India gold bar imports soar 70% in February

By Anil Mathews (ScrapMonster Author)

March 15, 2016 04:40:00 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 February this year. According to data, the gold bar imports by the country during the month recorded substantial rise of nearly 70% when matched with the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during Feb ‘16 amounted to Rs 2,781.40 crores (USD 407.59 Million).In rupee terms, the gold bar imports have surged higher by 70.3% over the year. The increase in dollar terms stood at 54.87%. It must be noted that the country’s gold bar imports during February 2015 were valued at Rs 1,632.78 crores (USD 263.18 Million).

The cumulative imports of gold bar during the initial eleven-month period of the current fiscal year starting April 2015 totaled Rs 29,440.27 crores (USD 4,841.87 Million).

According to GJEPC, the imports of gold jewellery by the country during February this year jumped higher by nearly 40% when compared with Feb ’15. The country’s gold jewellery imports during February ‘16 totaled Rs 173.20 crores (USD 25.38 Million). During the same month in 2015, the country had imported gold jewellery worth Rs 123.70 crores (USD 19.94 Million).

The February ’16 gold bar imports have increased significantly in comparison with the imports during the month before. The country’s gold bar imports had totaled Rs 1,989.47 crores (USD 295.83 Million) in January 2016 this year.

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in February this year is considered as Rs. 68.24 against USD and that during February 2015 is taken as 62.04.