86; note 52(b)

  • VAT / sales tax on gold

    No federal VAT or import VAT; state sales taxes vary - about 33 states exempt investment bullion or have no sales tax (Mar 2026) Bullion sales to end buyers

    Secondary
  • BLM mining claim fees

    $49 location fee and $200 initial maintenance fee per new lode claim, mill site or tunnel site; $200 annual maintenance fee (placer: per 20 acres or portion) due on or before 1 September; processing fees per 43 CFR 3000.12 ($25 per new claim on the BLM page)

    Primary lawAmount not confirmed
    • 30 U.S.C. 28f; 43 CFR 3830.21, 43 CFR 3830.21(a), (d)

  • Merchandise processing fee

    0.3464% ad valorem on formal entries (19 CFR 24.23(b)(1)(i)(A)); minimum/maximum per entry $33.58/$651.50 for fiscal year 2026 (1 Oct 2025-30 Sep 2026, CBP Dec. 25-10) and $34.58/$670.86 from 1 Oct 2026 (FY2027 notice); base amounts $25/$485 CPI-adjusted; informal entries a flat fee (base $2-$9)

    Primary lawAmount not confirmed
    • 19 CFR 24.23, 24.23(b)(1)(i), (b)(2)

Controls

  • Beneficial ownership reporting under the Corporate Transparency Act applies only to a "reporting company" defined as an entity "(A) A corporation, limited liability company, or other entity; (B) Formed under the law of a foreign country; and (C) Registered to do business in any State or tribal juris…

    Primary law
    • 31 CFR 1010.380, 1010.380(a)(1), (c)(1)(ii)

  • Any trade or business receiving more than $10,000 in currency in one or related transactions must file Form 8300 within 15 days. There is no cash ceiling, only reporting.

    > $10,000 cash

    Primary lawAmount not confirmed
    • 31 CFR 1010.330; 26 USC 6050I, 1010.330(a)(1)(i)

  • Gold bullion is not a 'monetary instrument' under the BSA, so the cross-border currency report (CMIR) does not apply to gold carried or shipped across the border; customs entry and EEI are the only declarations.

    Primary law
    • 31 CFR 1010.340; 31 CFR 1010.100(dd), 1010.340(a); 1010.100(dd)

  • COMEX gold delivery: one 100 oz bar or three 1 kg bars, weight tolerance 5%, minimum 995 fineness, approved brand from an approved producer complying with LBMA RGG, held in an approved depository reached through the chain of integrity.

    Standard
    • COMEX Rulebook, 113101; Rules 703.A, 705.A

  • SEC-reporting issuers that manufacture or contract to manufacture products in which gold is necessary must "conduct in good faith a reasonable country of origin inquiry" (Form SD Item 1.01(a)); if they know or have reason to believe the gold may come from the DRC or an adjoining country and may not …

    Primary law
    • Dodd-Frank s.1502; Exchange Act Rule 13p-1; Form SD (as adopted 2012), 17 CFR 240.13p-1; Form SD Items 1.01-1.02

  • Dealers in precious metals (gold of 500+ fineness among covered goods) must keep a written risk-based AML program with compliance officer, training and independent testing; retailers are covered only if they buy over $50,000 from non-dealers.

    Purchased > $50,000 and sold > $50,000 of covered goods in the prior year

    Primary lawAmount not confirmed
    • 31 CFR 1027, 1027.100, 1027.210

  • HS 710812 and 710813 (non-monetary gold, unwrought other than powder, and semi-manufactured) are listed EAR 'luxury goods': "A license is required to export, reexport, or transfer (in-country) any item subject to the EAR listed in supplement no. 5 to this part to or within Russia or Belarus" (746.8(…

    Primary law
    • EAR 15 CFR 746.8(a)(7), (b)(3); Supplement No. 5 to Part 746, 746.8(a)(7)

  • Goods "mined, produced, or manufactured wholly or in part in any foreign country by convict labor or/and forced labor or/and indentured labor under penal sanctions shall not be entitled to entry" (19 U.S.C. 1307). Where information "reasonably but not conclusively indicates" such merchandise is bein…

    Primary law
    • Tariff Act of 1930 s.307 (19 U.S.C. 1307); 19 CFR 12.42, 19 U.S.C. 1307; 19 CFR 12.42(e)-(h)

  • US persons may not deal with SDN-listed parties; the 2023 multi-agency Africa Gold Advisory flags Wagner-linked gold from CAR and Sudan and conflict gold from Mali and Burkina Faso, warning of designation and penalties.

