Wednesday, September 25, 2024

Israel-Hamas war: ‘Manageable effect on diamond prices’

The impact of the war between Israel and Hamas on rough and polished diamond prices in India will be “mild but manageable”, according to ratings agency Crisil.

Israel’s own diamond industry saw rough imports plummet by 75 per cent in October, following the Hamas massacre that claimed 1,200 lives.

But Israel accounts for just 1.9 per cent of India’s total exports and 0.3 per cent of its total imports, according to the Directorate General of Foreign Trade.

Polishers have alternative trading hubs, such as Belgium and the United Arab Emirates, with end customers in the US and Europe.

“For domestic diamond polishers, Israel is primarily a trading hub,” says the report, titled Middle East conflict: India Inc not in the crosshairs for now, by Mumbai-based Crisil.

“Exports to the country accounted for ~5 per cent of India’s total diamond exports in the last fiscal. Additionally, ~2 per cent of all rough imports are from Israel.”

Meanwhile, he notes that gold prices have risen by 13 to 15 per cent since the start of the war.

Alice
Alice
Alice is a seasoned jewelry designer renowned for her exquisite creations that seamlessly blend artistry with elegance. With a passion for craftsmanship and an unwavering commitment to quality, Alice has established herself as a distinguished figure in the world of fine jewelry. Drawing inspiration from diverse cultures and artistic movements, Alice brings a unique perspective to her designs, creating pieces that transcend mere accessories to become timeless works of art. Her meticulous attention to detail and insistence on using only the finest materials ensure that each creation reflects not only her artistic vision but also a commitment to unparalleled craftsmanship. Having honed her skills through years of dedicated practice and a keen understanding of evolving trends, Alice is adept at translating her clients' desires into bespoke, one-of-a-kind pieces. Her portfolio encompasses a range of styles, from classic and timeless to avant-garde and contemporary, showcasing her versatility and ability to cater to a diverse clientele.

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