Indian silver takes a tumble

The latest statistics released by the Gems and Jewelry Export Promotion Council (GJEPC) suggests notable decline in silver bar imports by the country during the month of November this year.

The country’s silver bar imports during the month dropped sharply by 32.86% upon comparison with the imports during the same month last year. This is in accordance with the latest trade data published by the Council.

The GJEPC data indicates that the total silver bar imports by the country in November this year amounted to INR 15.73 crores ($2.55 million). In rupee terms, the silver bar imports have declined by 32.86%. The decline in dollar terms stood at 31.82%. It must be noted that the country’s silver bar imports during October last year had totaled INR 23.43 crores ($3.74 million).

However, silver bar imports by the country in November ’14 increased marginally when compared with the previous month. The imports were up nearly 5% over the previous month. The country’s silver bar imports had totaled INR 15.03 crores ($2.45 Million) during October this year.

According to GJEPC, the cumulative silver bar imports by the country during the initial eight month period of the current fiscal has declined by nearly 36% when matched with the previous year. The country’s silver bar imports during the eight-month period from April to November 2014 totaled INR 117.50 crores ($19.41 million). During the corresponding eight-month period during previous fiscal, the country had imported silver bars worth INR 183.78 crores ($30.78 million).