New Delhi, April 15 -- India's gems and jewellery exports witnessed a sharp decline in March, falling 35.23 per cent year-on-year to USD 27.7 billion, largely due to disruptions caused by the ongoing West Asia conflict, according to the Gem and Jewellery Export Promotion Council (GJEPC).

GJEPC Chairman Kirit Bhansali said, "The Middle East conflict impacted gems and jewellery exports in March as logistics were affected. Even the diamond export parcels couldn't get through. Due to a high-risk situation, the insurance premiums skyrocketed, further impacting the shipments," PTI reported.

Despite the near-term disruption, industry leaders see an opportunity for India to strengthen its position in the global diamond trade.

"Companies in the...