GJEPC voiced concerns about the escalating Israel-Hamas conflict, highlighting that India's gem and jewellery exports to Israel exceeded $1.2 billion in the previous fiscal year.
In the current financial year so far, exports have seen a decline of 30.27% year-on-year, marking the steepest drop in at least half a decade. Notably, demand from pivotal markets like China and the US has nosedived.
“India has witnessed substantial exports of gem and jewellery to Israel, amounting to $1279.76 million during the 2022-23 fiscal year. It is significant to note that Israel, being a very important trading center, also exports rough diamonds to the tune of $1782.80 million," said Vipul Shah, chairman, GJEPC.
Vipul Shah emphasized Israel's role as a primary re-export market, and described the ongoing conflict as "grave." He added that a conclusive assessment of the impact remains premature, and “We have not witnessed any disruption in the regular dealings (so far)."
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