India's Gold Bar imports surged 83% in May '14: GJEPC

MUMBAI (Scrap Monster):  The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of May 2014. According to data, the gold bar imports by the country during May this year witnessed a sharp rise of 83.26% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country in May amounted to INR 3,840.43 crores (USD 647.52 million).In rupee terms, the gold bar imports have soared higher by 83.26%. The rise in dollar terms stood at 69.98%. It must be noted that the country’s gold bar imports during May last year were INR 2,095.61 crores (USD 380.95 million).

According to GJEPC, the cumulative gold bar imports by the country during the initial two months of the current fiscal from April 2014 to May 2014 remained relatively flat with a slight uptick of 1.59% when compared with the previous fiscal year. The country’s gold bar imports during April to May 2014 totaled INR 6,386.23 crores (USD 1,069.29 million).During the similar two-month period last fiscal, the country had imported gold bars worth INR 6,286.19 crores (USD 1,151.56 million).

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in May 2014 is considered as Rs. 59.31 against USD and that during May 2013 is taken as 55.01.