The Indian gold jewelry exports plunged by over 38% year-on-year to $665.74 million (Rs. 4,157.57 Crore) in March 2015 while the country’s silver jewelry exports more than tripled year-on-year to $ 340.05 million (Rs. 2,123.62 Crore).
The Gems and Jewelry Export Promotion Council (GJEPC) has released the details of imports of raw materials for gems and jewellery 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 customs officials had unveiled a major gold smuggling attempt at Indira Gandhi International Airport last Saturday, involving an Afghan national. It was one of the biggest gold seizures in the history of the airport, as per Direct Revenue Intelligence (DRI) under India Customs Department.