Business
Kalyan Jewellers, Titan, other jewellery stocks crash up to 6% as Centre hikes gold customs duty to 15%
Kalyan Jewellers was the worst hit, tanking 6% to their day’s low of Rs 340 on the NSE, while Senco Gold dipped over 3% to their day’s low of Rs 302. Titan was relatively resilient, down 1%, while Thangamayil Jewellery was down over 3% in early trade.
Following the revision, the total customs duty on gold and silver has been raised to 15% from 6% earlier. The government has imposed a 10% basic customs duty and a 5% Agriculture Infrastructure and Development Cess (AIDC) on gold and silver imports, taking the effective import tax to 15% from 6%. Platinum and related precious metal components such as hooks, clasps, clamps, pins and screw backs used in manufacturing will also attract a 10% duty.
The higher duties could dampen demand in the world’s second-largest consumer of precious metals, although they may help narrow India’s trade deficit and support the rupee, one of Asia’s worst-performing currencies.
The sharp increase in import duty on gold and silver is likely to be viewed as a near-term negative for jewellery companies as higher duties could push up domestic gold prices and weigh on consumer demand. Costlier jewellery may lead buyers to postpone purchases, particularly in price-sensitive segments. However, organised players could still fare better than smaller unorganised jewellers due to stronger brands, better inventory management and higher customer trust.
The move comes days after Prime Minister Narendra Modi, during a speech in Hyderabad on Sunday, urged citizens to reduce fuel consumption, use public transport, avoid foreign travel and refrain from purchasing gold for one year.
India has been trying to curb gold imports in recent weeks and began levying a 3% integrated goods and services tax (IGST) on gold and silver imports, prompting banks to halt imports for more than a month.As a result, April imports fell to a near 30-year low. Banks have since resumed imports after paying the 3% IGST, but imports are now likely to fall again following the increase in import duties, bullion dealers told Reuters.
Gold has long been regarded as one of the most reliable long-term assets for Indian families, especially during uncertain times. Beyond its financial value, the precious metal holds deep cultural significance in India, symbolising tradition, security, weddings, household savings and generational wealth.
Sensex, Nifty today: Catch all the LIVE stock market action here
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
Business
Trump Secures Clear Edge Over Xi in Beijing Summit with Major Trade and Energy Wins
BEIJING — President Donald Trump emerged from two days of intense negotiations with Chinese President Xi Jinping with tangible victories that strengthen America’s economic position, as the United States extracted concrete commitments on energy purchases, Boeing aircraft orders and agricultural exports while holding firm on core strategic issues including Taiwan and technology restrictions.
The high-stakes summit, the first U.S. presidential visit to China in nearly a decade, concluded Friday with Trump declaring the meetings “extremely productive” and securing deliverables that directly benefit American workers, manufacturers and energy producers amid global disruptions caused by the Iran conflict. While both leaders projected warmth and mutual respect, analysts assessing outcomes say Trump achieved more measurable gains without making significant concessions on America’s strategic red lines.
Trump brought a powerful delegation of U.S. business leaders including Elon Musk, Tim Cook and Jensen Huang, leveraging their presence to push for expanded market access and fairer trade practices. The trip yielded commitments from China to significantly increase purchases of U.S. energy, Boeing aircraft and agricultural goods — moves designed to help offset global oil supply concerns and support American jobs.
Key Wins for the United States
White House officials highlighted several concrete outcomes. China agreed to ramp up imports of American liquefied natural gas and other energy products, providing crucial stability for U.S. producers facing volatile global markets. Boeing secured firm commitments for additional aircraft orders, a major boost for American manufacturing and aerospace workers. Agricultural exports also received a significant lift, benefiting Midwest farmers.
On the diplomatic front, both nations reaffirmed that Iran must not develop nuclear weapons and that the Strait of Hormuz must remain open for energy shipments — a critical priority for global markets and U.S. allies. Trump’s team successfully avoided major concessions on Taiwan, with no softening of America’s support for the island’s security despite Xi’s firm public statements on the issue.
Trump used the summit to reinforce America’s technological edge, with U.S. executives pressing successfully for improved regulatory conditions. The meetings also advanced discussions on fentanyl precursor chemicals, addressing a key domestic priority for the Trump administration.
