Indian firm procures gold export order worth Rs 13.5 Billion

MUMBAI (Scrap Monster): Rajesh Exports- the leading Indian gold exporter announced that it has bagged a massive export order from UAE-based jeweler. The company has reportedly secured an export order worth Rs 1,350 crore from Al Sultan Jewellery, UAE. According to the deal, Rajesh Exports will supply designer range of gold and diamond studded jewelry and medallions.

The order is to be executed by end-February next year. According to the company, the execution of the order will contribute significantly to the bottom line of the company. The Bangalore facility will be responsible to meet the order in time. The company expressed confidence that it will be able to complete the order well within the timeframe. Incidentally, the Banglaore manufacturing facility, with a built-up area of 5, 00,000 square feet is the world’s largest jewelry manufacturing facility.

Following the deal announcement, the shares of the company surged nearly 6%. However, it closed the day with 3.76% gains.

Earlier in July this year, the company had secured an export order worth Rs 1,260 crores of designer range of gold and diamond studded jewelry and medallions from Al Jameelat Jewellery, UAE. The company had successfully executed the order within the stipulated deadline of 30^th September, 2014.

Rajesh Exports Limited (REL) headquartered in Bangalore, India manufactures gold & diamond jewellery. REL exports its products worldwide and distributes them within India to the wholesale jewellery market. REL also retails its products through its own network of retail jewellery showrooms Shubh Jewellers spread across India.