India’s Silver bar imports surged nearly 200% in March

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 March this year. The country’s Silver bar imports during the month jumped by nearly 200% 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 March 2016 amounted to INR 26.12 crores (USD 3.90 Million). In rupee terms, the Silver bar imports have jumped higher by over 188%. The surge in dollar terms stood at nearly 170%. It must be noted that the country’s Silver bar imports during March 2015 had totaled INR 9.05 crores (USD 1.45 Million).

The cumulative silver bar imports during the fiscal year from April ’15 to Mar ’16 totaled INR 268.60 crores (USD 41.05 Million), significantly higher when compared with the imports of INR 193.67 crores (USD 31.80 Million) during the period from Apr ’14 to Mar ‘15.

Also, silver bar imports by the country in March this year increased marginally when compared with the previous month. The imports were up by nearly 2% when compared with the previous month. The country’s Silver bar imports had totaled INR 25.66 crores (USD 3.76 Million) during January 2016.

According to GJEPC, the Silver jewellery imports by the country during March this year almost doubled when matched with the previous year. The country’s Silver jewellery imports during Mar ‘16 totaled INR 51.50 crores (USD 7.68 Million). During same month a year before, the country had imported Silver jewellery worth INR 25.26 crores (USD 4.04 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.