India staring at likely gold, diamond shortage after US and Israeli strikes on Iran

Mon Mar 02 2026

India is staring at potential shortages of gold and rough natural diamonds as supplies routed through Dubai are disrupted by the closure of UAE airspace following escalating regional tensions after US and Israeli strikes on Iran. The Gulf trading hub - India's largest supplier of rough diamonds and its second-biggest source of gold bars is a critical artery for the world's biggest bullion-consuming nation. India imports 800-850 tons of gold annually, with as much as 50-60% flowing in via Dubai, alongside a dominant share of the rough stones that feed its vast polishing industry.

Source: https://economictimes.indiatimes.com