Jewelry Industry Hit Hard By Mumbai Terrorist Attacks

December 29, 2008 | By | Reply More

mumbai_attacks As 2008 comes to an end, one event stood out this year that affected the jewelry industry like no other, The November 2008 Mumbai Attacks.  The Mumbai Attacks was a premeditated and deliberate series of 10 harmonized terrorist attacks in Mumbai, India. As a consequence the financial capital and India’s largest city lost 164 people including 30 foreigners from 10 countries.  Our hearts and prayers go out to the families and communities of loved ones lost.

One of the most startling economic aftermaths of the November 2008 Mumbai Attacks, aside from destruction, was the economic casualties to the jewelry industry. The Mumbai attacks caused widespread global panic and forced foreign jewelry buyers to skip the shopping season and consumers to stay home due to travel warnings.

Especially hit was the south Mumbai district, which includes the Taj Mahal and Leopold’s café; all a part of what used to be considered an economically flourishing hub in the heart of Mumbai. One antique shop owner, Mohinduddin stated, “We stock merchandise specifically for foreigners. They’re just not there, and sales are down 70 percent”.

mumbai The Jewelery Viligance Committee (JVC) understood the economic concerns of the jewelry industry, but more importantly, understood the pain and suffering caused by the attacks.  As a gesture of support, JVC wrote this touching letter to Anup Mehta, President of Bharat Diamond Bourse and Vasat Mehta, Chairman of Gem and Jewellery Export Promotion:


December 8, 2008


Mr. Anup Mehta
President
Bharat Diamond Bourse
Bandra – East
Mumbai 400 051
Maharashtra
India


Dear Mr. Mehta,


On behalf of the entire Board of Directors of the Jewelers Vigilance Committee, we wish to express our deepest sympathies to the people of Mumbai, India at this painful time.


Our prayers go to the families and loved ones of those who were killed or hurt in the calculated terrorist attacks that started on November 26.  Our thoughts also go to those who narrowly escaped harm, including members of the international jewelry industry.


It is our ardent hope that those who are in mourning find solace and that governments around the globe can band together to fight and ultimately end terrorism.

Sincerely,


Eli Haas
Chairman of the Board of Directors
Jewelers Vigilance Committee


Cecilia L. Gardner, Esq.
President and CEO
Jewelers Vigilance Committee

No matter the economic graphs, export numbers, gold prices, or stock quotes; it’s essential to support the families who lost loved ones, and as Hurricane Katrina taught me personally, it’s important to focus on the healing power of the recovery process.

Our condolences go out to all affected by the November 2008 Mumbai Attacks, our prayers are with you still.

Sources: smh.com.au, jckonline.com, arabianbusiness.com, The China PostWikipedia

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