India’s Gold Bar Imports Skyrocketed 450% in July

SEATTLE (Scrap Monster): The gold bar imports by the country skyrocketed by 450% in July this year, says the most recent trade statistics published by India’s Gems and Jewellery Export Promotion Council (GJEPC). The cumulative imports during the initial four months (Apr ’18 to July ’18) of the current fiscal year too were up significantly by over 300% when compared with the corresponding period last year.

In accordance with GJEPC data, India’s gold bar imports totaled Rs 5,246.54 crores (USD 763.80 Million) in July this year. The imports recorded phenomenal surge when compared with the year-ago period. The country’s gold bar imports had totaled only Rs 954.07 crores (USD 148.01 Million) in July 2017. In rupee terms, the imports were up by 449.91%. The jump in dollar terms was estimated at 416%.

The combined imports of gold bars during Apr-July ’18 totaled Rs 21,169.04 crores (USD 3,137.84 Million), which is higher by more than 300% over the previous year. The cumulative gold bar imports through the same ports during the corresponding four-month period in 2017 had totaled Rs 5,266.80 crores (USD 817.16 Million).

Meantime, silver bar imports continued to remain weak. The July ’18 imports have declined by almost one-fourth from USD 5.73 Million to USD 4.33 Million. The combined imports during Apr-July ’18 totaled USD 12.80 Million, which is again lower by almost 25% when compared with the imports of USD 17.17 Million during the year-ago period.

The country’s gold jewellery imports recorded notable decline. The imports of USD 17.06 Million were down significantly by almost 40% from USD 28.26 Million in July ’17. During the four-month period from April to July this year, the imports were down by 11.5% from USD 101.25 Million to USD 89.96 Million. Meantime, the July ’18 and Apr-July ’18 silver jewellery imports surged higher by 18% and 49% respectively.