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Share Market Highlights 13 March 2024: Sensex sheds 906 pts, Nifty slips below 22k amidst turmoil in small-, mid-cap segments

Share Market Highlights 13 March 2024: Sensex sheds 906 pts, Nifty slips below 22k amidst turmoil in small-, mid-cap segments
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United statesSaudi arabiaAndhra pradeshUnited kingdomWest bengalJammu and kashmirUnited arab emiratesAnil yadavAmit kumar singhVikas jainAuro pharmaJagdish kumar aroraAurobindo pharmaPrashanth tapseDeepak jasaniAdani wilmar

Gold prices trim losses; RBI allows resident entities to hedge gold price in IFSC s OTC segment

Hedging gold prices will lead to efficient price discovery, assurance of quality, and active retail participation and will enhance liquidity, per analysts.

Bhavik patelColin shahNirpendra yadavWorld gold councilSenior commodity research analystReserve bankReserve bank of indiaGold prices

Diamond exports down about a third in December as demand declines in the US

Indias total exports of plain gold jewellery in December 2023 stood at Rs 4,983.6 crore, up 82.17% as compared to Rs 2,735.62 crore a year ago. However, exports of cut and polished diamonds fell 32% year-on-year during the month. The US accounts for almost 50% of the total diamond exports from India. In the first nine months of 2023-24, Indias total exports of cut and polished diamonds amounted to Rs 98,638.48 crore, down from Rs 1,32,075.49 crore a year ago.

Colin shahVipul shahGem jewellery export promotion councilEconomic partnership agreementFederal reserveWest asiaJewellery export promotion councilComprehensive economic partnership agreementDiamond exportsHoliday seasonGold jewelleryFed cutsInterest rate

Driving in the FTA Lane: India is in talks with 50 nations, but how many pacts will it sign in 2024?

India is actively engaged in ongoing FTA negotiations with multiple countries and blocs, including Oman, the UK, the EU, Canada, and various Indo-Pacific Economic Framework (IPEF) partner countries. The negotiations focus on market access, compliance with environmental and labour standards, and the reduction of high import duties. India currently has 13 functional FTAs and aims to tap into the large and rapidly growing market of 1.4 billion people. The apparel sector expects game-changing opportunities with FTAs with the UK and the EU, while the gem and jewellery sector anticipates a significant boost in exports through an FTA with the EU. FTAs have become the mainstay of India s trade policy, offering both economic gains and geostrategic dividends.

Saudi arabiaKrung thep mahanakhonNew delhiSouth africaSri lankaSouth koreaRepublic ofUnited arab emiratesUnited kingdomNew zealandColin shahEjagdish bhagwatiMithileshwar thakurRajeev kherJayant dasguptaApparel export promotion council

Gem and jewellery exports face downturn: FY24 witnesses 20 78% YoY drop amid global economic challenges

Gem and jewellery exports in FY24 s April-December plunged by 20.78% YoY to USD 22.7 billion, attributing the decline to global economic challenges and geopolitical factors. The import of gems and jewellery also saw a 22.43% YoY decrease. Notably, rough diamonds imports fell by 23.51%, while cut and polished diamond exports declined by 28.27%. Lab-grown diamonds, previously on the rise, experienced a 22.97% dip in gross exports. Despite the current setback, industry experts, including Colin Shah of Kama Jewelry, anticipate a gradual recovery from the 3rd quarter of FY25.

United statesColin shahJewellery export promotion councilJewellery export promotionKama jewelrySeepz mumbaiRough diamondsGem and jewellery export promotion council

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