Gold Bar Imports Surged 11% in October, Reports GJEPC

SEATTLE (Scrap Monster): The recent 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 month of October this year. The cumulative exports during the initial seven months of the current fiscal stood higher when compared with same period the prior fiscal.

In accordance with GJEPC data, the gold bar imports totalled $631.97 million in October 2019. This is significantly higher by nearly 11% when compared with the imports in October last year. India’s gold imports in October last year had totalled only $569.73 million. In rupee terms, the imports amounted to 4,487.39 crores, up by almost 7% year-on-year.

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The cumulative gold bar imports during the initial seven-month period of the current fiscal year totalled $4,800.26 million. The imports surged higher modestly by 4.43%, upon comparison with the imports that had totalled only $4,596.62 million during the corresponding eleven-month period of the previous fiscal year. In rupee terms, the imports surged higher from Rs. 31,668.59 crores to Rs. 33,693.44 crores, GJEPC data said.

Meantime, gold jewellery imports totalled $25.36 million in October 2019 and $180.18 million during Apr ‘19-Oct ’19.

The imports of silver bar continued to register notable decline at $2.96 million in October 2019, substantially lower by over 40% when matched with $4.97 million in the same month a year before. Also, imports of silver jewellery declined by nearly 3% from $5.79 million in October 2018 to $5.63 million in October this year.