India’s Gold Bar Imports Surged 53%

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 ’19-February ‘20) this fiscal. The monthly imports too recorded notable increase in Feb ‘20, when compared with the previous year.

According to GJEPC, the monthly gold bar imports totalled $843.12 million in February this year, higher by almost 53% when compared with the February 2019 imports. India’s gold imports in February last year had totalled only $551.41 million. In rupee terms, the imports amounted to 6,031.74 crores, up significantly by nearly 54% year-on-year.

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The combined gold bar imports during the initial eleven-month period of the current fiscal year totalled $7,472.74 million. The imports surged higher by almost 7.5%, upon comparison with the imports that had totalled only $6,953.92 million during the corresponding eleven-month period of the previous fiscal year. The imports surged higher from Rs. 48,403.37 crores to Rs. 52,759.98 crores, in rupee terms, GJEPC data said.

The imports of silver bar continued to remain subdued at $36.09 million in April ’19-February ‘20, marginally lower by over 1% when matched with $36.46 million in the same period a year before.