China’s Limited Gains
While Xi hosted Trump with full state honors and emphasized “partnership over rivalry,” Beijing offered mostly incremental steps rather than structural reforms. Chinese state media focused heavily on optics and mutual respect, but analysts note that China conceded more on commercial purchases to secure stability during a period of global uncertainty. Xi’s warning on Taiwan was firm but produced no policy shift from the American side.
Trump’s approach — combining personal diplomacy with business leverage — proved effective. The inclusion of top American CEOs created direct pressure that translated into purchasing commitments, giving the U.S. side measurable economic wins that can be highlighted domestically.
Strong Domestic and International Reaction
In Washington, Republicans hailed the summit as a clear success for American interests, with many praising Trump’s ability to extract concessions while protecting strategic priorities. Business groups welcomed the energy and aircraft deals as immediate boosts for U.S. exporters. Democrats offered measured praise for the energy stability agreements while calling for stronger action on human rights.
Taiwanese officials expressed satisfaction that no major concessions were made on their security. European and Asian allies viewed the outcome as a net positive for global stability, with U.S. leadership helping maintain pressure on key issues like Iran.
Strategic Context and Long-Term Impact
The summit occurred against the backdrop of ongoing U.S.-China competition, but Trump’s team successfully framed the relationship as one of managed rivalry rather than outright confrontation. By securing commercial wins without compromising on technology export controls or Taiwan policy, the administration advanced America’s economic interests while maintaining strategic deterrence.
Analysts note that Trump’s personal rapport with Xi, built over multiple meetings, allowed for more direct and results-oriented discussions than traditional diplomatic channels. The presence of Musk, Cook and Huang amplified American leverage, demonstrating the synergy between U.S. government policy and private-sector strength.
For China, the visit provided valuable stability during a challenging period, but the tangible concessions on purchases and energy suggest Beijing blinked first on immediate economic pressure points. Xi maintained his public stance on Taiwan but failed to extract any softening of U.S. positions.
What Comes Next
Trump returns to Washington with deliverables he can tout as proof of his “America First” approach delivering results. Follow-up negotiations will focus on implementing the new purchase agreements and addressing remaining issues. Xi’s invitation to visit the White House in September keeps dialogue channels open.
The Beijing summit marks a notable chapter in U.S.-China relations, with Trump demonstrating that targeted diplomacy backed by economic leverage can produce favorable outcomes for American interests. While the broader strategic competition continues, this meeting delivered clear edges for the United States on trade, energy security and maintaining firm positions on core national security concerns.
As Air Force One departed Beijing, Trump’s team projected confidence that the agreements reached will strengthen the U.S. economy and global standing. In the ongoing superpower relationship, this round clearly tilted toward American priorities and practical wins. The true test will be in the months ahead as both nations implement what was agreed and prepare for future engagements.
Business
Aussie stocks down for four of past five weeks
Australia’s share market has fallen for four of the past five weeks, following a storm of profit warnings, earnings disappointments, interest rate hikes and fuel security woes.
Business
At Close of Business podcast May 15 2026
Claire Tyrrell speaks to Ella Loneragan about the state of major projects in South Perth, as development times ramp up.
Business
UK borrowing costs rise and pound falls as leadership drama continues
“Overall, UK politics is a mess, there are already signs that foreign buyers are ditching the gilt market. If there is a major rout in the pound and/or gilts in the coming days, prospective candidates may need to assess whether now was a wise time to make a move against the PM,” she said.
Business
Intuitive Machines Set To Launch In The Space Race
Intuitive Machines Set To Launch In The Space Race
Business
Hargreave Hale AIM VCT allots 105,364 shares at 33.55p

Hargreave Hale AIM VCT allots 105,364 shares at 33.55p
Business
Zelenskiy condemns Russia after strike on Kyiv apartment block kills 24

Zelenskiy condemns Russia after strike on Kyiv apartment block kills 24
Business
Vodafone appoints Olaf Koch as non-executive director

Vodafone appoints Olaf Koch as non-executive director
Business
How China may have made lifelong teetotaler Trump sip alcohol
“Trump has never had alcohol in his life. China gave him a beverage to toast, and Trump drank it. This is a very subtle, but STRONG statement on who’s really in charge,” claimed one viral social media post.
