International News
THE UAE ambassador to India visits GJEPC Mumbai
H.E. Dr. Abdulnasser Alshaali, PhD, Ambassador of the UAE to India, visited the GJEPC head office and the Bharat Diamond Bourse (BDB) in Mumbai on 23rd January 2025. He was warmly welcomed by Mr. Kirit Bhansali, Vice Chairman, GJEPC; Mr. Anoop Mehta, President, BDB; Mr. Milan Chokshi, Convener – PMBD, GJEPC; Mr. Mehul Shah, Vice President, BDB; and Mr. Sabyasachi Ray, Executive Director, GJEPC among others.
The Ambassador was accompanied by a delegation comprising Mr. Fahad Albashr, Head of the Economic Affairs Section; Mr. Ahmed Aljneibi, Senior Economic Affairs Specialist; Mr. Humaid Aldhabahi, Head of the Department of Consular and Citizen Affairs; Mr. Geoffrey Flugge, Advisor to the Ambassador; Ms. Gauri Chopra, Analyst from the UAE Embassy; and Dr. Brenton Clark, Project Coordinator, UAE-India CEPA Council.
The discussions focused on leveraging the Indo-UAE Comprehensive Economic Partnership Agreement (CEPA) to enhance bilateral trade in gems and jewellery. Key topics included long-term and multiple entry visas, investment in the India Jewellery Park, boosting trade volumes, and exploring opportunities for greater collaboration across the diamond and jewellery sectors.
US spot Gold prices climbed above $4,250 early Monday, touching a six-week high as investors turned cautious ahead of the upcoming US ISM Manufacturing PMI release. The yellow metal is poised for further upside momentum if it secures a sustained daily close above the crucial $4,250 resistance level.
The US Dollar opened December on a softer note, pressured by rising expectations that the Federal Reserve may announce a rate cut next week. Growing market confidence in easing monetary conditions has boosted the appeal of non-yielding assets such as gold.
Analysts note that a decisive break and close above $4,250 could reinforce bullish sentiment and pave the way for an extended rally in the days ahead. As global markets await fresh cues from the US economic calendar, gold continues to benefit from a favorable macroeconomic backdrop and robust safe-haven demand.
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