GJEPC Reports Three-Fold Jump in Gold Bar Imports

SEATTLE (Scrap Monster): According to latest statistics published by the Gems and Jewellery Promotion Council (GJEPC) of India, the country reported over three-fold jump in gold bar imports during the month of April this year. The gold imports thus marked a robust start to the new fiscal.

The GJEPC data suggests that India imported gold bars worth Rs 4,198.81 crores (USD 639.67 Million) in April this year. The imports were significantly higher when compared with the same month a year before. In rupee terms, the imports surged higher by 485%, whereas the increase in dollar terms stood at 475%. It must be noted that India’s gold imports had totaled Rs 717.88 crores (USD 111.28 Million) in April 2017.

Meantime, the gold jewellery imports recorded notable decline in April 2018. The imports totaled Rs 163.60 crores (USD 24.92 Million) during the month, down by more than one-fifth, when compared with the imports of Rs 207.30 crores (USD 32.13 Million) during April last year.

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The imports of silver bar too plunged during the month. The imports totaled Rs. 9.57 crores (USD 1.46 Million), which is almost lesser by 52% in rupee as well as dollar terms. Incidentally, the country’s silver bar imports had surged higher by 7% during the previous fiscal to total Rs. 345.24 crores. On the other hand, silver jewellery imports surged higher by more than 65% to Rs 34.34 crores (USD 5.23 Million). The imports had totaled only Rs 20.65 crores (USD 3.20 Million) in April last year.

During the full previous fiscal year (April ’17 to Mar ’18), the country witnessed robust growth in gold bar import volumes. The country imported Rs 36,644.60 crores (USD 5,683.79 Million) worth of gold bars during this period. In rupee terms, the imports surged higher by 29.2%. The rise in dollar terms stood at more than 34%. The gold bar imports by the country during the full previous fiscal year had totaled only Rs 28,362.41 crores (USD 4,232.90 Million).