The ongoing war between America, Israel and Iran has had a direct and negative impact on the famous Gems and Jewelery business of ‘Pink City’ Jaipur. Due to this tension that started from February 28, the business of Jaipur, which is considered the center of gem cutting in the world, has fallen by 80 percent.
Due to stoppage of import-export, not only the traders are facing loss of lakhs, but thousands of artisans and brokers who carve gems have become unemployed.
80 percent work stopped
More than 70 percent of the work of cutting precious stones used in jewelery across the world is done in Jaipur alone. Due to the war, this work has reduced to only 20 percent in the last three weeks.
According to gems expert Gajendra Lohia, due to the impact on this industry, the livelihood of about 1 lakh people of Jaipur has been directly affected. He believes that there will be recession in the market for at least a month after the end of the war.
supply chain broken
These precious stones are neither mined in Rajasthan nor are they consumed significantly here. These stones are mainly imported to Jaipur from Middle East and African countries. The gems prepared after cutting here are exported to Gulf countries and European markets. Due to the war, both import and export have been badly affected and the market is now running only on local demand.
Eid of artisans faded
According to market experts and traders, the situation is very worrying:
- Ashish Lohia of Lohia Jewellers: First gold-Silver The skyrocketing prices had brought recession in the market, now the war has completely broken the back of the traders.
- Businessman Jamil Khan: Artisans from many places including Kolkata are sitting unemployed, due to which this time their Eid happiness also remained dull.
- Neelam Mittal (President, Forty Women Wing): This war going on across the seven seas has hit not only gems-jewellery but also many other business sectors and employment of Rajasthan.