Both countries commit to provide each other preferential market access in sectors of respective interest on a sustained basis
The Israel-Hamas conflict is expected to impact the trade of gems and jewellery between India and Israel, exporters said on Monday. Colin Shah, MD, Kama Jewelry, said the war can "adversely" impact Indian exports to Israel. Total gems and jewellery trade between India and Israel stood at $2.04 billion in 2022-23 as against $2.8 billion in 2021-22.
The demand for diamonds will invariably affect the domestic industry as India has expertise in diamond cutting and polishing, says Shankar Pandya, chairman, Diamond India.
Blocked working capital worth Rs 1,500 crore, in the almost-defunct job work diamond polishing units, is expected to be released even as diamantaires will issue fresh orders to such units following the GST relief.
All stakeholders in the diamond industry chain from mines to retailers have to follow a system of warranty under which they have to individually declare in the invoices they issue that what they have sold are not conflict diamonds.
Aiming at rough diamond imports of $1 billion annually, Diamond India Ltd, a grouping of 60 traders, is looking at markets other than Russia to scale up its imports.
India's exporters may be hard hit by the appreciation of rupee against dollar. But the rising value of rupee has cheered the diamond industry in the country.
An international airport mulled by state govt in Surat will help to help boost business as well as tourism
This could change the way diamonds are traded.
The mine is likely to yield 37 million tonnes of kimberlite, containing about 27.4 million carats of diamonds and has a life of 25 years.
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