Mumbai: The West Asia conflict has disrupted India’s gems and jewellery exports, as well as imports of rough diamonds from the United Arab Emirates, because of widespread flight cancellations and airspace closures.
Dubai, a major global hub for polished and rough diamonds and bullion, has suspended numerous cargo and passenger flights, affecting trade flows and shipments of both exports and essential raw materials, industry officials said.
“Exports and imports from the West Asia have come to a standstill, and there are no logistics in place to move goods,” Vipul Shah, managing director of Asian Star, a leading diamond exporter.
The Middle East accounts for nearly a quarter of India’s annual gems and jewellery exports of around $30 billion, while the United Arab Emirates makes up more than two-thirds of the country’s rough diamond imports.