The ongoing Israel-Hamas conflict is casting a shadow over the gems and jewelry trade between India and Israel, with exporters expressing growing concerns about its ramifications. Colin Shah, Managing Director of Kama Jewelry, voiced apprehension that the war could have an “adverse” impact on Indian exports to Israel.
India has been Israel’s second-largest economic partner in Asia in recent years because to a huge increase in trade in gems and jewelry. Industry leaders are concerned about the future, though, as the debate heats up.
Mumbai-based exporter and founder chairman of Technocraft Industries India, Sharad Kumar Saraf, cautioned that the conflict might exert short-term pressure on Indian exporters. This sentiment resonates with many in the industry.
The two countries’ commerce in gems and jewelry has decreased recently, according to trade figures. The entire value of commerce decreased from USD 2.8 billion the previous year to USD 2.04 billion in the fiscal year 2022-2023. Due to the ongoing volatility in the region, this significant trading relationship’s future is uncertain.
As the conflict persists, stakeholders in the gems and jewelry sector are closely monitoring developments, hoping for a peaceful resolution that will safeguard this crucial trade partnership.
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