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Gold February 19, 2018 10:30:59 AM

India's Gold Bar Imports Recorded Four-Fold Jump

Anil Mathews
ScrapMonster Author
As per GJEPC data, the country imported Rs 2,905.03 crores (USD 456.48 Million) worth of gold bars in January 2018. The imports surged higher significantly when compared with those during the same month a year before.
India's Gold Bar Imports Recorded Four-Fold Jump

NEW DELHI (Scrap Monster):  The latest statistics published by the Gems and Jewellery Promotion Council (GJEPC) suggests notable jump in volume of imports of gold bar during the first month of the current year. The combined imports during the first ten months of the fiscal too have reported notable increase.

As per GJEPC data, the country imported Rs 2,905.03 crores (USD 456.48 Million) worth of gold bars in January 2018. The imports surged higher significantly when compared with those during the same month a year before. In rupee terms, the gold bar imports have recorded sharp growth of over 320% when matched with the previous year. The increase in dollar terms stood at nearly 350%. It must be noted that the country’s gold bar imports during January 2017 were valued at Rs 690.20 crores (USD 101.38 Million).

ALSO READ: India's Gold Jewellery Exports Surged 27% in December

During the initial ten months (April ’17 to Jan ’18) of the fiscal year, the country reported strong growth in import volumes. The country imported Rs 28,207.27 crores (USD 4,378.64 Million) worth of gold bars during this period. In rupee terms, the imports surged higher by 13.5%. The rise in dollar terms stood at 18.2%. The Indian gold bar imports during the ten-month period from April ’16 to Jan ’17 had totaled Rs 24,848.40 crores (USD 3,704.45 Million).

Meantime, gold jewellery imports saw modest jump in Jan ’18, recording a growth of nearly 5% from Rs 91.04 crores (USD 13.37 Million) in 2017 to Rs 95.23 crores (USD 14.96 Million) in 2018. However, the cumulative imports of gold jewellery during the initial ten months of the fiscal from April last year to January this year declined marginally over the previous year. The imports declined by more than 8% to total Rs 1,434.39 crores (USD 222.44 Million) in April ’17 to Jan ’18.

According to the World Gold Council (WGC), gold jewellery demand bounced back sharply in Q4 ’17, with demand recording 4% jump to 189.6 tonnes. This was the highest fourth quarter demand in the past 17 years.

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