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India’s gold bar imports surged 49% in Nov ’14

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 November this year. According to data, the gold bar imports by the country during October this year witnessed a sharp jump of nearly 49% over the previous year.

The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during November ‘14 amounted to Rs 3,637.13 crores (USD 589.49 Million).In rupee terms, the gold bar imports have soared higher by 48.55% over the year. The rise in dollar terms stood at 50.79%. It must be noted that the country’s gold bar imports during November last year were Rs 2,448.48 crores (USD 390.94 Million).

According to GJEPC, the cumulative gold bar imports by the country during the initial eight months of the current fiscal from April ‘14 to November ‘14 jumped higher by 20.54% when compared with the corresponding eight-month period during previous fiscal year. The country’s gold bar imports during April to November 2014 totaled Rs 24,495.28 crores (USD 4,045.91 Million). During the similar period last fiscal, the country had imported gold bars worth Rs 20,479.05 crores (USD 3,460.76 Million).

The gold imports by the country have been rising continuously since August this year on account of improved festive season demand.

Source:Scrap Monster

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