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India's Gold Bar Imports Plunged 86%

The Gem & Jewellery Export Promotion Council (GJEPC) sponsored by the Indian Ministry of Commerce and Industry published provisional figures of gems and jewellery items for the month of September 2020.

India’s gold bar imports totalled Rs 709.45 crores (USD 96.52 Million) in September ‘20. In rupee terms, the gold bar imports have declined sharply by nearly 83% from the previous year. The decline in dollar terms stood at almost 84%, said GJEPC data. It must be noted that the country’s gold bar imports during September 2019 were valued at Rs 4,236.38 crores (USD 592.34 Million).

The cumulative gold bar imports by the country during the first six months (Apr ’20 to September ‘20) of the current fiscal year continued to remain lower when compared with the prior year. The imports totalled Rs 1,490.52 crores (USD 200.80 Million) during this period. This is lower by 86.42% and 86.97% over the previous year in rupee and dollar terms respectively. The imports had totalled Rs 10,976.89 crores (USD 1,541.62 Million) in April-September in 2019.

Meantime, silver bar imports registered nearly 45% year-on-year surge in September this year. On the contrary, the combined imports during Apr-September ’20 were still down by 19% over the previous year.

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