India’s exports and imports of G&J are in a dire state as the Iran conflict escalates

Dubai, a major global hub for polished and rough diamonds and bullion, has suspended numerous cargo and passenger flights, disrupting trade flows and shipments of both exports and essential raw materials.

The Middle East conflict has disrupted India’s gems and jewellery exports and imports of rough diamonds from the United Arab Emirates due to widespread flight cancellations and airspace closures. The Middle East accounts for nearly a quarter of India’s annual gems and jewellery exports, valued at around $30 billion. In contrast, the United Arab Emirates accounts for more than two-thirds of the country’s rough diamond imports.

India gems and jewellery exports will fall in March as Dubai is ‌not ⁠only a major market for gems and jewellery, but also a key intermediary between diamond-producing countries and major consumer markets