    Official guidance
    • IEEPA-based OFAC programs

  • Historical (2025 - Feb 2026): E.O. 14257 imposed an additional 10% on all imports from 5 Apr 2025 and country rates from 9 Apr 2025, with Annex II exceptions that from the start included 7108.12.10 (bullion and dore). CBP ruling N351466 (31 Jul 2025) classified cast 1 kg and 100 oz bars from Switzer…

    Primary law
    • E.O. 14257; E.O. 14346; E.O. 14389; Proclamation 11012; HTSUS U.S. notes 2(aa) and 52

  • Import into the US of gold of Russian Federation origin is prohibited unless licensed by OFAC; gold of Russian origin located outside Russia before 28 June 2022 is excluded.

    Primary law
    • E.O. 14068 as amended by E.O. 14114; OFAC Determination (effective 28 Jun 2022, amended 22 Dec 2023), E.O. 14068 s.1(a)(i)(A) (as amended by E.O. 14114 s.3(a)); delegation 31 CFR 587.802

Leg 3: India

Where the goods arrive

  1. 23

    Declare jewellery beyond the special allowance (40 g female / 20 g other passengers, residents or tourists of Indian origin abroad more than one year) and any gold other than ornaments electronically in CBD-I before the green channel, and pay duty (eligible passengers may import up to 1 kg of gold at the concessional rate of 45/2025 S. No. 194, duty in convertible foreign currency)

    Who
    International passenger
    Issues
    Baggage declaration
    Primary law
    • Baggage Rules 2026 r.6 and Annexure-I; Customs Baggage (Declaration and Processing) Regulations 2026 reg. 3; 45/2025 S. No. 194, condition 23, r.6; reg. 3

  2. 24

    Offer bullion on an IIBX spot/T+2 contract (only suppliers and trading members may sell; QJs and TRQ holders are buy-only)

    Who
    IIBX Qualified Supplier (LBMA- or UAEGD-approved refiner/supplier)
    Needs
    BDR for bars deposited in IFSC vault
    Official guidance
  3. 25

    Clear and settle the trade: funds every 3 hours, BDRs every 30 minutes

    Who
    Bullion exchange in GIFT IFSC (IIBX) and its clearing house
    Issues
    IIBX trade and settlement confirmation
    Official guidance

Taxes and fees

  • Duty-free special allowance for jewellery (Baggage Rules 2026 r.6)

    Duty-free jewellery up to 40 g (female passenger) or 20 g (other passengers) Residents or tourists of Indian origin residing abroad for more than one year, in bona fide baggage; gold or silver in any form other than ornaments is excluded from the general free allowance (Annexure-I item 5)

    Primary lawAmount not confirmed
    • Baggage Rules 2026, r.6; r.5 and Annexure-I item 5

  • India-UAE CEPA tariff rate quota for gold (22/2022-Customs TABLE III S. No. 12)

    In-quota BCD 10% + AIDC 4% (14%) from 13 May 2026 (18/2026); 4% + 1% (5%) from 24 Jul 2024 (31/2024); 6.6% + 2.5% as notified in 2022 Gold of 71081100, 71081210, 71081290, 71081310, 71081390 (all goods) of UAE origin within the TRQ quantity: 200 tonnes from 1 Apr 2026 (09/2026); 180 tonnes FY 2025-26 (21/2025); 120 tonnes "other than Gold Dore Bar" in 2022

    Primary lawAmount not confirmed
    • Notification 22/2022-Customs TABLE III S. No. 12, conditions 1 and 2, as substituted/amended by 31/2024, 21/2025, 09/2026 and 18/2026

  • BCD and AIDC on other chapter 71 goods from 13 May 2026 (7107, 7109, 7110, 7111, 7112, 7118; findings; spent catalyst)

    BCD 10% (45/2025 S. No. 202 as substituted and S. No. 203 findings, by 15/2026); AIDC: findings of gold or silver 5%, platinum findings 5.4% (15F), 7107 and 7109 5%, 7111 5.4%, 7118 5%, 7112 other than spent catalyst 5% (16/2026); spent catalyst or ash BCD 10% (S. No. 200A, to 31 Mar 2027), AIDC 4.35% (15E) Headings 7107, 7109, 7110, 7111, 7112, 7118

