MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests significant drop in the country's Silver bar imports during the month of June this year. The country's Silver bar imports in June declined by 17.32% 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 June 2014.
The GJEPC data indicates that the total Silver bar imports by the country in June this year amounted to INR 13.80 crores (USD 2.31 Million). In rupee terms, the Silver bar imports have declined by 17.32%. The decline in dollar terms stood at 19.23%. It must be noted that the country's Silver bar imports during June last year were INR 16.69 crores (USD 2.86 Million).
Also, silver bar imports by the country in June '14 were significantly lower when compared with the previous month. The imports declined by nearly 15% over the previous month. The country's Silver bar imports had totaled INR 16.23 crores (USD 2.74 Million) during May this year.
According to GJEPC, the cumulative Silver bar imports by the country during the first quarter of the current fiscal has declined by 31.15% over the year. The country's Silver bar imports during the three-month period from April to June 2014 totaled INR 42.68 crores (USD 7.15 Million). During the corresponding three-month period during previous fiscal, the country had imported Silver bars worth INR 61.99 crores (USD 11.14 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.