The list of products in SITC, Rev.1 is less comprehensive compared to other SITC revisions and Harmonised System (HS). It’s mainly due to coverage of SITC, Rev.1, which does not include non-monetary gold. In SITC, Rev.2,3,4, non-monetary gold is included in group 971. In HS, the non-monetary gold are included in sub-headings 7108.11, 7108.12, 7108.13, 7109,00, 7112.30, and 7112.91
BPM6 Definition of Monetary and Non-Monetary Gold
Monetary gold is gold to which the monetary authorities (or others who are subject to the effective control of the monetary authorities) have a title and are held as reserve assets. Gold bullion not held as reserve assets is not a financial asset and is included in non-monetary gold (BPM6, para. 5.74).
Non-monetary gold covers all gold other than monetary gold. Non-monetary gold can be in the form of bullion (that is, gold bullion takes the form of coins, ingots, or bars with a purity of at least 995 parts per thousand, including such gold held in allocated gold accounts), gold powder, and gold in other unwrought or semi-manufactured forms. Jewelry, watches, etc., containing gold are not included under non-monetary gold but under their respective goods category (see BPM6, para. 10.50).
The codes 7108.20 (monetary gold) and 7118.90 (coins of legal tender) are not part of trade statistics (because they are financial instruments). Nevertheless, they are in HS (because they are tangible and transportable goods) but not in SITC (a classification used by trade statistics).
In UN Comtrade, there is no data under 7108.20 or 7118.90.
