India Silver bar imports surged 150% in April

Author: Paul Ploumis20 May 2015 Last updated at 07:38:30 GMT

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) suggests dramatic surge in Silver bar imports by the country during the month of April this year. The country’s Silver bar imports during the month rose sharply by nearly 150% 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 April 2015 amounted to INR 32.72 crores (USD 5.21 Million). In rupee terms, the Silver bar imports have skyrocketed by 159.07%. The surge in dollar terms stood at 149.3%. It must be noted that the country’s Silver bar imports during April 2014 had totaled INR 12.63 crores (USD 2.09 Million).

Also, silver bar imports by the country in March this year rose sharply when compared with the previous month. The imports were up by nearly 260% over the previous month. The country’s Silver bar imports had totaled INR 9.05 crores (USD 1.45 Million) during March 2015.

According to GJEPC, the Silver jewellery imports by the country during April this year has declined to nearly one-third when matched with the previous year. The country’s Silver jewellery imports during the month totaled INR 22.55 crores (USD 3.59 Million). During same month a year before, the country had imported Silver jewellery worth INR 66.11 crores (USD 10.95 Million).

The GJEPC, set up by the by the Ministry of Commerce, Government of India in 1966 is the apex body of the gems & jewellery industry. Headquartered in Mumbai, the industry body represents almost 6,000 exporters in the sector.