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Gold November 19, 2018 09:30:35 AM

India’s Gold Bar Imports Doubled During Apr-Oct '18

Paul Ploumis
ScrapMonster Author
The gold bar imports by the country recorded marginal jump in October 2018.

India’s Gold Bar Imports Doubled During Apr-Oct '18

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 seven-month period of the current fiscal year. Meantime, the monthly gold imports in October 2018 too were up marginally over the previous year.

India’s gold bar imports totaled INR 32,753.24 Crores in April-Oct ’18, higher by 100.60% when compared with the imports of INR 16,327.90 Crores during corresponding seven-month period the previous fiscal. In dollar terms, the imports were valued at $4,752.05 Million, as compared with $2,531.53 a year before.

The gold bar imports by the country recorded marginal jump in October 2018. The monthly statistics suggest that total gold bar imports by the country during the month amounted to INR 4,265.15 (US$ 579.27). In rupee terms, the gold bar imports were up by nearly 17%. The imports in dollar terms edged higher by just over 3% to $579.27 Million.. The country’s gold bar imports during October last year were valued at Rs 3,658.99 crores (USD 562.23 Million).

Meantime, silver bar imports declined sharply during the first seven months of FY ’19. The imports dropped by almost one-third from $35.30Million in April-Oct ’17 to $24.16 in April-Oct ’18. However, monthly imports registered marginal increase from $4.88 Million to $4.97 Million.

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