Israel-Hamas conflict: Jewellery, gems likely to lose sheen, say experts

The tension in Israel can adversely impact Indian exports to Israel, according to executives in the industry. The total gems and jewellery trade between India and  Israel accounted for $2,041.6 million during 2022-23. The trade was already hit  by almost 27 per cent from $2,794.39 million in 2021-22. The imports and exports of gems and jewellery with Israel have recorded an annual decline of 42.3 per cent and 13.8 per cent, respectively. The war will further intensify the blow to the trade between Israel and its second-largest trading partner in Asia, ie, India, said Colin Shah, managing director, Kama Jewelry.
 

In 2022-23, the imports and exports were recorded at $761.84 million and $1,279.76 million, respectively. The ‘cut & polished’ diamonds constitute the highest exported commodity category with a trade of $1,207.73 million, recording a decline of 11.24 per cent year-on-year.  The estimated gems and jewellery sales during the ongoing festive season will provide an effective trade-off in any deficit.