Scrap Monster
Vulcan
Vulcan
Gold March 18, 2019 10:30:53 AM

GJEPC Reports 42% Surge in India’s Gold Bar Imports

Paul Ploumis
ScrapMonster Author
The combined gold bar imports during the initial eleven-month period of the current fiscal year totaled $7,183.02 million.

GJEPC Reports 42% Surge in India’s Gold Bar Imports

SEATTLE (Scrap Monster): The import statistics published by the Gem and Jewellery Export Promotion Council (GJEPC) indicates that the country’s gold bar imports surged higher significantly during the initial eleven months (April ’18-February ‘19) this fiscal. The monthly imports declined marginally in Feb ‘19, when compared with the previous year.

According to GJEPC, the monthly gold bar imports totaled $583.18 million in February this year, down by nearly 6% when compared with the February 2018 imports. India’s gold imports in February last year had totaled $617.50 million. In rupee terms, the imports amounted to 4,153.40 crores, up marginally by 4.49% year-on-year.

The combined gold bar imports during the initial eleven-month period of the current fiscal year totaled $7,183.02 million. The imports surged higher significantly by 41.80%, upon comparison with the imports that had totaled only $5,065.71 million during the corresponding eleven-month period of the previous fiscal year. The imports surged higher from Rs. 32,630.20 crores to Rs. 50,019.39 crores, in rupee terms, GJEPC data said.

Meantime, gold jewellery imports totaled $19.92 million in February 2019 and $270.65 million during Apr ‘18-Feb ’19.

The imports of silver bar continued to remain subdued at $1.88 million in February this year, substantially lower by 24% when matched with $2.47 million in the same month a year before. Also, silver jewellery imports declined modestly from $4.70 million in February 2018 to $3.88 million in February this year.

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