India Silver bar imports surged in July

By  Paul Ploumis 25 Aug 2015  Last updated at  08:06:10 GMT

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) indicates significant surge in Silver bar imports by the country during the month of July this year. The country’s Silver bar imports during the month more than doubled upon comparison with the imports during the same month the year before. This is in accordance with the latest trade data published by the apex trade body.

The GJEPC data indicates that the total Silver bar imports by the country in July 2015 amounted to INR 21.76 crores (USD 3.42 Million). In rupee terms, the Silver bar imports have jumped higher by 109.63%. The surge in dollar terms stood at 97.7%. It must be noted that the country’s Silver bar imports during July 2014 had totaled INR 10.38 crores (USD 1.73 Million).

The cumulative silver bar imports during the initial four-month period of the current fiscal year totaled INR 73.17 crores (USD 11.56 Million), marginally lower when compared with the imports of INR 76.53 crores (USD 12.79 Million) during April-July ‘14.

Also, silver bar imports by the country in July this year rose sharply when compared with the previous month. The imports were up by over 100% over the previous month. The country’s Silver bar imports had totaled INR 10.72 crores (USD 1.68 Million) during June 2015.

According to GJEPC, the Silver jewellery imports by the country during July this year witnessed huge decline when matched with the previous year. The country’s Silver jewellery imports during the month totaled INR 32.69 crores (USD 5.14 Million). During same month a year before, the country had imported Silver jewellery worth INR 37.62 crores (USD 6.26 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.