India gold bar imports declined 22% in Apr 2015

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 April this year. According to data, the gold bar imports by the country during the month witnessed a huge decline of 22.27% over the previous year.

 

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during April ‘15 amounted to Rs 1,604.31 crores (USD 255.67 Million).In rupee terms, the gold bar imports have dropped sharply by almost 19.20% over the year. The drop in dollar terms stood at 22.27%. It must be noted that the country’s gold bar imports during April 2014 were valued at Rs 1,985.51 crores (USD 328.94 Million).

 

According to GJEPC, the imports of gold jewellery by the country during April this year dropped nearly 34% when compared with the previous year. The country’s gold jewellery imports during April ‘15 totaled Rs 165.84 crores (USD 26.43 Million). During the similar period last year, the country had imported gold jewellery worth Rs 250.38 crores (USD 41.48 Million).

 

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in Apr 2015 is considered as Rs. 62.75 against USD and that during Apr 2014 is taken as 60.36.

 

The Apr ’15 gold bar imports have declined sharply by nearly 33% when matched with the previous month. The country’s gold bar imports had totaled Rs 2,394.64 crores (USD 383.45 Million) in March this year.