    Primary lawAmount not confirmed
  • Customs duty on gold dore

    5.35% combined (BCD 5% + AIDC 0.35%) Gold dore bars with gold content not over 95% imported by actual users for refining (45/2025 S. No. 192, conditions 3 and 22)

    Primary lawAmount not confirmed
    • 30/2024 (BCD); 32/2024 (AIDC); from 1 Nov 2025 45/2025 S. No. 192

  • Customs duty on gold dore from 13 May 2026: BCD 10% + AIDC

    BCD 10% + AIDC 4.35% (11/2021 Sl. No. 15B, gold dore bar) = 14.35% Gold dore bar with gold content not over 95% (45/2025 S. No. 192), subject to conditions 3 (IGCR Rules 2022) and 22 (see in.cr-refinery-au)

    Primary lawAmount not confirmed
    • 45/2025-Customs S. No. 192 as amended by 15/2026; 11/2021 Sl. No. 15B (inserted by 03/2023, rate 4.35% set by 16/2026)

  • Customs duty on gold bars (BCD + AIDC), July 2022 - July 2024

    15% (dore 14.35%) HS 7108 bars; dore

    Official guidanceAmount not confirmed
  • Customs duty on gold bars: BCD 5% + AIDC 1% (24 Jul 2024 - 12 May 2026)

    6% combined (BCD 5%, AIDC 1%, SWS exempt) Gold bars (HS 7108)

    Primary lawAmount not confirmed
    • Notification 30/2024-Customs (BCD, amending 50/2017; carried at 5% into 45/2025 S. No. 196 from 1 Nov 2025); 32/2024-Customs (AIDC Sl. No. 15D 1%)

  • Customs duty on gold bars from 13 May 2026: BCD 10% + AIDC 5% (SWS exempt)

    15% combined (BCD 10%, AIDC 5%) All goods of heading 7108 other than dore (45/2025 TABLE I S. No. 196); silver 7106 likewise (S. No. 197)

    Primary lawAmount not confirmed
    • 45/2025-Customs S. No. 196 as amended by 15/2026 (BCD "5%" -> "10%"); 11/2021-Customs Sl. No. 15D as amended by 16/2026 (AIDC "5%"); 11/2018-Customs Sl. No. 1 (SWS exemption includes 7108)

  • IGST on gold (Schedule IV, 3%)

    3% Heading 7108 gold (Schedule IV S. No. 5) and 7113 jewellery (S. No. 10), among other chapter 71 goods

    Primary lawAmount not confirmed
    • Notification 9/2025-Integrated Tax (Rate), para 1(iv) and Schedule IV, Schedule IV S. Nos. 5 and 10

  • IGST exemption on gold imported by listed banks and agencies

    IGST nil Gold or silver imported by the banks in List 13, gold by the banks in List 14 (incl. SBER Bank from 25 Jun 2025, domestic consumption only), gold/silver/platinum by the entities in List 15 (HHEC, MSTC, Diamond India) of 45/2025

    Primary law
    • 45/2025-Customs TABLE I S. No. 198, column (5); Lists 13-15; 06/2026

  • Concessional duty on gold bars/coins brought by an eligible passenger

    BCD 10% from 13 May 2026 (5% before); AIDC 4.35% (11/2021 Sl. No. 15C as substituted by 44/2025 and amended by 16/2026) Gold bars (non-tola) with engraved serial number and metric weight, gold coins of 99.5% or more, and other gold except studded ornaments, up to 1 kg per eligible passenger (Indian-origin passenger or passport holder after six months abroad), duty paid in convertible foreign currency (condition 23)

    Primary lawAmount not confirmed
    • 45/2025-Customs S. No. 194 and condition 23, as amended by 15/2026; 11/2021 Sl. No. 15C (44/2025, 16/2026)

  • BIS hallmarking fee

    Rs 45 per gold article, minimum Rs 200 per consignment, payable by the jeweller to the AHC; BIS levies Rs 4.50 per article (minimum Rs 20) from the AHC; applicable taxes extra

    Primary lawAmount not confirmed
    • BIS (Hallmarking) Regulations 2018, Schedule IV as substituted by the Amendment Regulations 2022, Schedule IV, paras 1(a)-(b)

Controls

  • No person may receive Rs 200000 or more in cash (in aggregate from a person in a day, in a single transaction, or for transactions relating to one event or occasion from a person); only account payee cheque or draft, ECS through a bank account or prescribed electronic modes. Penalty equal to the sum…

    Rs 200000

    Primary lawAmount not confirmed
    • Income-tax Act, 2025, ss.186, 451

  • Gold Advance Authorisations capped at 100 kg; physical inspection for first-time applicants; next AA only after 50% of prior export obligation; fortnightly CA-certified reporting.

