According to Gem and Jewellery Export Promotion Council (GJEPC), India’s gems and jewellery exports plunged in March. The exports witnessed a fall of 35.25 per cent to US$ 27,717.20 million. The plunge comes in the backdrop of the war in Middle East. Exporters said that shipments got delayed or stranded as transportation through key corridors faced obstacles. Last year in March, the exports were higher with US$ 28,669.53 million. Crisis in Middle East led to inconsistencies in the operational capacity for freight forwarders. Rise in insurance cost over high risk aggravated the tension on the industry, Kirit Bhansali, Chairman, GJEPC, said.
