MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests dramatic rise in Silver bar imports by the country during the month of January this year. The country’s Silver bar imports during the month surged higher by 107.80% upon comparison with the imports during the same month the year before. This is in accordance with the latest trade data published by the Council.

 

The GJEPC data indicates that the total Silver bar imports by the country in January 2015 amounted to INR 8.30 crores (USD 1.33 Million). In rupee terms, the Silver bar imports have jumped higher by 108.5%. The rise in dollar terms stood at 107.80%. It must be noted that the country’s Silver bar imports during January 2014 had totaled INR 3.98 crores (USD 0.64 Million).

 

However, silver bar imports by the country in Jan ‘15 saw sharp decline when compared with the previous month. The imports were down by nearly 47% over the previous month. The country’s Silver bar imports had totaled INR 15.68 crores (USD 2.50 Million) during December 2014.

 

According to GJEPC, the cumulative Silver bar imports by the country during the initial ten month period of the current fiscal has declined by nearly 30% when matched with the previous year. The country’s Silver bar imports during the ten-month period from April 2014 to January 2015 totaled INR 141.48 crores (USD 23.24 Million). During the corresponding ten-month period during previous fiscal, the country had imported Silver bars worth INR 202.04 crores (USD 33.73 Million).