India Gold Bar Imports Surged 30% on Pent-Up Demand

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 month of November this year. The figures suggest significant surge in monthly imports of gold bars over the same month in 2018. Also, the combined gold bar imports during April ’19-Nov ’19 were notably higher when compared to corresponding period the previous fiscal.

The country’s gold bar imports in November 2019 totalled Rs 4,806.59 crores (USD 672.55 Million). In rupee terms, the gold bar imports have surged higher significantly by 30.08% from the previous year. The jump in dollar terms stood at 30.77%, said GJEPC data. It must be noted that the country’s gold bar imports during November last year were valued at Rs 3,695.15 crores (USD 514.29 Million).

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The cumulative gold bar imports by the country during the first eight months (Apr ’19 to Nov ’19) of the current fiscal year continued to remain higher over the prior year. The cumulative imports totalled Rs 38,618.56 crores (USD 5,489.50 Million) during this period. In rupee terms, the imports stood higher by nearly 9%, whereas in dollar terms, the imports were up by 6.88%. The imports had totalled only Rs 35,549.72 crores (USD 5,136.17 Million) during the corresponding eight month period the prior fiscal.

Meantime, silver bar imports by the country skyrocketed by almost 72% year-on-year in November this year. The combined imports during Apr ‘19-Nov ’19 were down marginally by nearly 3%.