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Gold March 19, 2018 03:30:56 PM

India's Gold Bar Imports Jumped Six-Fold

Anil Mathews
ScrapMonster Author
According to GJEPC data, the country imported Rs 3,903.92 crores (USD 606.48 Million) worth of gold bars in February 2018.
India's Gold Bar Imports Jumped Six-Fold

NEW DELHI (Scrap Monster):  The recent statistics published by the Gems and Jewellery Promotion Council (GJEPC) indicates significant jump in imports of gold bar during Feb ’18. The cumulative imports during the initial eleven-month period of the fiscal too have reported notable increase.

According to GJEPC data, the country imported Rs 3,903.92 crores (USD 606.48 Million) worth of gold bars in February 2018. The imports surged higher significantly when compared with the corresponding month a year before. In rupee and dollar terms, the gold bar imports have recorded nearly six-fold jump. The country’s gold bar imports had totaled only Rs 657.38 crores (USD 98.0 Million).

During the first eleven months (April ’17 to Feb ’18) of the fiscal year, the country reported strong growth in import volumes. The country imported Rs 32,467.84 crores (USD 5,040.91 Million) worth of gold bars during this period. In rupee terms, the imports surged higher by nearly 25%. The rise in dollar terms stood at approximately 30%. The Indian gold bar imports during the eleven-month period from April ’16 to Feb ‘17 had totaled Rs 26,061.30 crores (USD 3,884.16 Million).

Meantime, gold jewellery imports saw modest jump in February this year, recording a growth of nearly 31% from Rs 107.76 crores (USD 16.06 Million) in 2017 to Rs 141.18 crores (USD 21.93 Million) in 2018. However, the cumulative imports of gold jewellery during the initial eleven months of the fiscal from April last year to January this year declined marginally over the previous year. The imports declined by nearly 6% to total Rs 1,575.57 crores (USD 244.37 Million) in April ’17 to Feb ’18.

 

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