Gold Bar Imports Dipped 90% in India During Q1 This Fiscal

SEATTLE (Scrap Monster): The gold bar imports by India witnessed significant decline during the first three months (Apr-Jun ’20) of the current fiscal year. The monthly imports in June were also down substantially, when matched with the previous year.

According to monthly trade statistics published by the Gem & Jewellery Export Promotion Council (GJEPC), the provisional gold bar imports plunged to $18.11 million in June this year. This is significantly lower by 67.29%, when compared with the same month a year before. In rupee terms, the gold bar imports were down by 64% from INR 381.57 Crores to INR 137.14 Crores.

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Meantime, the cumulative gold bar imports during the initial three months of the current fiscal year were higher over the comparable period last fiscal. The imports were valued at $20.31 million in Apr ’20-June ’20, down by 90.35% year-on-year. The cumulative gold bar imports by the country in Apr ’19-June ’19 had totalled only $210.51 million. In rupee terms, the imports dropped from $1,464.47 million to $153.81 million.

Meantime, the June 2020 silver bar imports, at $1.76 million were down sharply by approximately 38% from $2.83 million in June last year. The imports during the initial quarterly period of the current fiscal were $2.23 million, down significantly by nearly 62% from $5.83 million in Apr ‘20-June ’20.