India gold bar imports plunged in August

By  Paul Ploumis 17 Sep 2015  Last updated at 08:25:37 GMT

The Indian gold bar imports dropped by over one-tenth during the month of August this year. This is in accordance with the latest monthly statistics published by the country's Gems and Jewellery Export Promotion Council (GJEPC).

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 August this year. According to data, the gold bar imports by the country during the month recorded substantial decline of nearly 10% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during August ‘15 amounted to Rs 1,555.79 crores (USD 239.09 Million).In rupee terms, the gold bar imports have dropped by almost 10.22% over the year. The decline in dollar terms stood at 15.97%. It must be noted that the country’s gold bar imports during August 2014 were valued at Rs 1,732.85 crores (USD 284.54 Million).

The cumulative imports of gold bar during the initial eight-month period of the year totaled Rs 9,406.25 crores (USD 1,475.85 Million).

According to GJEPC, the imports of gold jewellery by the country during August this year rose sharply by over 25% when compared with the previous year. The country’s gold jewellery imports during August ‘15 totaled Rs 182.32 crores (USD 28.02 Million). During the same month last year, the country had imported gold jewellery worth only Rs 145.22 crores (USD 23.85 Million).

The August ’15 gold bar imports have declined sharply when matched with the previous month. The country’s gold bar imports had totaled Rs 2,696.57 crores (USD 423.79 Million) in July this year.

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in August 2015 is considered as Rs. 65.07 against USD and that during August 2014 is taken as 60.90.