Gold Bar Imports by India Skyrocketed 49%

SEATTLE (Scrap Monster): The most recent trade statistics published by the Gem & Jewellery Export Promotion Council (GJEPC) in India suggests considerable surge in gold bar imports by the country during the previous fiscal year. Meantime, the gold imports edged higher in March 2019 ahead of the wedding season and festive demand in the country.

India’s gold bar imports totaled INR 54,805.95 Crores in April ‘18-March ‘19, higher by 49.2% when compared with the imports of INR 36,703.62 Crores during the previous fiscal year. In dollar terms, the imports were valued at $7,870.96 Million, as compared with $5,692.85 a year before.

The gold bar imports by the country recorded notable jump in March this year. The monthly import statistics suggest that total gold bar imports by the country during the month amounted to INR 4,453.98 (US$ 641.05). In rupee terms, the gold bar imports were up by more than 19%. The imports in dollar terms stood higher by nearly 12% to total $641.05 Million. The country’s gold bar imports during March 2018 were valued at Rs 3,734.98 crores (USD 574.44 Million), GJEPC data said.

Meantime, silver bar imports declined sharply during the fiscal year ending March 31, 2019. The imports dropped by nearly 30% from $53.86 Million in April ‘17-March ‘18 to $37.82 in April ‘18-March ‘19. Also, monthly imports registered a decline of over 10% from $2.06 Million to $1.85 Million.