Rising tension between Israel and Palestine is not likely to have any adverse impact on the gem and jewellery industry’s exports, GJEPC has said. India has witnessed substantial exports of gem and jewellery to Israel, amounting to USD 1,279.76 million in 2022-23, according to data by the Gem Jewellery Export Promotion Council (GJEPC).
It is significant to note that Israel being a very important trading centre exports rough diamonds to the tune of USD 1,782.80 million, it added.
“Israel primarily serves as a re-export market. While the ongoing situation in Israel is of grave concern to us, we express our solidarity with the Israeli diamond trade during this hour of crisis for their nation. It is too early to definitively assess the impact and we are keeping a strict watch on the situation.
“We have not witnessed any disruption in the regular dealings and believe it is unlikely to significantly impact India’s gem and jewellery trade with Israel. Nevertheless, we remain hopeful for a swift resolution and the return of peace at that very important geo-political and economic region,” GJEPC chairman Vipul Shah told PTI.
GJEPC vice chairman Kirit Bhansali said the industry will not have much impact as from October 15 onwards, most of its members are planning to stop imports of rough due to high inventory.
“The industry will stop imports of roughs from October 15 till December 15 to ease domestic inventory. Also, we don’t export much to…
