India’s Silver bar imports surged 38% in November

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) indicates considerable rise in Silver bar imports by the country during the month of November this year. The country’s Silver bar imports during the month increased by more than 38% upon comparison with the imports during the same month the year before. This is in accordance with the latest trade data published by the apex trade body.

The GJEPC data indicates that the total Silver bar imports by the country in November 2015 amounted to INR 21.76 crores (USD 3.29 Million). In rupee terms, the Silver bar imports have jumped higher by 38.33%. The surge in dollar terms stood at 29%. It must be noted that the country’s Silver bar imports during November 2014 had totaled INR 15.73 crores (USD 2.55 Million).

The cumulative silver bar imports during the initial eight-month period of the current fiscal year totaled INR 177.97 crores (USD 27.58 Million), marginally higher when compared with the imports of INR 143.91 crores (USD 23.80 Million) during April-November ‘14.

Also, silver bar imports by the country in November this year declined when compared with the previous month. The imports were down by over 19% when compared with the previous month. The country’s Silver bar imports had totaled INR 26.94 crores (USD 4.14 Million) during October 2015.

According to GJEPC, the Silver jewellery imports by the country during November this year witnessed huge increase when matched with the previous year. The country’s Silver jewellery imports during Nov ‘15 totaled INR 42.19 crores (USD 6.38 Million). During same month a year before, the country had imported Silver jewellery worth INR 28.98 crores (USD 4.70 Million).

The GJEPC, set up by the by the Ministry of Commerce, Government of India in 1966 is the apex body of the gems & jewellery industry. Headquartered in Mumbai, the industry body represents almost 6,000 exporters in the sector.