India's Gold Bar Imports Surged 260% in First Quarter of Fiscal 2019

SEATTLE (Scrap Monster): The recent trade data published by the Gems and Jewellery Export Promotion Council (GJEPC) suggests dramatic jump in gold bar imports by the country during the first quarter (Apr-June ’18) of the current fiscal. The imports surged higher in June.  The inward shipments of gold bars had gone through the roof in May this year.

According to GJPEC data, India imported gold bars worth Rs 5,078.12 crores (USD 749.10 Million) in June this year. The imports recorded huge surge, in comparison with those during the same month a year before. The country’s gold bar imports had totaled only Rs 1,621.19 crores (USD 251.58 Million) in June 2017. In rupee terms, the imports surged higher by 213%. The rise in dollar terms stood at 198% year-on-year.

The combined imports during the initial quarter (April-June ’18) of the current fiscal have recorded significant growth. The imports totaled Rs 15,530.33 crores (USD 2,316.20 Million) during this period, as compared with the imports worth Rs 4,312.73 crores (USD 669.15 Million) during Apr-June ’17.

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On the other hand, the imports of silver bar reported modest decline in June this year. The imports dropped from $5.39 Million in June 2017 to $4.11 Million in June this year. The cumulative imports during Apr-June ’18 were down sharply by nearly 26% to $8.47 Million from $11.44 Million a year before.

The imports of gold jewellery amounted to $23.60 Million in June 2018. This is marginally higher by almost 2.3% when compared with $23.07 Million imported during the corresponding month last year. The imports recorded marginal decline during Apr-June ’18. The country’s silver jewellery imports more than doubled in June this year. The imports surged higher by almost 103% from $2.68 Million in June ’17 to $5.43 Million in June this year. The cumulative imports during Q1 of fiscal 2019 were up by 63% in dollar terms.