India's gold bar imports see rapid fall during Jan '15

 

MUMBAI (Scrap Monster):  The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery for the month of January this year. According to data, the gold bar imports by the country during the month witnessed a sharp decline of nearly 58% over the previous year.

 

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during January ‘15 amounted to Rs 1,262.33 crores (USD 202.85 Million).In rupee terms, the gold bar imports have plunged by 58.32% over the year. The decline in dollar terms stood at 58.42%. It must be noted that the country’s gold bar imports during January 2014 were valued at Rs 3,028.65 crores (USD 487.86 Million).

 

According to GJEPC, the cumulative gold bar imports by the country during the initial ten months of the current fiscal from April ‘14 to January ‘15 jumped higher slightly by 2.96% when compared with the corresponding ten-month period during previous fiscal year. The country’s gold bar imports during April ‘14 to Jan ’15 totaled Rs 27,137.65 crores (USD 4,468.95 Million). During the similar period last fiscal, the country had imported gold bars worth Rs 25,932.79 crores (USD 4,340.31 Million).

 

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in Jan 2015 is considered as Rs. 62.23 against USD and that during Jan 2014 is taken as 62.08.

 

The gold bar imports dropped marginally in comparison with Dec ’14 when the country’s imports had totaled Rs 1,282.07 crores (USD 204.31 Million).