Gold Bar Imports by India Surged 28%

SEATTLE (Scrap Monster): The gold bar imports by the country surged higher by nearly 28% in August this year, says the most recent trade statistics published by India’s Gems and Jewellery Export Promotion Council (GJEPC). The cumulative imports during the initial five months (Apr ’19 to August ‘19) of the current fiscal year too were down by almost 7% when compared with the corresponding period in 2018.

In accordance with GJEPC data, India’s gold bar imports totalled Rs 4,603.17 crores (USD 641.94 Million) in August this year. The imports recorded notable surge when compared with the year-ago period. The country’s gold bar imports had totaled only Rs 3,491.73 crores (USD 502.05 Million) in August last year. In rupee terms, the imports were up by nearly 32%. The jump in dollar terms was estimated at 27.86%.

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The combined imports of gold bars during Apr-Aug ’19 totalled Rs 23,834.19 crores (USD 3,415.25 Million), which is down by 6.74% over the previous year. The cumulative gold bar imports through the same ports during the corresponding five-month period previous fiscal had totalled Rs 24,817.91 crores (USD 3,662.12 Million).

Meantime, silver bar imports edged higher marginally in August. The monthly imports have increased by almost 3% from USD 3.55 Million to USD 3.65 Million. The combined imports during Apr-Aug ’19 totaled USD 15.35 Million, which is lower by more than 6% when compared with the imports of USD 16.36 Million during the year-ago period.