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Gold Bar Imports surged 36% in India during September

The Gems and Jewelry Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewelry for the month of September 2014. According to data, the gold bar imports by the country during September this year witnessed sharp rise of 35.74% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country in September ‘14 amounted to Rs 2,422.58 crores (USD 398.06 Million).In rupee terms, the gold bar imports have soared higher by 35.74% over the year. The rise in dollar terms stood at 42.19%. It must be noted that the country’s gold bar imports during September last year were Rs 1,784.71 crores (USD 279.95 Million).

According to GJEPC, the cumulative gold bar imports by the country during the initial six months of the current fiscal from April ‘14 to September ‘14 remained almost flat, falling marginally by 1.38% when compared with the corresponding six-month period during previous fiscal year. The country’s gold bar imports during April to September 2014 totaled Rs 14,938.34 crores (USD 2,485.69 Million). During the similar period last fiscal, the country had imported gold bars worth Rs 15,040.66 crores (USD 2,587.38 Million).

The country witnessed sharp rise in gold jewelry imports during the month of September this year. The gold jewelry imports totaled Rs 246.99 crores (USD 40.58 Million), surging nearly 50% over the year. The country’s gold jewelry imports during September ’13 had totaled Rs 166.19 crores (USD 26.07 Million).

Source:Scrap Monster

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