India’s Gold Bar Imports in FY 18 Leaped by One-Third

NEW DELHI (Scrap Monster):  The latest trade statistics published by India’s Gems and Jewellery Promotion Council (GJEPC) suggests notable jump in gold bar imports by the country during the month of March this year. Also, the country recorded significant jump in imports during the full previous fiscal year ending March 2018.

In accordance with GJEPC data, the country imported gold bars worth Rs 3,668.20 crores (USD 564.17 Million) in March this year. The imports surged higher significantly when compared with the corresponding month a year before. In rupee and dollar terms, the gold bar imports have recorded jump of 74.61% and 76.93% respectively. The country’s gold bar imports had totaled only Rs 2,100.74 crores (USD 318.87 Million) in March 2017.

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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).

The silver bar imports have registered sharp decline in March. The imports totaled Rs. 14.08 crores (USD 2.17 Million), which is almost lesser by 30% in rupee terms. The full fiscal year imports stood marginally higher by almost 7% at Rs. 345.24 crores.

Meantime, gold jewellery imports saw remarkable jump in March this year, recording a growth of nearly 48% from Rs 130.52 crores (USD 19.81 Million) in 2017 to Rs 193.68 crores (USD 29.79 Million) in 2018. However, the cumulative imports of gold jewellery during the full fiscal year ending March 2018 declined marginally over the previous year. The imports of gold jewellery declined by less than 1% to total Rs 1,800.50 crores (USD 279.01 Million) in April ’17 to Mar ’18.