India's Imports of Gold Bars Go Through the Roof in May

SEATTLE (Scrap Monster): The trade statistics published by the Gems and Jewellery Export Promotion Council (GJEPC) suggests rapid surge in gold bar imports by the country during the month of May this year. The imports had recorded three-fold jump in April too.

According to GJPEC data, India imported gold bars worth Rs 5,581.36 crores (USD 826.38 Million) in May 2018. The imports skyrocketed, when compared with those during the same month a year before. The country’s gold bar imports had totaled only Rs 660.50 crores (USD 102.53 Million) in May last year. In rupee terms, the imports surged higher by 745%. The rise in dollar terms stood at 706% year-on-year.

The combined imports during the initial two months (March-April ’18) of the current fiscal have recorded significant growth. The imports totaled Rs 10,106.38 crores (USD 1,515.75 Million) during this period, as compared with the imports worth Rs 1,784.59 crores (USD 276.78 Million) during Apr-May ’17.

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On the other hand, the imports of silver bar reported marginal decline of nearly 3% year-on-year in May this year. The imports dropped from $2.99 Million in May 2017 to $2.90 Million in May this year. The cumulative imports during Apr-May ’18 were down sharply by 28% to $4.36 Million from $6.05 Million a year before.

The imports of gold jewellery amounted to $24.38 Million in May 2018. This is significantly higher by almost 37% when compared with $17.80 Million imported during the corresponding month last year. The imports remained more or less flat during Apr-May ’18. The country’s silver jewellery imports too reported notable increase in May this year. The imports surged higher by almost 35% from $3.74 Million in May ’17 to $5.03 Million in May this year. The cumulative imports were up by 48% in dollar terms.