    100 kg per AA

    SecondaryAmount not confirmed
  • Passengers carrying dutiable or prohibited goods must declare their accompanied baggage electronically in Customs Baggage Declaration CBD-I, with supporting documents, before entering the green channel; gold or silver other than ornaments is outside the free allowances.

    Primary law
    • Customs Baggage (Declaration and Processing) Regulations 2026; Baggage Rules 2026, reg. 3(1); r.5 and Annexure-I item 5

  • Trade credit (supplier's or buyer's credit incl. LC usance) for gold in any form max 90 days from shipment (C.11.2); QJs and TRQ holders may remit advances for IIBX purchases for eleven days, unused advance returned to the same AD bank within eleven days, Bill of Entry submitted to the remitting ban…

    Official guidance
    • RBI Master Direction - Import of Goods and Services, paras C.7, C.11.1-C.11.4

  • Gold of heading 7108 is "Restricted": imported only by nominated banks and nominated agencies (consignment basis), and by IFSCA-notified Qualified Jewellers and valid India-UAE CEPA TRQ holders through IIBX under specific ITC(HS) codes (71081210, 71081290); all domestic sale of gold is against upfro…

    Official guidance
    • ITC(HS) Schedule I policy conditions (DGFT notifications 49/2015-2020, 35/2023, 08/2025-26); RBI Master Direction C.11.1(ii); 45/2025-Customs condition 22, RBI MD para C.11.1(ii)

  • Gold jewellery and artefacts may be sold only by BIS-registered jewellers and must bear a hallmark to IS 1417 (cl. 2); the Order applies only to the districts in its Annexure (cl. 1A) - 385 districts in 26 States/UTs since S.O. 2117(E) of 28 Apr 2026. Exempt (cl. 2(3)): articles for export to buyer …

    Primary law
    • Hallmarking Order 2020 as amended (S.O. 2481(E) 2021; S.O. 1594(E) 2022; S.O. 2117(E) 2026), cls. 1A, 2

  • IIBX accepts only bars from LBMA Good Delivery or UAE Good Delivery refiners (spot: LBMA 995 1 kg, UAEGD 999 100 g).

    Official guidance
  • Gold, silver and platinum jewellery (CTH 7113) moved from Free to Restricted from 1 Apr 2026, and articles, clad items and non-legal-tender coins from 2 Apr 2026; no transitional relief; exemptions for EOU/SEZ (no DTA sale), FTP export schemes and CEPA TRQ lines.

    Secondary
  • Dealers in precious metals and stones that engage in cash transactions with a customer of Rs 10 lakh or more (single or apparently linked) are persons carrying on a designated business or profession and so reporting entities; CBIC (DGA) is their regulator. They must register with FIU-IND (FINGate 2.…

    Rs 10 lakh cash

    Primary lawAmount not confirmed
    • PMLA s.2(1)(sa)(iv), ss.11A, 12, 12AA; PMLR rr.3, 8, 9; G.S.R. 799(E) and 800(E) of 28 Dec 2020; DGA guidelines 2023, PMLA ss.2(1)(sa)(iv), 12, 12AA; PMLR r.8

  • CEPA preference on gold requires UAE origin: the product-specific rule for 710812 is "Certified UAE/ India good delivery gold bars in different denomination"; goods must be transported directly (art. 3.12) and origin proved under the Customs (Administration of Rules of Origin under Trade Agreements)…

    Primary law
    • CEPA Annex 3B (PSR 710812), arts 3.12-3.14; Notification 22/2022-Customs proviso to para 1

Leg 4: Switzerland

Back in the origin country: the proceeds of the export

  1. 26

    Identify contracting party and beneficial owner; assess source of wealth/funds for the specific bullion; sanctions/PEP screening

    Who
    Swiss bank (bullion buyer)
    Issues
    Bank KYC file (CDB 20): name, date of birth, nationality, domicile and ID for natural persons; company name, registered office and proof for entities; Form A - declaration of the beneficial owner of the assets; Form K - controlling persons with 25%+ of an operating entity (CDB 20 Art. 20-21)
    Standard

    Downgraded 2026-09-28 from primary-law: the provisions cited are CDB 20 (a self-regulatory agreement of the SBA, held and read for Arts. 4, 7, 20-21, 27-28); the AMLA itself was not read for this step. The SBA says the revised CDB will not be available until 1 Jan 2027 at the earliest. [unconfirmed] Source-of-wealth assessment and sanctions/PEP screening were not found in the CDB 20 text read. [time-limited] The GwG consolidation of 1 Oct 2026 amends the AMLA widely; effects not assessed.

