Gold Bar Imports by India Surged 5% During Prior Fiscal

SEATTLE (Scrap Monster): The Gem & Jewellery Export Promotion Council (GJEPC) in India has released the provisional figures of imports of raw materials for gems and jewellery for the full fiscal year 2019-‘20. The figures suggest marginal surge in yearly imports over the prior fiscal.

The country’s gold bar imports in value terms stood at Rs 55,343.12 crores (USD 7,821.17 Million). In rupee terms, the gold bar imports have surged higher by nearly 5.41% from the previous year. The jump in dollar terms stood at 3.67%, said GJEPC data. It must be noted that the country’s gold bar imports during the prior fiscal (Apr ’18 to Mar ’19) were valued at Rs 55,904.18 crores (USD 8,025.25 Million).

The GJEPC report said that imports of Rough Diamonds collapsed by 16.25% from $15,724.23 million to $12,681.65 million this fiscal. On the other hand, the Cut & Polished Diamonds imports surged higher by 29% from the prior fiscal to total $785.22 million in 2019-’20.

The silver bar imports by the country registered 3.71% year-on-year decline during the previous fiscal. Meantime, the country’s platinum bar imports, by value, surged higher by nearly 156% from $62.14 million to $158.78 million.

YOU MAY ALSO BE INTERESTED IN:

Industry Body Seeks Government Support to Gems and Jewellery Sector

GJEPC Debates Prospects for World Gold Market After Covid-19