Gold Bar Imports Leaped by 60%: GJEPC

SEATTLE (Scrap Monster): The Gem & Jewellery Export Promotion Council (GJEPC) in India has released the provisional figures of imports of raw materials for gems and jewellery for the month of January 2019. The figures suggest significant surge in monthly imports over the same month in 2018. Also, the combined gold bar imports during April ’18-Jan ’19 were notably higher when compared to corresponding period the previous fiscal.

The country’s gold bar imports in Jan ’19 totaled Rs 4,147.42 crores (USD 586.37 Million). In rupee terms, the gold bar imports have surged higher significantly by over 45% from the previous year. The jump in dollar terms stood at 30.53%, said GJEPC data. It must be noted that the country’s gold bar imports during January 2018 were valued at Rs 2,858.92 crores (USD 449.23 Million).

The cumulative gold bar imports by the country during the first ten months (Apr ’18 to Jan ’19) of the current fiscal year continued to remain higher over the prior year. The imports totaled Rs 45,727.67 crores (USD 6,580.28 Million) during this period. In rupee terms, the imports stood higher by over 60%, whereas in dollar terms, the imports were up by almost 49%. The imports had totaled only Rs 28,472.55 crores (USD 4,419.49 Million) during the corresponding ten month period the prior fiscal.

Meantime, silver bar imports by the country registered 8% year-on-year decline in January this year. The combined imports during Apr ‘18-Jan ’19 were also down sharply by nearly 32%.