India Silver bar imports up 15% in August

By  Paul Ploumis 18 Sep 2015  Last updated at  08:37:38 GMT

MUMBAI (Scrap Monster): The latest statistics released by the Gems and Jewellery Export Promotion Council (GJEPC) indicates considerable rise in Silver bar imports by the country during the month of August this year. The country’s Silver bar imports during the month increased by more than 15% 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 August 2015 amounted to INR 17.22 crores (USD 2.65 Million). In rupee terms, the Silver bar imports have jumped higher by 15.88%. The surge in dollar terms stood at 8.61%. It must be noted that the country’s Silver bar imports during August 2014 had totaled INR 14.86 crores (USD 2.44 Million).

The cumulative silver bar imports during the initial five-month period of the current fiscal year totaled INR 90.39 crores (USD 14.21 Million), marginally lower when compared with the imports of INR 96.62 crores (USD 16.09 Million) during April-August ‘14.

Also, silver bar imports by the country in July this year declined when compared with the previous month. The imports were down by over 20% when compared with the previous month. The country’s Silver bar imports had totaled INR 21.76 crores (USD 3.42 Million) during July 2015.

According to GJEPC, the Silver jewellery imports by the country during August this year witnessed huge decline when matched with the previous year. The country’s Silver jewellery imports during Aug ‘15 totaled INR 20.20 crores (USD 3.10 Million). During same month a year before, the country had imported Silver jewellery worth INR 40.33 crores (USD 6.62 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.