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 March this year. According to data, the gold bar imports by the country during the month witnessed a huge decline of over 51% over the previous year.
The monthly import statistics released by GJEPC suggests that the total gold bar imports by the country during March ‘15 amounted to Rs 2,394.64 crores (USD 383.45 Million). In rupee terms, the gold bar imports have dropped sharply by almost 50% over the year. The drop in dollar terms stood at 51.13%. It must be noted that the country’s gold bar imports during March 2014 were valued at Rs 4,787.33 crores (USD 784.68 Million).
According to GJEPC, the cumulative gold bar imports by the country during the full fiscal year from April 2014 to March 2015 dropped by 6.35% when compared with the previous fiscal year. The country’s gold bar imports during April ‘14 to Mar ’15 totaled Rs 31,959.66 crores (USD 5,243.50 Million). During the similar period last fiscal, the country had imported gold bars worth Rs 33,649.54 crores (USD 5,598.86 Million).
It must be noted that the above figures are based on prevailing exchange rates. The exchange rate of 1 USD in Mar 2015 is considered as Rs. 62.45 against USD and that during Mar 2014 is taken as 61.01.
The Mar ’15 gold bar imports rose sharply by nearly 47% in comparison with the previous month. The country’s gold bar imports had totaled Rs 1,632.78 crores (USD 263.18 Million) in February this year.