India's exports to West Asia fall nearly 58% to $2.5bn

US tariffs and gold dent jewelry

It wasn't just the conflict; high gold prices and previous-year US tariff increases also hurt demand for gems and jewelry.
Even markets beyond West Asia (like Europe and the US East Coast) felt the impact.
"The decline in exports to West Asia was steeper than industry expectations of 30-35%. The shipping activity disruption has not only impacted markets close to India but also long duration destinations such as Europe and the east coast of the US," said Ajay Sahai, director general, Federation of Indian Export Organisations.