HSN Code 7114 refers to "Articles of goldsmiths' or silversmiths' wares and parts thereof, of precious metal or of metal clad with precious metal (excluding jewellery, clocks, watches and parts thereof, musical instruments, arms, perfume atomizers and their atomizing heads, original sculptures, collectors' pieces and antiques)." This classification code is essential for identifying precious metal wares and related items for import/export purposes based on their nature, composition, and intended use. Common products under HSN Code 7114 include silverware, gold-plated items, decorative metal articles, and various components used in precious metal crafting. Additionally, the GST rate for articles of precious metals under this code supports accurate trade compliance.