Imports of Gold Bars Surged 15%

SEATTLE (Scrap Monster): The most recent trade statistics published by the Gem & Jewellery Export Promotion Council (GJEPC) in India indicates significant surge in gold bar imports by the country during the initial half (Apr-Sep ’19) of this fiscal year. Also, the monthly gold imports recorded year-on-year jump in September 2019.

India’s gold bar imports totalled INR 28,773.16 Crores in April ‘19-September ‘19, higher by 14.83% when compared with the imports of INR 25,057.16 Crores during same period the previous fiscal year. In dollar terms, the imports were valued at $4,107.22 Million, as compared with $3,671.48 a year before.

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The gold bar imports by the country recorded notable jump in September this year. The monthly import statistics suggest that total gold bar imports by the country during the month amounted to INR 4,193.90 Crores. In rupee terms, the gold bar imports were up by almost 48%. The imports in dollar terms stood higher by more than 49% to total $586.38 Million. In accordance with GJEPC data, the country’s gold bar imports during September 2018 were valued at Rs 2,834.18 crores (USD 392.44 Million).

Meantime, silver bar imports declined marginally during the first half of the fiscal year ending March 31, 2020. The imports dropped by nearly 2% from $19.20 Million in April ‘18-September ‘18 to $18.86 Million in April ‘19- September ‘19. On the contrary, monthly imports surged higher by almost 24% from $2.84 Million in September last year to $3.52 Million in September 2019.