India’s Silver bar imports jumped 25% in September

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) indicates substantial rise in Silver bar imports by the country during the month of September this year. The country’s Silver bar imports during the month increased by more than 25% upon comparison with the imports during the same month the year before. This is in accordance with the latest trade data published by the apex trade body.

The GJEPC data indicates that the total Silver bar imports by the country in September 2015 amounted to INR 22.96 crores (USD 3.47 Million). In rupee terms, the Silver bar imports have jumped higher by 25.6%. The surge in dollar terms stood at 15.6%. It must be noted that the country’s Silver bar imports during September 2014 had totaled INR 18.28 crores (USD 3.00 Million).

The cumulative silver bar imports during the initial six-month period of the current fiscal year totaled INR 113.35 crores (USD 17.68 Million), significantly higher when compared with the imports of INR 86.75 crores (USD 14.41 Million) during April-September ‘14.

Also, silver bar imports by the country in July this year climbed higher when compared with the previous month. The imports were up by over 33% when compared with the previous month. The country’s Silver bar imports had totaled INR 17.22 crores (USD 2.65 Million) during August 2015.

According to GJEPC, the Silver jewellery imports by the country during September this year witnessed huge increase when matched with the previous year. The country’s Silver jewellery imports during Sep ‘15 totaled INR 39.39 crores (USD 5.95 Million). During same month a year before, the country had imported Silver jewellery worth INR 34.76 crores (USD 5.71 Million).

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.