Iran War Halts Shipments Between India and Dubai
March 10, 26
(IDEX Online) - The war in Iran has halted diamond shipments between India and Dubai.
Iran has launched well over 1,000 drones and ballistic missiles at the UAE since 28 February in retaliation for US and Israeli strikes.
The UAE supplies over two-thirds of India's rough diamond imports and India supplies over 90% of UAE's polished imports.
Almost all flights between the two countries have been cancelled, except for a limited number of repatriation services for passengers.
None of the diamond export parcels - usually 400 to 500 a day - are getting through.
"Exports and imports from the Middle East ​have come to a standstill, and there are no logistics â in place to move goods," Vipul Shah, managing director of diamond exporter Asian Star told Reuters.
Koin and TAGS have both delayed rough tenders that were due to take place last week and have yet to announce new dates.
The conflict has also disrupted operations at the Dubai Multi Commodities Centre (DMCC), home to the Dubai Diamond Exchange. DMCC declined to comment.