India Silver bar imports surged 20% in Dec 2015

By Anil Mathews (ScrapMonster Author)

January 25, 2016 05:58:07 AM

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 December last year. The country’s Silver bar imports during the month increased by more than 20% 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 December 2015 amounted to INR 18.83 crores (USD 2.83 Million). In rupee terms, the Silver bar imports have jumped higher by 20.10%. The surge in dollar terms stood at 13.2%. It must be noted that the country’s Silver bar imports during December 2014 had totaled INR 15.68 crores (USD 2.50 Million).

The cumulative silver bar imports during the initial nine-month period of the current fiscal year from April to December totaled INR 196.81 crores (USD 30.41 Million), significantly higher when compared with the imports of INR 159.59 crores (USD 26.30 Million) during April-December ‘14.

Also, silver bar imports by the country in November this year declined when compared with the previous month. The imports were down by over 13% when compared with the previous month. The country’s Silver bar imports had totaled INR 21.76 crores (USD 3.29 Million) during November 2015.

According to GJEPC, the Silver jewellery imports by the country during December last year witnessed decline when matched with the previous year. The country’s Silver jewellery imports during Dec ‘15 totaled INR 29.98 crores (USD 4.50 Million). During same month a year before, the country had imported Silver jewellery worth INR 35.07 crores (USD 5.59 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.