According to the Asian Business Daily, “During the proceedings, President Trump was seen raising his glass containing the toasting wine and bringing it to his lips, appearing to take a sip. He then handed the glass to a staff member, and cameras caught him seemingly holding the wine in his mouth for a moment before swallowing.”
Trump has repeatedly said he has never consumed alcohol — a rare claim among modern US presidents.
“I’ve never had a drink,” Trump told Fox News after his election victory in 2017.
According to the BBC, Trump’s decision to avoid alcohol stems from the death of his older brother, Freddie Trump, who died at the age of 42 from complications related to alcoholism.
Trump has also reportedly advised his children to stay away from drugs, alcohol and cigarettes.
However, Bruce LeVell, a former Trump adviser and former White House small business advocate, dismissed the viral speculation in a post on X, saying, “It’s not alcohol, and I speak for the President.”
In another post, he added, “President Trump does not drink or do drugs. You want a president like that.”
Trump was on an official visit to China on an invitation from Chinese president Xi Jinping. It was the first visit to China by a US president in nine years.
What happened during Trump’s China visit
Trump departed China on Friday while highlighting several business agreements reached during the trip, even as Beijing warned Washington against mishandling the sensitive Taiwan issue and criticised the Iran war.
“We’ve settled a lot of different problems that other people wouldn’t have been able to solve,” Trump said after meeting Chinese President Xi Jinping in Beijing on the second day of talks.
The discussions reportedly covered the Iran conflict, Taiwan, trade ties and other major geopolitical issues. While Xi did not publicly comment on his talks with Trump regarding Iran, China’s foreign ministry later issued a strong statement expressing frustration over the conflict.
Business
3M: Iran Conflict And Inflationary Pressure Could Derail The Recovery (NYSE:MMM)
I’ve been researching companies in-depth for over a decade, from commodities like oil, natural gas, gold and copper to tech like Google or Nokia and many emerging market stocks, which I believe could help me provide useful content for readers. After writing my own blog for about 3 years, I decided to switch to a value investing-focused YouTube channel, where I researched hundreds of different companies so far. I would say my favorite type of company to cover are metals and mining stocks, but I am comfortable with several other industries, such as consumer discretionary/staples, REITs and utilities.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha’s Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
-
Fashion7 days agoWeekend Open Thread: Marianne Dress
-
Fashion4 days agoCoffee Break: Travel Steam Iron
-
Fashion4 days agoWhat to Know Before Buying a Curling Wand or Curling Iron
-
Tech5 days agoAuto Enthusiast Carves Functional Two-Stroke Engine from Solid Metal
-
Politics3 days agoWhat to expect when you’re expecting a budget
-
Business6 days agoIgnore market noise, India’s long-term story intact, say D-Street bulls Ramesh Damani and Sunil Singhania
-
Politics6 days agoPolitics Home Article | Starmer Enters The Danger Zone
-
Tech4 days agoGM Agrees To Pay $12.75 Million To Settle California Lawsuit Over Misuse Of Customers’ Driving Data
-
Crypto World6 days agoPROS explodes 48% as Upbit and Bithumb listings ignite demand
-
Crypto World5 days agoCZ says US crypto rivals tried to block Trump pardon
-
Tech3 days agoGM agrees to $12.75M California settlement over sale of drivers’ data
-
Entertainment7 days agoYNW Melly Denied Bond Again Ahead Of Double Murder Retrial
-
Crypto World7 days agoKraken Parent Seeks OCC Charter, Signaling Regulated Banking Access
-
Crypto World7 days ago
The Hantavirus Danger: Can a Potential Outbreak Spark a New Meme Coin Frenzy?
-
Sports7 days agoAfter Waka Waka, Shakira now drops first teaser for FIFA WC 2026 song | FIFA World Cup 2022
-
Tech7 days agoSongs My Mother Gave Me: Editor’s Round-Up
-
Tech7 days agoThe Xperia 1 VIII leak finally gives Sony some swagger
-
Crypto World6 days agoSolana UFO Meme Coins Surge After Pentagon Reveals Alien Files
-
Entertainment6 days agoBethenny Frankel Says She Loves ‘Torturing’ Men
-
Sports7 days agoWhy Nathan Mackinnon Remains the Hart Trophy Favourite over Connor McDavid and Nikita Kucherov | NHL

You must be logged in to post a comment Login