India's Silver bar imports drop 30% in March

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests drastic decline in Silver bar imports by the country during the month of March this year. The country’s Silver bar imports during the month dropped sharply by 30.3% upon comparison with the imports during the same month the year before. This is in accordance with the latest trade data published by the Council.

The GJEPC data indicates that the total Silver bar imports by the country in March 2015 amounted to INR 9.05 crores (USD 1.45 Million). In rupee terms, the Silver bar imports have edged lower by 28.7%. The decline in dollar terms stood at 30.3%. It must be noted that the country’s Silver bar imports during March 2014 had totaled INR 12.69 crores (USD 2.08 Million).

Also, silver bar imports by the country in March this year rose when compared with the previous month. The imports were down by nearly 24.1% over the previous month. The country’s Silver bar imports had totaled INR 11.92 crores (USD 1.92 Million) during February 2015.

According to GJEPC, the cumulative Silver bar imports by the country during the entire financial year FY ’15 from April 2014 to March 2015 has declined by nearly 32.25% when matched with the previous year. The country’s Silver bar imports during the fiscal year FY ‘15 from April 2014 to March 2015 totaled INR 162.46 crores (USD 26.61 Million). During the previous fiscal, ie., FY ’14, the country had imported Silver bars worth INR 236.08 crores (USD 39.28 Million).