India Silver bar imports register two-fold growth in February

By Anil Mathews (ScrapMonster Author)

March 16, 2016 08:15:36 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 February this year. The country’s Silver bar imports during the month jumped over two-folds 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 February 2016 amounted to INR 25.66 crores (USD 3.76 Million). In rupee terms, the Silver bar imports have jumped higher by over 115%. The surge in dollar terms stood at 96%. It must be noted that the country’s Silver bar imports during February 2015 had totaled INR 11.92 crores (USD 1.92 Million).

The cumulative silver bar imports during the initial eleven-month period of the current fiscal year from April ’15 to Feb ’16 totaled INR 242.49 crores (USD 37.15 Million), significantly higher when compared with the imports of INR 179.81 crores (USD 29.55 Million) during the period from Apr ’14 to Feb ‘15.

Also, silver bar imports by the country in February this year increased when compared with the previous month. The imports were up by over 28% when compared with the previous month. The country’s Silver bar imports had totaled 20.02 crores (USD 2.98 Million) during January 2016.

According to GJEPC, the Silver jewellery imports by the country during February this year witnessed decline when matched with the previous year. The country’s Silver jewellery imports during Feb ‘16 totaled INR 20.89 crores (USD 3.06 Million). During same month a year before, the country had imported Silver jewellery worth INR 22.96 crores (USD 3.90 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.