MUMBAI(Topmcxtips): India’s silver bar imports saw a sharp decline in October this year. According to a data by Gems and Jewellery Export Promotion Council (GJEPC), silver bar imports plunged by 36% compared to the same period last year.
The GJEPC data says the total silver bar imports by the country in October this year amounted to Rs 15.03 crores ($2.45 Million).
In rupee terms, the silver bar imports have declined by 36.7%. The decline in dollar terms stood at 36.4%. India’s silver bar imports during October last year were to the tune of Rs 23.74 crores ($ 3.85 Million).
Also, silver bar imports by the country in October 2014 fell sharply when compared with the previous month. The imports plunged by nearly 18% over the previous month. The country’s silver bar imports had totaled INR 18.28 crores (USD 3.00 Million) during September this year.
According to GJEPC, the cumulative silver bar imports by the country during the initial seven month period of the current fiscal has declined by over 40% when matched with the previous year.
The country’s Silver bar imports during the seven-month period from April to October 2014 totalled INR 101.24 crores (USD 16.77 Million).
During the corresponding seven-month period during previous fiscal, the country had imported silver bars worth INR 168.28 crores (USD 28.37 Million).