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NewsHome > News >

India’s Gold Bar Imports Surged 42%

Time:2019-03-18 16:37 Author:Suny Group

The import statistics published by the Gem and Jewellery Export Promotion Council (GJEPC) indicates that the country’s gold bar imports surged higher significantly during the initial eleven months (April ’18-February ‘19) this fiscal. The monthly imports declined marginally in Feb ‘19, when compared with the previous year.

According to GJEPC, the monthly gold bar imports totaled $583.18 million in February this year, down by nearly 6% when compared with the February 2018 imports. India’s gold imports in February last year had totaled $617.50 million. In rupee terms, the imports amounted to 4,153.40 crores, up marginally by 4.49% year-on-year.

The combined gold bar imports during the initial eleven-month period of the current fiscal year totaled $7,183.02 million. The imports surged higher significantly by 41.80%, upon comparison with the imports that had totaled only $5,065.71 million during the corresponding eleven-month period of the previous fiscal year. The imports surged higher from Rs. 32,630.20 crores to Rs. 50,019.39 crores, in rupee terms, GJEPC data said.

Meantime, gold jewellery imports totaled $19.92 million in February 2019 and $270.65 million during Apr ‘18-Feb ’19.

The imports of silver bar continued to remain subdued at $1.88 million in February this year, substantially lower by 24% when matched with $2.47 million in the same month a year before. Also, silver jewellery imports declined modestly from $4.70 million in February 2018 to $3.88 million in February this year.

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