India Gold Bar Imports Plummeted 91%

SEATTLE (Scrap Monster): The import statistics published by the Gem and Jewellery Export Promotion Council (GJEPC) indicates that the country’s gold bar imports declined significantly during the initial nine-month period (April ’20-November ‘20) this fiscal year.

The combined gold bar imports during the first nine months of the current fiscal year totalled $475.94 million. The imports dipped significantly by 91.02%, upon comparison with the imports that had totalled $5,301.71 million during the corresponding nine-month period of the previous fiscal year. The imports dipped from Rs. 56,364.71 crores to Rs. 3,519.60 crores, in rupee terms, GJEPC data said.

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According to GJEPC, the yearly gold bar imports totalled $7,843.78 million in the previous fiscal year. In rupee terms, the imports amounted to 56,364.41 crores. The monthly gold bar imports were valued at $68.04 million in November this year.

Meantime, gold jewellery imports totalled $27.95 million in November 2020. This compares with $20.87 million of imports during the same month a year before.

The imports of silver bar continued to remain subdued at $2.62 million in November this year, substantially lower by approximately 33% when matched with $3.90 million in the same month a year before. Also, silver jewellery imports declined modestly from $4.40 million in November last year to $1.58 million in November 2020.