    • AMLA; SBA Agreement on due diligence (CDB 20), CDB 20 Art. 4 (identification; precious-metals trading and cash transactions over CHF 15,000 are separate cases), Art. 7 (data recorded), Art. 20-21 (controlling persons 25%+, Form K), Art. 27-28 (beneficial owner, Form A)

  2. 27

    Seller presents bar list, refiner's assay certificate, chain-of-custody documentation, commercial invoice, proof of title

    Who
    Swiss bank (bullion buyer)
    Issues
    Commercial invoice from the seller to the bank (VAT law requires one only if the buyer asks for it: MWSTG Art. 26(1); contents Art. 26(2); the sale of investment gold is VAT-exempt: Art. 23(2) Ziff. 12)
    Secondary

    A bar not from an LBMA Good-Delivery-listed refiner generally cannot be sold to a major bank without re-refining - this is market practice, not itself a statute Commercial invoice and delivery receipt are practice (no primary source); "proof of title" for allocated bars is the weight list plus the custody contract - no statutory title document found.

  3. 28

    Verify bars against the bank's accepted-refiner list / Good Delivery List; settle loco Zurich or loco London, allocated or unallocated

    Who
    Swiss bank (bullion buyer)
    Issues
    Settlement confirmation / custody account entry; Allocated account weight list (specific bars = ownership) or unallocated account statement (contractual claim only)
    Secondary
  4. 29

    Record the transaction and the clarifications made; retain the records for at least ten years after the end of the business relationship or completion of the transaction

    Who
    Swiss bank (bullion buyer)
    Primary law

    The official fedlex consolidation of the GwG is now held on the server and the article was read there; this replaces the earlier reading on droit-bilingue.ch and fedlex by WebFetch. The ten-year retention is written in words in the law (zehn Jahren), so it is kept in words here and not as an amount: the verifier reads number words in English only.

    • Anti-Money Laundering Act (AMLA/GwG) (articles in refs), GwG Art. 7 Abs. 1 (records of transactions and clarifications)

      “Der Finanzintermediär muss über die getätigten Transaktionen und über die nach diesem Gesetz erforderlichen Abklärungen Belege so erstellen, dass fachkundige Dritte sich ein zuverlässiges Urteil über die Transaktionen und Geschäftsbeziehungen sowie über die Einhaltung der Bestimmungen dieses Gesetzes bilden können.”

    • Anti-Money Laundering Act (AMLA/GwG) (articles in refs), Art. 7 Abs. 3 (kept at least ten years)

      “Nach Beendigung der Geschäftsbeziehung oder nach Abschluss der Transaktion be- wahrt er die Belege mindestens während zehn Jahren auf.”

    • Anti-Money Laundering Act (AMLA/GwG) (articles in refs), Art. 2 Abs. 2 Bst. a (banks are financial intermediaries)

      “Finanzintermediäre sind: a.10 die Banken nach Artikel 1a des Bankengesetzes”

Crossings between countries

  • Switzerland → United States Researched

    Papers that cross: Passar export declaration (HS 7108); Veranlagungsverfuegung Ausfuhr; Air waybill (outbound)

  • United States → India Not researched

    Papers that cross: CBP Form 3461 entry / immediate delivery (or ACE electronic equivalent); CBP Form 7501 entry summary (HTSUS classification, origin, duties and fees); CBP release of entered goods (ACE cargo release); Delivery record airport to refinery or depository; Refiner outturn / assay report (US refinery); Refiner certificate for bars produced (brand, serial, weight, fineness); Bar list (serials, weights, fineness); Chain-of-integrity receipt at depository; Depository inspection, weight record and eligible-stock entry; EEI/ITN for re-export of foreign-origin gold

Hand-off notes

  • us.st-30: Origin country's export authorisation for the gold (permit, licence or clearance issued by the mining or trade authority) is not issued by United States by law