India gold bar imports run to $263.18 Million in Feb 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 February this year. According to data, the gold bar imports by the country during the month witnessed a marginal rise of nearly 0.2% over the previous year.

 

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during February ‘15 amounted to Rs 1,632.78 crores (USD 263.18 Million).In rupee terms, the gold bar imports have increased slightly by 0.20% over the year. The rise in dollar terms stood at 0.54%. It must be noted that the country’s gold bar imports during February 2014 were valued at Rs 1,629.45 crores (USD 261.76 Million).

 

According to GJEPC, the cumulative gold bar imports by the country during the initial eleven months of the current fiscal from April ‘14 to February ‘15 jumped higher by 5.54% when compared with the corresponding eleven-month period during previous fiscal year. The country’s gold bar imports during April ‘14 to Feb ’15 totaled Rs 29,088.73 crores (USD 4,783.28 Million). During the similar period last fiscal, the country had imported gold bars worth Rs 27,562.24 crores (USD 4,602.07 Million).

 

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in Feb 2015 is considered as Rs. 62.04 against USD and that during Feb 2014 is taken as 62.25.

 

The Feb ’15 gold bar imports rose sharply by nearly 30% in comparison with the previous month. The country’s gold bar imports had totaled Rs 1,262.33 crores (USD 202.85 Million) in January this year.