India Gold Bar Imports Recorded Substantial Surge

SEATTLE (Scrap Monster): The import statistics published by the Gem and Jewellery Export Promotion Council (GJEPC) indicates that the country’s gold bar imports witnessed notable surge during the initial nine-month period (April ’21-November ‘21) this fiscal year.

The combined gold bar imports during the first nine months of the current fiscal year totalled $1,504.16 million. The imports skyrocketed by 167.33%, upon comparison with the imports that had totalled just $563.92 million during the corresponding nine-month period of the previous fiscal year. In rupee terms, the imports increased significantly from INR 4,169.09 crores to INR 11,145.28 crores, GJEPC data said.

According to GJEPC, the monthly gold bar imports were valued at $66.62 million in November this year. This is marginally lower by 5.49%, compared with the imports of $70.49 million in November last year.

Meantime, gold jewellery imports totalled $9.17 million in November 2021. This compares with $18.92 million of imports during the same month a year before.

The imports of silver bar too rose substantially from $2.81 million to $327.81 million. The cumulative silver bar imports totalled $368.27 million in Apr-Nov ’21, much higher from $20.56 million during corresponding period the previous fiscal. The silver jewellery imports too were up from $1.97 million to $4.28 million.

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