Goldiam, other stocks rally up to 17% as trade framework says US to remove reciprocal tariff on gems, diamond exports

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The shares of gems and jewellery stocks rallied in trade on February 9 after India and US announced a framework for their much-awaited interim trade deal agreement, which confirmed that the US reciprocal tariffs on Indian exports of gems and diamonds will be slashed to zero.Goldiam International shares rallied more than 17 percent to trade at Rs 428.75 apiece on Monday, while Kalyan Jewellers India shares jumped more than 16 percent to Rs 442.95 apiece, also driven by its strong Q3 results.Rajesh Exports jumped 5 percent to hit the upper circuit, while Tribhovandas Bhimji Zaveri shares rallied over 7 percent. Titan Company shares jumped 3 percent to near its record high level, while Senco Gold shares gained more than 8 percent. Thangamayil Jewellery shares rallied over 9 percent.India-US trade deal framework:India and US on February 6 released a framework for an interim agreement regarding reciprocal and mutually beneficial trade (Interim Agreement). "Today's framework reaffirms the countries’ commitment to the broader U.S.-India Bilateral Trade Agreement (BTA) negotiations, launched by President Donald J. Trump and Prime Minister Narendra Modi on February 13, 2025, which will include additional market access commitments and support more resilient supply chains," the countries said in a joint statement.India and US said that their interim agreement will represent a "historic milestone" in their partnership, which would demonstrate a common commitment to reciprocal and balanced trade based on mutual interests and concrete outcomes.According to the framework, US agreed to remove its reciprocal tariffs on generic pharmaceuticals, gems and diamonds, and aircraft parts, subject to the successful conclusion of the Interim Agreement.Several of these companies have strong exposure to US markets, deriving a major portion of their revenue from exports to the country. The sharp reduction in the tariffs boosted investor sentiment for these stocks.Earlier this month, the stock had rallied significantly, rising up to 20 percent after US President Donald Trump took to X to announce the conclusion of the trade deal. "Out of friendship and respect for Prime Minister Modi and, as per his request, effective immediately, we agreed to a Trade Deal between the United States and India, whereby the United States will charge a reduced Reciprocal Tariff, lowering it from 25 percen...

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