SMM Metals Reports

India's gold bar imports tumbled 44% year-on-year in November: GJEPC

16 Dec 2013 Last updated at 07:09:42 GMT
MUMBAI (Scrap Monster) :  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. According to the data, the gold bar imports by the country in November this year witnessed a huge fall of 44.02% over the previous year.
 
The provisional figures released by GJEPC suggests that the total gold bar imports by the country in November amounted to INR 2,161.91 crores (USD 345.19 million).In rupee terms, the gold bar imports have declined sharply by 44.02%. The decline in dollar terms stood at 51.04%. It must be noted that the country’s gold bar imports during November last year were INR 3,862.13 crores (USD 705.03 million).
 
According to GJEPC, the cumulative gold bar imports by the country during the first eight-month period of the fiscal has declined by 51.15% this year. The country’s gold bar imports during the period from April to November this year totaled INR 19,768.58 crores (USD 3,346.65 million).During the same eight-month period last year, the country had imported gold bars worth INR 41,826.92 crores (USD 7,693.67 million).
 
The data released by GJEPC are provisional and are subject to minor adjustments. The above calculations are based on prevailing exchange rates. The exchange rate of I USD in November 2013 was 62.63 and that during November 2012 was 54.78.
 
Author: Paul Ploumis
Tags: gold coin,  gold bar,  coin sale,  GJEPC,  retailer,  CAD,  ban,  gold bar imports,  jewellery,  import duty,  gems

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