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Gold June 19, 2019 03:30:30 PM

India's Gold Bar Imports Plunged 18% in May

Paul Ploumis
ScrapMonster Author
The cumulative gold bar imports by the country during the first two months (Apr ’19 to May ’19) of the current fiscal year continued to remain lower when compared with the prior year.

India's Gold Bar Imports Plunged 18% in May

SEATTLE (Scrap Monster): The Gem & Jewellery Export Promotion Council (GJEPC) sponsored by the Indian Ministry of Commerce and Industry published provisional figures of gems and jewellery items for the month of May 2019. The data indicates significant decline in monthly imports of gold bar by the country. Also, the combined gold bar imports during April to May this year too edged lower upon comparison with the corresponding two-month period in 2018.

India’s gold bar imports totaled Rs 4,703.76 crores (USD 674.18 Million) in May ’19. In rupee terms, the gold bar imports have declined sharply by nearly 16% from the previous year. The decline in dollar terms stood at 18.42%, said GJEPC data. It must be noted that the country’s gold bar imports during May 2018 were valued at Rs 5,581.36 crores (USD 826.38 Million).

The cumulative gold bar imports by the country during the first two months (Apr ’19 to May ’19) of the current fiscal year continued to remain lower when compared with the prior year. The imports totaled Rs 9,181.56 crores (USD 1,319.12 Million) during this period. This is lower by 9.15% and 12.97% over the previous year in rupee and dollar terms respectively. The imports had totaled only Rs 10,106.38 crores (USD 1,515.75 Million) in April-May in 2018.

Meantime, silver bar imports registered nearly 11% year-on-year decline in May this year. On the contrary, the combined imports during Apr-May ’19 surged higher by more than 8% over the previous year.

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