India Silver bar imports more than double in Jan

By Anil Mathews (ScrapMonster Author)

February 25, 2016 11:01:21 PM

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 January this year. The country’s Silver bar imports during the month more than doubled 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 January 2016 amounted to INR 20.02 crores (USD 2.98 Million). In rupee terms, the Silver bar imports have jumped higher by over 141%. The surge in dollar terms stood at 124%. It must be noted that the country’s Silver bar imports during January 2015 had totaled INR 8.30 crores (USD 1.33 Million).

The cumulative silver bar imports during the initial ten-month period of the current fiscal year from April ’15 to Jan ’16 totaled INR 216.83 crores (USD 33.39 Million), significantly higher when compared with the imports of INR 167.89 crores (USD 27.63 Million) during the period from Apr ’15 to Jan ‘16.

Also, silver bar imports by the country in January this year increased when compared with the previous month. The imports were up by over 6% when compared with the previous month. The country’s Silver bar imports had totaled INR 18.83 crores (USD 2.83 Million) during December 2015.

According to GJEPC, the Silver jewellery imports by the country during January this year witnessed decline when matched with the previous year. The country’s Silver jewellery imports during Jan ‘16 totaled INR 14.71 crores (USD 2.19 Million). During same month a year before, the country had imported Silver jewellery worth INR 28.15 crores (USD4.52 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.