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Silver December 19, 2016 09:30:32 AM

GJEPC: India's gold bar imports tumbled 15% in November

Anil Mathews
ScrapMonster Author
According to GJEPC data, the gold bar imports by the country during the initial eight months of the current fiscal surged higher by 37.23% when matched with the previous year.

GJEPC: India's gold bar imports tumbled 15% in November

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 November 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 November ‘16 amounted to Rs 1,148.19 crores (USD 169.78 Million). In rupee terms, the gold bar imports have declined by more than 15% over the year. The decline in dollar terms stood at 17.28%. It must be noted that the country’s gold bar imports during November 2015 were valued at Rs 1,357.07 crores (USD 205.24 Million).

The November ’16 gold bar imports have declined sharply when compared with the imports during the month before. The country’s gold bar imports had totaled Rs 1,973.77 crores (USD 295.70 Million) in October this year.

The cumulative gold bar imports by the country during the initial eight months (Apr ’16 to Nov ’16) of the current fiscal year surged higher by 37.23% in rupee terms from Rs 15,037.95 crores (USD 2,333.65 Million) during April to November in 2015 to Rs 20,636.05 crores (USD 3,083.25 Million).

Silver Bar Imports

The GJEPC figures suggest significant decline in Silver bar imports by the country during the month of November this year. The country’s Silver bar imports during the month have dropped by more than 10% upon comparison with the imports during the same month the year before.

The total Silver bar imports by the country in November this year amounted to INR 19.47 crores (USD 2.88 Million). In rupee terms, the Silver bar imports have dropped considerably by 10.52% when matched with the previous year. The decline in dollar terms stood at 12.46%. It must be noted that the country’s Silver bar imports during November last year had totaled only INR 21.76 crores (USD 3.29 Million).

Also, silver bar imports by the country in November this year witnessed sharp decline when compared with the previous month. The imports were down by over 48% when compared with the previous month. The country’s Silver bar imports had totaled INR 37.52 crores (USD 5.62 Million) during October 2016.

The silver bar imports during the eight-month period from April to November this fiscal year totaled INR 254.52 crores (USD 38.01 Million)

Jewellery Imports

The imports of gold jewellery by the country during November this year have declined sharply by nearly 17.5% when compared with November ’15. The country’s gold jewellery imports during November this year totaled Rs 99.36 crores (USD 14.69 Million). During the same month in 2015, the country had imported gold jewellery worth Rs 120.39 crores (USD 18.21 Million).

Also, silver jewellery imports by the country during November this year tumbled by nearly 38% when matched with the previous year. The country’s Silver jewellery imports during November ‘16 totaled INR 26.32 crores (USD 3.89 Million). During same month a year before, the country had imported Silver jewellery worth INR 42.22 crores (USD 6.39 Million).

The GJEPC data also indicates that the imports of Colored Gemstones by the country totaled INR 932.33 crores (USD 137.86 Million) during November this year. The Synthetic Stones import totaled INR 49.63 crores (USD 7.34 Million). The imports of Pearls totaled INR 678.57 crores (USD 100.34 Million) during the month. Meantime, imports of Platinum increased sharply from INR 9.99 crores (USD 1.51 Million) in November last year to INR 22.76 crores (USD 3.36 Million) in October 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.

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