The response from India’s diamond, gem and jewelry sectors to Brexit has been mixed, according to IDEX Online, citing local media sources.
“There is nothing to worry about for the Indian gems and jewelry industry,” says Gems and Jewelry Export Promotion Council (GJEPC) Chairman Praveen Shanker Pandya. India exports some US$11 billion worth of diamonds, gems and jewelry to the United Kingdom, according to IDEX Online.
While short-term effects from the Brexit vote are expected to negatively impact consumer demand for diamonds and jewelry, the long-term effects are not expected to be too serious due to the fact that exporters conduct business in dollars as opposed to euros or sterling, notes IDEX Online.
There are also concerns that non-European diamond mining companies may delist from the London Stock Exchange and that gold prices may impact the industry, explains IDEX Online.
