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 Sept. 2014. According to data, the gold bar imports by India 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 Sept. 2014 amounted to ` 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 ` 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 2014 to Sept. 2014 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 Sept. 2014 totaled ` 14,938.34 crores (USD 2,485.69 Million). During the similar period last fiscal, the country had imported gold bars worth ` 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 ` 246.99 crores (USD 40.58 Million), surging nearly 50% over the year. The country’s gold jewelry imports during Sept. 2013 had totaled ` 166.19 crores (USD 26.07 Million).
Source:resourceinvestor
Source:Bullion Bulletin