India’s Gold Bar Imports Declined 25% in Sep '18

SEATTLE (Scrap Monster): The gold bar imports by India have recorded decline during the month of September this year. The silver bar imports too reported significant decline during the month. In accordance with the latest trade statistics published by the country’s Gems and Jewellery Export Promotion Council (GJEPC), the cumulative gold bar imports during the initial half of the current fiscal registered notable jump.

According to GJEPC data, the gold bar imports by the country tumbled by nearly 25% in September this year. The monthly import statistics indicate that the total gold bar imports by the country during the month amounted to Rs 3,081.58 crores (USD 426.69 Million). In rupee terms, the gold bar imports have declined sharply by nearly 16% over the year. The decline in dollar terms stood at 24.67%. It must be noted that the country’s gold bar imports during September 2017 were valued at Rs 3,650.11 crores (USD 566.43 Million).

Meantime, the September ‘18 gold bar imports saw marginal decline when compared with the imports during the month before that. The country’s gold bar imports had totaled USD 465.74 Million in August 2018.

The cumulative gold bar imports by the country during the initial six-month period (Apr ’18 to September ’17) of the current fiscal year more than doubled over the previous year. The imports skyrocketed by more than 117% year-on-year from USD 1,899.47 Million USD 4,129.20 Million during the first half of fiscal 2019.