Israel-Hamas Conflict May Impact Gems, Jewellery Trade: Exporters

Technocraft Industries India's founder chairman, Sharad Kumar Saraf, has expressed concern that the current conflict may have short-term implications for Indian exporters.
Israel-Hamas Conflict May Impact Gems, Jewellery Trade: Exporters

The Israel-Hamas conflict is expected to impact the trade of gems and jewellery between India and Israel, exporters said on Monday.

Colin Shah, MD, Kama Jewelry, said the war can "adversely" impact Indian exports to Israel.

Total gems and jewellery trade between India and Israel stood at USD 2.04 billion in 2022-23 as against USD 2.8 billion in 2021-22.

"The war situation will further intensify the blow to the trade between Israel and its second-largest trading partner in Asia, India," Shah said.

Mumbai-based exporter and founder chairman of Technocraft Industries India Sharad Kumar Saraf said the conflict may have an impact on Indian exporters in the short run.

"But if the war escalates, things may get bitter for our exporters of that region," Saraf said.

GTRI co-founder Ajay Srivastava stated that trade may be seriously impacted if operations at the three largest ports of Israel -- Haifa, Ashdod and Eilat are disrupted.

Cut and polished diamonds constitute the highest exported commodity from India to that country. It is followed by lab-grown diamond.

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