Tuesday, August 5th 12:19 PM IST

Gold jewellery imports in India up by 10% during April-June: GJEPC

# Gold  

Gems and Jewellery Export Promotion Council's (GJEPC) industry body said, India's gold jewellery imports soared 10 per cent to Rs. 696.44 crores in the first quarter of this fiscal as high premium on Gold following tough import norms forced traders to get finished jewellery from abroad.

NEW DELHI(Bullion Street): Gems and Jewellery Export Promotion Council's (GJEPC) industry body said, India's gold jewellery imports soared 10 per cent to Rs. 696.44 crores in the first quarter of this fiscal as high premium on Gold following tough import norms forced traders to get finished jewellery from abroad.


Import of gold bars diminished marginally by 3.32 per cent to Rs. 8,261.88 crores in the first quarter of this fiscal, it said.

“Gold jewellery imports rose in Q1 because the premium on gold in the domestic market was very high during April-May in the wake of import curbs. Importing gold jewellery was more viable at that time,” Gems and Jewellery Export Promotion Council (GJEPC) senior official Kunal Joshi said.

But a decline in import volumes was seen in June as compared to the previous months and shipments are expected to further drop as premium on gold in the domestic market has come down after the RBI relaxed import norms in May-end, he said.

Currently, the premium on gold has come down from Rs. 200 per gram of gold in April to Rs. 1 per gram, another GJEPC official said.

On the contrary, GJPEC said import of gold bars fell by 3.32 per cent to Rs. 8,261.88 crores in first quarter of this fiscal compared to Rs. 8,545.73 crores in the year-ago.

Joshi said “Gold bar imports fell as the 20:80 rule on gold imports was effective this year. Under this rule, it was mandatory to re-export 20 per cent of all bullion imports.”

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