Author: Paul Ploumis20 Jun 2014 Last updated at 08:22:09 GMT
MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests huge drop in the country’s Silver bar imports during the month of May 2014. The country’s Silver bar imports in May plunged by 39.11% upon comparison with the imports during the same month last year. This is in accordance with the raw material import details published by Council for the month of May 2014.
The GJEPC data indicates that the total Silver bar imports by the country in May this year amounted to INR 16.23 crores (USD 2.74 Million). In rupee terms, the Silver bar imports have declined by 34.37%. The decline in dollar terms stood at 39.11%. It must be noted that the country’s Silver bar imports during May last year were INR 24.73 crores (USD 4.50 Million).
However, silver bar imports by the country in May ’14 were significantly higher when compared with the previous month. The imports climbed higher by 28% over the previous month. The country’s Silver bar imports had totaled INR 12.65 crores (USD 2.10 Million) during April this year.
According to GJEPC, the cumulative Silver bar imports by the country during the first two months of the current fiscal has declined by 36.25% over the year. The country’s Silver bar imports during the two-month period from April to May 2014 totaled INR 28.88 crores (USD 4.84 Million). During the corresponding two-month period during previous fiscal, the country had imported Silver bars worth INR 45.30 crores (USD 8.28 Million).
In a bid to curb burgeoning imports and rising CAD situation, the government had raised the import duty on Silver to 10% from 6%. Consequently, the imports of Silver had witnessed sharp decline in the country.