Indian jewellery sector sees no major impact yet from Israel-Hamas conflict
The trade with Israel has completely stopped because of the logistics issue.
Vipul Shah, Chairman of the Gems and Jewellery Export Promotion Council (GJEPC) told CNBC-TV18 that currently there is no major impact on jewellery exports from the Israel-Hamas conflict.
Indian jewellery exports to Israel are valued at $1.3 billion, while the total exports last fiscal stood at $8.4 billion.
“Israel is a manufacturing-cum-trading center. As of now, we don’t see a major impact as far as our business is concerned but yes, if the war escalates and if it goes to other parts of the region then surely it can disturb the business,” he said.
Shah said the trade with Israel has completely stopped because of the logistics issue.
“No airlines, no cargo shipments are going through, so currently it is at a standstill,” he said.
“Currently it is a wait-and-watch policy from our end. We will wait, analyse all the issues, and accordingly we will then take it to the government if it is required at the right time,” he mentioned.
For more details, watch accompanying video
(Edited by : Shweta Mungre)
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