India's Silver Imports Surged 34% in February

NEW DELHI (Scrap Monster):  The import trade statistics published by the Gems and Jewellery Export Promotion Council (GJEPC) of India signals notable jump in imports of silver bar during the month of February this year. The imports had recorded notable jump during the opening month of the year too. Also, cumulative imports during the initial eleven-month period of the fiscal too were up when compared with the prior fiscal.

According to the trade body, the country imported silver bars worth Rs 15.14 crores (USD 2.35 Million) during February this year. In rupee terms, the volume of imports stood higher by nearly 18%, when matched with the same month in 2017. The rise in dollar terms was 34%. India had imported only Rs 11.84 crores (USD 1.76 Million) worth of silver bars during the second month of the current year.

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The country’s silver bar imports during the first eleven months (April 2017 to February 2018) of the fiscal increased marginally over the year. The cumulative imports, in rupee terms, during the above mentioned period totaled Rs 296.37 crores (USD 46.02 Million), marginally higher when compared with the imports of Rs 294.62 crores (USD 43.91 Million) during April 2016 to February 2017.

Meantime, the imports of silver jewellery more than doubled over the previous year from Rs 13.70 crores (USD 2.04 Million) in Feb ’17 to Rs 29.31 crores (USD 4.55 Million) in February this year. The combined imports during the initial eleven-month period too surged higher significantly from Rs 228.67 crores (USD 34.03 Million) in previous fiscal to Rs 354.15 crores (USD 54.89 Million) this fiscal.