India's gold bar imports plunged 42% year-on-year in October

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 October. According to the data, the gold bar imports by the country in October this year witnessed a huge fall of 42.07% over the previous year.

The provisional figures released by GJEPC suggests that the total gold bar imports by the country in October amounted to INR 2,940.93 crores (USD 477.27 million).In rupee terms, the gold bar imports have declined sharply by 42.07%. The decline in dollar terms stood at 50.15%. It must be noted that the country’s gold bar imports during October last year were INR 5,076.56 crores (USD 957.48 million).

According to GJEPC, the cumulative gold bar imports by the country during the first seven-month period of the fiscal has declined by 52.53% this year. The country’s gold bar imports during the period from April to October this year totaled INR 17,377.40 crores (USD 2,964.97 million).During the same seven-month period last year, the country had imported gold bars worth INR 37,651.10 crores (USD 6,931.36 million).

The data released by GJEPC are provisional and are subject to minor changes. The above calculations are based on prevailing exchange rates. The exchange rate of I USD in October 2013 was 61.62 and that during October 2012 was 53.02.

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