HSN Code 7116 refers to "Articles of natural or cultured pearls, precious or semi-precious stones 'natural, synthetic or reconstructed', n.e.s." This classification code is essential for identifying jewelry and decorative items made from various types of gemstones for import/export purposes based on their nature, composition, and intended use. Common products under HSN Code 7116 include pearl necklaces, gemstone rings, diamond earrings, and semi-precious stone bracelets. Additionally, the GST rate for articles made from pearls and precious stones under this code ensures accurate trade compliance.