Indian gold bar imports see 9% increase in July

By  Paul Ploumis 24 Aug 2015  Last updated at  08:00:39 GMT

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 July this year. According to data, the gold bar imports by the country during the month witnessed uptick of nearly 9% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during July ‘15 amounted to Rs 2,696.57 crores (USD 423.79 Million).In rupee terms, the gold bar imports have increased by almost 9.27% over the year. The increase in dollar terms stood at 3.14%. It must be noted that the country’s gold bar imports during July 2014 were valued at Rs 2,467.84 crores (USD 410.90 Million).

According to GJEPC, the imports of gold jewellery by the country during July this year dropped sharply by nearly 47.73% when compared with the previous year. The country’s gold jewellery imports during July ‘15 totaled Rs 154.27 crores (USD 24.25 Million). During the similar period last year, the country had imported gold jewellery worth Rs 295.16 crores (USD 49.14 Million).

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in July 2015 is considered as Rs. 63.63 against USD and that during July 2014 is taken as 60.06.

The July ’15 gold bar imports have surged higher significantly when matched with the previous month. The country’s gold bar imports had totaled Rs 1,550.42 crores (USD 242.78 Million) in June this year.