💎❌ The Surat Diamond Bourse is a dud | 🏳️🌈⚧️ Germans can change their gender every year |
From housing over 130 offices at the inauguration to only three offices months later, Surat's diamond bourse has lost its shine. And, all the details on Germany's new “Self-determination Act”.
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Market Watch
Indian benchmark indices ended the day in the red with the Sensex down 456.10 points at 72,943.68, and the Nifty down 124.60 points at 22,147.90.
Sectorally, Nifty Media and Nifty Oil & Gas were the biggest gainers, while Nifty IT and Nifty PSU Bank were the biggest losers.
Why the Surat Diamond Bourse turned out to be a dud
It's the world's largest office building, and now probably one of the emptiest too. The Surat Diamond Bourse was expected to shift the balance of power in the diamond industry from Mumbai, but a variety of issues have prevented this from happening.
Why this matters: The new SDB has been labelled a “ghost building” due to a dramatic decrease in operational offices, from over 130 at the inauguration to only three offices months later.
The details: Diamond traders are hesitant to relocate from traditional markets and Mumbai's expanding Bharat Diamond Bourse (BDB) offers stiff competition.
Leadership changes at SDB, including the resignation of Chairman Vallabh Lakhani and President Nagjibhai Sakariya, have been attributed to the failure to meet the targets of attracting traders to help SDB become fully functional.
Why traders are reluctant: Travelling to the SDB is considered cumbersome at the moment, with little to no public transport available near the premises in Surat.
More importantly, Mumbai has a host of hotels where traders can house their clients without worrying about competitors looking to poach them. However, Surat only has a handful of such hotels and traders feel their clients' anonymity may be compromised as a result.
Then why was it made? Representatives from various industry bodies, including the Gem and Jewellery Export Promotion Council opposed the idea, but since it was a “pet project” of then Gujarat CM Anandiben Patel, it was pushed forward.
Kathiawadi diamond traders found less representation in the Mumbai diamond bourse, as it is dominated by Palanpuris. Some businessmen consider the SDB to be more of an ego issue for some prominent Kathiawadi businessmen.
What are they doing now? To boost trader interest, SDB's management has proposed amenities like transport facilities and has planned visits to traders in Mumbai, but the expansion plans of the BDB in Mumbai could further decrease interest among traders to shift to SDB.
Clip du jour
This video of the Beijing half-marathon, which most onlookers said was rigged, showing three African runners making way for a Chinese athlete to win:
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Germans can now change gender every year
The German parliament has passed the “Self-determination Act” allowing German citizens to change their sex on legal documents without the need for surgery or hormone therapy, with just an oral request sufficing, and they can do so once every year.
The act replaces the previous requirements of needing to undergo two psychological evaluations and getting a court order. Once the person’s name and gender are changed, they cannot be changed again for at least one year.
The new 'self-determination' law received support primarily from the ruling 'traffic-light' coalition and will come into effect in November.
Key provisions: For children under 14 years, their parents can provide all the required documentation for changing their gender identity, while those over 14 can apply to do so themselves with the approval of their legal representatives, or through a direct application to a family court.
Under the new legislation, anyone who attempts to expose an individual’s past gender identity can be fined up to €10,000.
Saunas, swimming pools, gyms, and other sports facilities can decide whether to allow biological males into women’s changing rooms and toilets. In competitive sports, individual associations may decide if biological males identifying as women can compete against females.
Why? To make it easier for those who wish to transition. German lawmaker, Nyke Slawik, who is transgender, said that under the current law, she spent over $2,000 obtaining assessments from doctors in order to change her legal gender, which she says is expensive, and intrusive.
The other side: Controversy surrounds the bill, with opposition parties criticizing it as “irresponsible” and “socially explosive,” and others warning it could risk women's protection rights and shelters.
Other lawmakers pointed out that criminals could use the law to obscure their identity and evade law enforcement.
ICYMI
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