India gold bar imports surged 42% in March

By Anil Mathews (ScrapMonster Author)

May 02, 2016 07:23:37 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 March this year. According to data, the gold bar imports by the country during the month recorded substantial rise of nearly 42% when matched with the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during Mar ‘16 amounted to Rs 3,419.94 crores (USD 510.29 Million). In rupee terms, the gold bar imports have surged higher by 41.59% over the year. The increase in dollar terms stood at 31.94%. It must be noted that the country’s gold bar imports during March 2015 were valued at Rs 2,415.31 crores (USD 386.76 Million).

The cumulative imports of gold bar during the fiscal year starting April 2015 to March 2016 totaled Rs 26,690.95 crores (USD 4,067.73 Million).

According to GJEPC, the imports of gold jewellery by the country during March this year jumped higher by more than 20% when compared with Mar ’15. The country’s gold jewellery imports during March this year totaled Rs 152.85 crores (USD 22.81 Million). During the same month in 2015, the country had imported gold jewellery worth Rs 127.37 crores (USD 20.40 Million).

The March ’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 2,781.40 crores (USD 407.59 Million) in February this year.

It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in March this year is considered as Rs. 67.02 against USD and that during March 2015 is taken as 62.45.