Full Process Analysis of Precious Metal Import Agency

Core Operation Framework for Precious Metal Import Agency: Full Process Analysis at Shanghai Port

As a foreign trade agent with 20 years of experience at Shanghai Port,I have seen too many clients face customs clearance delays or extra costs due to unfamiliarity with the regulatory details of precious metal imports.This article will break down how to safely and compliantly import global precious metal resources into the domestic market from three dimensions: access permits,commodity inspection,and customs valuation.

1.Customs Valuation: Price Game and Compliance Skills for High-Value Goods

Due to their high unit price,precious metals are key targets for customs valuation monitoring.The "Guidelines for Commodity Classification and Valuation" issued by the General Administration of Customs in 2026 clearly states that for unwrought precious metals (such as gold and silver),the average spot price (including handling fees) of the Shanghai Gold Exchange (SGE) over the past three months should be used as the base price.

• Common Risk Point: A declaration price deviating more than 3% from the international gold price may trigger targeted inspection
• Practical Suggestion: Submit the "Price Traceability Statement" 7 working days in advance,with screenshots of international futures quotes or bank settlement documents attached
• Classification Dispute: Precious metals with purity above 99.99% apply to HS code 7101 (unwrought gold),while those below 99.95% apply to 7108 (other precious metals).Communication with the classification department in advance is required

Once assisted a European client in importing 1 ton of silver ingots.Due to an incorrect HS code declaration of "unwrought silver" (7106),the customs valued it under 710691 (silver content below 99.95%),resulting in a 12% higher tariff than the correct classification of 710699 (other unwrought silver).The solution was to supplement the ore composition analysis report,and finally it was classified under 710699,saving 860,000 yuan in tariff costs.

2.Pre-inspection by Commodity Inspection: Dual Verification of Precious Metal Purity and Compliance Documents

Precious metal imports need to pass "import commodity inspection",whose core is to ensure that the physical purity is completely consistent with the declaration elements.The 2026 new version of the "Commodity Inspection Law" adds the requirement of "precious metal traceability code",and the following pre-inspection work must be completed before import:

Special Reminder: Electronic declaration pre-inspection must be completed 72 hours before the goods arrive at the port,focusing on verifying whether the "brand model" and "weight" are consistent with the bill of lading.A client was judged as "inconsistent declaration elements" by commodity inspection because the bill of lading showed "Swiss gold" while the declaration form wrote "European gold",causing a 3-day delay in customs clearance.

3.Import License Handling: Full-cycle Management from Approval to Release

Precious metal imports are state-restricted commodities,requiring advance application for the "People’s Bank of China Gold Import Permit" (for gold) or "Silver Import Permit" (for silver).The 2026 central bank policy requires:

• Application Cycle: Submit materials (including import contract,bank credit certificate,and purpose commitment letter) 30 working days in advance
• Approval Key Points: Clearly state the import purpose (processing trade/investment/industrial use); applications with inconsistent purposes will be rejected
• Quota Limit: Enterprises need to provide proof of import performance from the previous year; individuals can import no more than 500 grams per time

A jewelry enterprise’s application was returned by the central bank because the import license purpose was written as "investment reserve" but was actually used for jewelry processing.The solution was to supplement the processing trade manual filing to prove "the imported goods will be processed into jewelry for export",and it was approved within 3 working days.

4.Hidden Risks and Avoidance Solutions

Hidden costs of precious metal imports are often overlooked and need to be focused on prevention:

• Foreign Exchange Control Risk: In 2026,the State Administration of Foreign Exchange implements "case-by-case verification" for single foreign exchange purchases exceeding 5 million US dollars.It is recommended to use "batch payment" to reduce exchange loss
• Demurrage Trap: If goods are not picked up in time due to document issues after arrival at the port,the shipping company charges demurrage at 1500 US dollars per day.It is recommended to complete document exchange 3 working days in advance
• Double Charging for Document Exchange Fee: Port operation fee + EDI transmission fee may be charged repeatedly.It is necessary to sign a service agreement to clarify the upper limit of fees

Summary: Precious metal import agency is a triple test of "technology + compliance + risk control".With 20 years of experience at Shanghai Port,Zhongshitong can provide one-stop services including "pre-inspection classification → linked customs declaration → foreign exchange settlement → tax refund agency",helping enterprises avoid more than 90% of common risks.For further information on HS code classification or import license pre-inspection,customized solutions can be obtained at any time.