India's Gold Bar imports grew 28% in June '14: GJEPC

MUMBAI (Scrap Monster):  The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of June 2014. According to data, the gold bar imports by the country during June this year witnessed a sharp rise of 28.43% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country in June ‘14 amounted to Rs 2,840.43 crores (USD 379.72 Million).In rupee terms, the gold bar imports have soared higher by 28.43%. The rise in dollar terms stood at 25.57%. It must be noted that the country’s gold bar imports during June last year were Rs 1,765.98 crores (USD 302.39 Million).

According to GJEPC, the cumulative gold bar imports by the country during the initial quarter of the current fiscal from April ‘14 to June ‘14 remained on the higher side, going higher by 8.79% when compared with the corresponding three-month period during previous fiscal year. The country’s gold bar imports during April to June 2014 totaled Rs 8,907.76 crores (USD 1,491.74 Million). During the similar quarter last fiscal, the country had imported gold bars worth Rs 8,545.73 crores (USD 1,539.91 Million).

Also, the country’s gold jewellery imports during June ’14 totaled Rs 206.06 crores (USD 34.50 Million). The country’s gold jewellery imports during June ’13 were only Rs 102.42 crores (USD 17.54 Million). Thus the GJEPC import statistics indicate that the Indian gold jewellery imports have more than doubled during June this year.