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The Gem Jewellery Export Promotion Council (GJEPC) has said that rising tension between Israel and Palestine is not likely to have any adverse impact on the gem and jewellery industry's exports. According to data by the GJEPC, India has witnessed substantial exports of gem and jewellery to Israel, amounting to $1,279.76 million in 2022-23. It is significant to note that Israel being a very important trading centre exports rough diamonds to the tune of $1,782.80 million.

GJEPC chairman Vipul Shah said 'Israel primarily serves as a re-export market. While the ongoing situation in Israel is of grave concern to us, we express our solidarity with the Israeli diamond trade during this hour of crisis for their nation. It is too early to definitively assess the impact and we are keeping a strict watch on the situation.’  He also said ‘we have not witnessed any disruption in the regular dealings and believe it is unlikely to significantly impact India's gem and jewellery trade with Israel. Nevertheless, we remain hopeful for a swift resolution and the return of peace at that very important geo-political and economic region’.

GJEPC data stated exports of cut and polished diamonds (CPD) to Israel in FY23 was $1,203.73 million, recording a decline of 11.24 per cent year-on-year. From an import perspective, rough diamonds witnessed a decline of 52.79 per cent to $519.97 million in FY23. On September 26, the high inventory situation compelled the gems and jewellery industry bodies to collectively appeal to its members to stop the import of rough diamonds for two months, starting from October 15 amid slowing global demand and rising inventories of domestic players.