Colin Shah, MD, Kama Jewelry on The Gems and Jewellery (GJ) Industry dynamics between India and Israel. The tension between the two countries at war can adversely impact Indian exports to Israel. Total gems and jewellery trade between India & Israel accounted for USD 2041.6 million during 2022-23.
The trade has fallen by almost 27% from USD 2794.39 million in 2021-22. The imports and exports of gems and jewellery with Israel have recorded an annual decline of 42.3% and 13.8% respectively. The war situation will further intensify the blow to the trade between Israel and its second-largest trading partner in Asia, India.
In 2022-23, the imports and exports have been recorded at USD 761.84 million and USD 1,279.76 million respectively. The Cut & Polished Diamonds constitute the highest exported commodity category with a trade of USD 1207.73 million, recording a decline of 11.24% YoY.
The second highest commodity category i.e. Worked Labs Grown Diamond has seen a significant growth of 24.35% YoY to 40.65 million in 2022-23. From an import perspective, rough diamonds, the highest exported commodity from Israel have seen a decline of 52.79% to USD 519.97 million.
The estimated higher gems and jewellery sales during the ongoing festive season will provide an effective trade-off in any deficit seen owing to a decline in export volumes. We hope the situation normalises and peace prevails between the countries in conflict.
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