GJEPC: India's gold bar imports surged 41% in Apr-Sep

By Anil Mathews

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 September 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 September ‘16 amounted to Rs 2,676.87 crores (USD 401.09 Million). In rupee terms, the gold bar imports have increased by nearly 65% over the year. The jump in dollar terms stood at 63.8%. It must be noted that the country’s gold bar imports during September 2015 were valued at Rs 1,621.40 crores (USD 244.85 Million).

The September ’16 gold bar imports have increased when compared with the imports during the month before. The country’s gold bar imports had totaled Rs 1,736.38 crores (USD 259.39 Million) in August this year.

The cumulative gold bar imports by the country during the initial six months (Apr ’16 to Sep ’16) of the current fiscal year surged higher by over 51% in rupee terms from Rs 11,001.78 crores (USD 1,716.61 Million) during April to September in 2015 to Rs 16,663.57 crores (USD 2,490.45 Million).

Silver Bar Imports

The GJEPC figures suggest significant rise in Silver bar imports by the country during the month of September this year. The country’s Silver bar imports during the month surged higher by nearly 84% upon comparison with the imports during the same month the year before.

The total Silver bar imports by the country in September this year amounted to INR 42.20 crores (USD 6.32 Million). In rupee terms, the Silver bar imports have jumped higher by 83.8% when matched with the previous year. The rise in dollar terms stood at 82.1%. It must be noted that the country’s Silver bar imports during September last year had totaled only INR 22.96 crores (USD 3.47 Million).

Also, silver bar imports by the country in September this year witnessed sharp increase when compared with the previous month. The imports rose nearly 57% when compared with the previous month. The country’s Silver bar imports had totaled INR 26.88 crores (USD 4.02 Million) during August 2016.

The silver bar imports during the six-month period from April to September this fiscal year totaled INR 173.52 crores (USD 25.93 Million)

Jewellery Imports

The imports of gold jewellery by the country during September this year have increased sharply by nearly 85% when compared with September ’15. The country’s gold jewellery imports during September this year totaled Rs 320.31 crores (USD 47.99 Million). During the same month in 2015, the country had imported gold jewellery worth Rs 172.90 crores (USD 26.11 Million).

On the other hand, silver jewellery imports by the country during September this year tumbled by nearly 38% when matched with the previous year. The country’s Silver jewellery imports during September ‘16 totaled INR 24.59 crores (USD 3.68 Million). During same month a year before, the country had imported Silver jewellery worth INR 39.39 crores (USD 5.95 Million).

The GJEPC data also indicates that the imports of Colored Gemstones by the country totaled INR 893.93 crores (USD 133.94 Million) during September this year. The Synthetic Stones import totaled INR 43.90 crores (USD 6.58 Million). The imports of Pearls totaled INR 210.38 crores (USD 31.52 Million) during the month. Meantime, imports of platinum almost doubled from INR 12.04 crores (USD 1.82 Million) in September last year to INR 24.04 crores (USD 3.60 Million) in September 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.