GJEPC: India's gold bar imports surged 70% during Apr-June '16

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 June this year.

Gold Bar Imports

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

The monthly import statistics indicate that the total gold bar imports by the country during June ‘16 amounted to Rs 2,219.62 crores (USD 329.81 Million). In rupee terms, the gold bar imports have surged higher by nearly 38% over the year. The increase in dollar terms stood at 31.6%. It must be noted that the country’s gold bar imports during June 2015 were valued at Rs 1,600.18 crores (USD 250.58 Million).

The June ’16 gold bar imports have declined significantly in comparison with the imports during the month before. The country’s gold bar imports had totaled Rs Rs 3,219.37 crores (USD 481.15 Million) in May this year.

The cumulative gold bar imports by the country during the initial quarter (Apr ’16 to June ’16) of the current fiscal year surged higher by over 70% in rupee terms from Rs 5,357.86 crores (USD 845.09 Million) during April to June in 2015 to Rs 8,850.77 crores (USD 1,323.91 Million)

Silver Bar Imports

The GJEPC figures suggest considerable increase in Silver bar imports by the country during the month of June this year. The country’s Silver bar imports during the month rose by nearly 83% upon comparison with the imports during the same month the year before.

The total Silver bar imports by the country in June this year amounted to INR 36.49 crores (USD 5.42 Million). In rupee terms, the Silver bar imports have more than tripled when matched with the previous year. The surge in dollar terms stood at nearly 223%. It must be noted that the country’s Silver bar imports during June 2015 had totaled INR 10.72 crores (USD 1.68 Million).

Also, silver bar imports by the country in June this year rose sharply when compared with the previous month. The imports surged higher by nearly 80% when compared with the previous month. The country’s Silver bar imports had totaled INR 20.30 crores (USD 3.03 Million) during May 2016.

The silver bar imports during the three-month period from April to June this year totaled INR 84.54 crores (USD 12.63 Million)

Jewellery Imports

The imports of gold jewellery by the country during June this year dropped sharply by more than 11% when compared with June ’15. The country’s gold jewellery imports during June this year totaled Rs 127.26 crores (USD 18.91 Million). During the same month in 2015, the country had imported gold jewellery worth Rs 143.97 crores (USD 22.54 Million).

On the other hand, silver jewellery imports by the country during June this year increased by over 12% when matched with the previous year. The country’s Silver jewellery imports during June ‘16 totaled INR 18.17 crores (USD 2.70 Million). During same month a year before, the country had imported Silver jewellery worth INR 16.18 crores (USD 2.53 Million).

The GJEPC data also indicates that the imports of Colored Gemstones by the country totaled INR 900.72 crores (USD 133.84 Million) during June this year. The Synthetic Stones import totaled INR 48.65 crores (USD 7.23 Million). The imports of Pearls totaled INR 1,034.77 crores (USD 153.75 Million) during the month. Meantime, imports of platinum increased sharply from INR 14.85 crores (USD 2.33 Million) in June last year to INR 16.70 crores (USD 2.48 Million) in June 2016.

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.