GJEPC: India's Silver Bar Imports Surged 6% in January

NEW DELHI (Scrap Monster):  The monthly report on raw materials import by gems and jewellery industry published by the Gems and Jewellery Export Promotion Council (GJEPC) indicates that silver bar imports reported notable surge during the first month of 2018. However, the cumulative imports during the initial ten-month period of the fiscal were down marginally when compared with the prior fiscal.

According to GJEPC data, India’s silver bar imports totaled Rs 19.04 crores (USD 2.99 Million) during the month of January 2018. In rupee terms, this is higher by more than 6%, when compared with the same month a year before. In dollar terms, the imports were up by nearly 14%. The country’s silver bar imports had totaled only Rs 17.90 crores (USD 2.63 Million) in January 2017.

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The country’s silver bar imports during the first ten months (April 2017 to January 2018) of the fiscal dropped marginally over the year. The cumulative imports, in rupee terms, during the above mentioned period totaled Rs 281.23 crores (USD 43.67 Million), marginally lower when compared with the imports of Rs 282.78 crores (USD 42.15 Million) during April 2016 to January 2017.

The imports of silver jewellery surged higher significantly by more than 51% over the previous year from Rs 17.73 crores (USD 2.60 Million) in Jan ’17 to Rs 26.86 crores (USD 4.22 Million) in January this year. The combined imports during the initial ten-month period too went higher from Rs 214.97 crores (USD 31.99 Million) in previous fiscal to Rs 324.84 crores (USD 50.34 Million) this fiscal.