Ukraine conflict could affect India's pearl and semi-precious stone imports
The ongoing conflict in Ukraine is expected to affect the timely flow of numerous categories of import and export goods for India including pearl and semi-precious stone imports.
Along with pearl and semi-precious stones needed by the gem and jewellery industry, large-scale imports into India from Russia which are expected to be affected by the conflict include petroleum, coal, fertilisers, and vegetable oils. Any short supply of petroleum would affect logistics of retail businesses across industries among other sectors.
Consumer and Industry Minister Piyush Goyal sent a written reply to the Lok Sabha stating that his ministry is holding regular meetings with all stakeholders to keep necessary imports from Russia flowing in, the Press Trust of India reported. Goyal also stated that it will only be possible to predict the aftereffects in the post-war scenario after the situation has stabilised.
“As per the feedback received from the industry, exports of some products from India are likely to be affected including pharmaceuticals, telecom instruments, tea, coffee, marine products, etc,” said Goyal, the Press Trust of India reported.
Goyal also mentioned that Ukraine and Russia are major exporters of wheat and have an over 25% share in global trade. If the countries are unable to meet demand due to the war, this could be an opportunity for India to step in and profit, he wrote.
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