India gold bar imports more than doubled in Dec 2015

By Anil Mathews (ScrapMonster Author)

January 22, 2016 07:42:54 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 December last year. According to data, the gold bar imports by the country during the month recorded substantial rise of over 118% when matched with the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during December ‘15 amounted to Rs 2,027.21 crores (USD 304.39 Million).In rupee terms, the gold bar imports have surged higher by 118% over the year. The increase in dollar terms stood at 106.3%. It must be noted that the country’s gold bar imports during December 2014 were valued at Rs 925.75 crores (USD 147.53 Million).

The cumulative imports of gold bar during the initial nine-month period of the current fiscal year starting April 2015 totaled Rs 17,660.77 crores (USD 2,729.11 Million).

According to GJEPC, the imports of gold jewellery by the country during December last year declined by over 8% when compared with Dec ’14. The country’s gold jewellery imports during December ‘15 totaled Rs 148.36 crores (USD 22.28 Million). During the same month in 2014, the country had imported gold jewellery worth Rs 161.98 crores (USD 25.81 Million).

The December ’15 gold bar imports have soared higher in comparison with the imports during the month before. The country’s gold bar imports had totaled Rs 1,357.07 crores (USD 205.24 Million) in November 2015.

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in December last year is considered as Rs. 66.60 against USD and that during December 2014 is taken as 62.75.