[Au Im&Ex] India gold bar imports drop substantially

By  Paul Ploumis 20 Jul 2015  Last updated at  08:19:56 GMT

MUMBAI (Scrap Monster):  The Gems and Jewellery Export Promotion Council (GJEPC) has today released the details of imports of raw materials for gems and jewellery for the month of June this year. According to data, the gold bar imports by the country during the month witnessed significant decline of nearly 32% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during June ‘15 amounted to Rs 1,550.42 crores (USD 242.78 Million).In rupee terms, the gold bar imports have dropped sharply by almost 32.04% over the year. The drop in dollar terms stood at 36.43%. It must be noted that the country’s gold bar imports during June 2014 were valued at Rs 2,281.22 crores (USD 381.92 Million).

According to GJEPC, the imports of gold jewellery by the country during June this year dropped nearly 32.82% when compared with the previous year. The country’s gold jewellery imports during June ‘15 totaled Rs 143.97 crores (USD 22.54 Million). During the similar period last year, the country had imported gold jewellery worth Rs 214.30 crores (USD 35.88 Million).

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in June 2015 is considered as Rs. 63.86 against USD and that during June 2014 is taken as 59.73.

The May ’15 gold bar imports have remained almost flat when matched with the previous month. The country’s gold bar imports had totaled Rs 1,551.11 crores (USD 243.12 Million) in May this year.