India gold bar imports tumbled in November

By Anil Mathews (ScrapMonster Author)

December 21, 2015 07:03:09 AM

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 November this year. According to data, the gold bar imports by the country during the month recorded substantial decline of over 57% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during November ‘15 amounted to Rs 1,357.07 crores (USD 205.24 Million).In rupee terms, the gold bar imports have dropped by 57.01% over the year. The decline in dollar terms stood at 59.97%. It must be noted that the country’s gold bar imports during November 2014 were valued at Rs 3,163.43 crores (USD 205.24 Million).

The cumulative imports of gold bar during the initial eight-month period of the current fiscal year starting April 2015 totaled Rs 15,140.23 crores (USD 2,349.83 Million).

According to GJEPC, the imports of gold jewellery by the country during November this year surged higher by over 18% when compared with the previous year. The country’s gold jewellery imports during November ‘15 totaled Rs 120.38 crores (USD 18.21 Million). During the same month last year, the country had imported gold jewellery worth only Rs 101.65 crores (USD 16.48 Million).

The November ’15 gold bar imports have declined when matched with the previous month. The country’s gold bar imports had totaled Rs 1,435.28 crores (USD 220.61 Million) in October this year.

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in November this year is considered as Rs. 66.12 against USD and that during November 2014 is taken as 61.70.