The article discusses the repercussions of the ongoing conflict between the US-Israel and Iran, particularly focusing on its adverse effects on global markets and the oil and gas sector. The turmoil is expected to impact India's gem and jewelry industry severely, as per the Gems & Jewelry Export Promotion Council (GJEPC), which estimates that the crisis in West Asia could disrupt exports worth approximately $2 billion (around ₹18500 crores). The situation has led to growing concerns about the stability of this crucial export sector.

According to the GJEPC, about 20% of the gem and jewelry trade is likely to be affected due to the ongoing war in West Asia. While efforts are being made to divert some shipments totaling around $800 million to ensure minimal losses, a significant portion estimated at $1.2 billion cannot be redirected to alternate markets, indicating a serious challenge for exporters. The executive director of GJEPC, Subhashish Ray, highlighted the challenging nature of the current environment and the constraints faced by the industry amid rising geopolitical tensions.

India's gem and jewelry sector plays a significant role in the country's export economy, with exports reaching $29 billion in FY2025. The potential losses due to the Iran conflict not only threaten individual businesses within the sector but also pose a broader economic concern, underlining the interconnectedness of global trade and the impact of international conflicts on domestic industries.