GJEPC: India gold bar imports soared 47% in Apr-July

By Anil Mathews (ScrapMonster Author)

August 24, 2016 10:04:19 PM

NEW DELHI (Scrap Monster):  The Gems and Jewellery Export Promotion Council (GJEPC) has released the details of imports and exports of raw materials for gems and jewellery for the month of July this year.

Gold Bar Imports

According to GJEPC data, the gold bar imports by the country during the month recorded significant jump when matched with the previous year.

The monthly import statistics indicate that the total gold bar imports by the country during July ‘16 amounted to Rs 2,437.74 crores (USD 362.71 Million). In rupee terms, the gold bar imports have declined modestly by nearly 7% over the year. The deccrease in dollar terms stood at 11.9%. It must be noted that the country’s gold bar imports during July 2015 were valued at Rs 2,620.94 crores (USD 411.90 Million).

The July ’16 gold bar imports have increased marginally in comparison with the imports during the month before. The country’s gold bar imports had totaled Rs 2,219.62 crores (USD 329.81 Million) in June this year.

The cumulative gold bar imports by the country during the initial four months (Apr ’16 to July ’16) of the current fiscal year surged higher by over 47% in rupee terms from Rs 7,824.59 crores (USD 1,232.67 Million) during April to July in 2015 to Rs 11,514.73 crores (USD 1,720.23 Million).

Silver Bar Imports

The GJEPC figures suggest marginal decline in Silver bar imports by the country during the month of July this year. The country’s Silver bar imports during the month dropped by nearly 8.6% upon comparison with the imports during the same month the year before.

The total Silver bar imports by the country in July this year amounted to INR 19.89 crores (USD 2.96 Million). In rupee terms, the Silver bar imports have dropped by 8.6% when matched with the previous year. The decline in dollar terms stood at nearly 13.5%. It must be noted that the country’s Silver bar imports during July 2015 had totaled INR 21.76 crores (USD 3.42 Million).

Also, silver bar imports by the country in July this year witnessed huge decline when compared with the previous month. The imports tumbled by nearly 46% when compared with the previous month. The country’s Silver bar imports had totaled INR 36.49 crores (USD 5.42 Million) during June 2016.

The silver bar imports during the four-month period from April to July this year totaled INR 104.44 crores (USD 15.59 Million)

Jewellery Imports

The imports of gold jewellery by the country during July this year dropped sharply by more than 37% when compared with July ’15. The country’s gold jewellery imports during July this year totaled Rs 96.62 crores (USD 14.38 Million). During the same month in 2015, the country had imported gold jewellery worth Rs 154.27 crores (USD 24.25 Million).

Also, silver jewellery imports by the country during July this year dropped by over 38% when matched with the previous year. The country’s Silver jewellery imports during July ‘16 totaled INR 20.08 crores (USD 2.99 Million). During same month a year before, the country had imported Silver jewellery worth INR 32.69 crores (USD 5.14 Million).

The GJEPC data also indicates that the imports of Colored Gemstones by the country totaled INR 915.65 crores (USD 136.24 Million) during July this year. The Synthetic Stones import totaled INR 36.67 crores (USD 5.46 Million). The imports of Pearls totaled INR 1,154.20 crores (USD 171.73 Million) during the month. Meantime, imports of platinum increased sharply from INR 13.12 crores (USD 2.06 Million) in July last year to INR 16.67 crores (USD 2.48 Million) in July 2016.

About GJEPC

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.