GJEPC: Gold bar imports plunged 84% in February

NEW DELHI (Scrap Monster):  The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports and exports of raw materials for gems and jewellery for the month of February this year.

Gold Bar Imports

According to GJEPC data, the gold bar imports by the country during the month recorded significant decline when matched with the previous year.

The monthly import statistics indicate that the total gold bar imports by the country during February ‘17 amounted to Rs 434.82 crores (USD 64.82 Million). In rupee terms, the gold bar imports have declined sharply by nearly 83.7% over the year. The decline in dollar terms stood at 83.4%. It must be noted that the country’s gold bar imports during February 2016 were valued at Rs 2,667.03 crores (USD 390.83 Million).

The February ’17 gold bar imports have dropped considerably when compared with the imports during the month before. The country’s gold bar imports had totaled Rs 718.29 crores (USD 105.51 Million) in January this year.

The cumulative gold bar imports by the country during the initial eleven months (Apr ’16 to Feb ’17) of the current fiscal year surged higher by nearly 11.64% in rupee terms from Rs 22,611.70 crores (USD 3,458.95 Million) during April to February last fiscal to Rs 25,244.58 crores (USD 3,762.74 Million).

Silver Bar Imports

The GJEPC figures suggest significant decline in Silver bar imports by the country during the month of February this year. The country’s Silver bar imports during the month have dropped by over 31% upon comparison with the imports during the same month the year before.

The total Silver bar imports by the country in February 2017 amounted to INR 17.64 crores (USD 2.63 Million). In rupee terms, the Silver bar imports have dropped considerably by 31.25% when matched with the previous year. The decline in dollar terms stood at 30.05%. It must be noted that the country’s Silver bar imports during February 2016 had totaled INR 25.66 crores (USD 3.76 Million).

Also, silver bar imports by the country in February this year remained more or less flat, recording marginal decline when compared with the previous month. The imports were down slightly by nearly 1.45% when compared with the previous month. The country’s Silver bar imports had totaled INR 17.90 crores (USD 2.63 Million) during January 2017.

The silver bar imports during the eleven-month period from April to February this fiscal year totaled INR 307.67 crores (USD 45.86 Million).

Jewellery Imports

The imports of gold jewellery by the country during February this year have declined by nearly 39% when compared with February ’16. The country’s gold jewellery imports during February this year totaled Rs 104.68 crores (USD 15.60 Million). During the same month in 2016, the country had imported gold jewellery worth Rs 171.73 crores (USD 25.16 Million).

Also, silver jewellery imports by the country during February this year tumbled by nearly 26.7% when matched with the previous year. The country’s Silver jewellery imports during February ‘17 totaled INR 14.16 crores (USD 2.11 Million). During same month a year before, the country had imported Silver jewellery worth INR 19.32 crores (USD 2.83 Million).

The GJEPC data also indicates that the imports of Colored Gemstones by the country totaled INR 928.87 crores (USD 138.47 Million) during February this year. The Synthetic Stones import totaled INR 29.78 crores (USD 4.44 Million). The imports of Pearls surged higher to total INR 1,412.52 (USD 210.57 Million) during the month. Meantime, imports of Platinum edged higher from INR 10.25 crores (USD 1.50 Million) in February 2016 to INR 13.38 crores (USD 1.99 Million) in February last year.

About GJEPC

The GJEPC, set up by the by the Ministry of Commerce, Government of India in 1966 is the apex body of the gems & jewellery industry. Headquartered in Mumbai, the industry body represents almost 6,000 exporters in the sector.