Sabyasachi Ray, the executive director of Gem & Jewellery Export Promotion Council, said if ongoing West Asia war continues for three months, the industry could face a hit of about $2 billion (18,459 crore). Dubai is a critical global hub for diamonds and gems. "We may…divert [exports worth]…$800 million, but there would still be an estimated $1.2 billion impact," Ray said.