India’s gold bar imports plunged 68% year-on-year in August

The Gems and Jewelry Export Promotion Council (GJEPC) has released the latest data for imports of raw materials for gems and jewelry. According to the data, the gold bar imports by the country witnessed a huge fall of 67.61% in August over the year.
The provisional figures released by GJEPC suggests that the total gold bar imports by the country in August amounted to INR 1,936.32 crores (USD 306.33 million).In rupee terms, the gold bar imports have declined sharply by 67.61%. The decline in dollar terms stood at 71.02%. It must be noted that the country’s gold bar imports during August last year were INR 5,978.59 crores (USD 1,057.03 million).
According to GJEPC, the cumulative gold bar imports by the country during the first five-month period of the fiscal has declined by 54.46% this year. The country’s gold bar imports during the period from April to August this year totaled INR 12,107.51 crores (USD 2,118.14 million).During the same five-month period last year, the country had imported gold bars worth INR 27,022.86 crores (USD 4,954.71 million).
The data released by GJEPC are provisional and are subject to change. The above calculations are based on prevailing exchange rates. The exchange rate of I USD in August 2013 was 63.21 and that during August 2012 was 56.56.
Source:Bullion Bulletin

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