Indian gold exporter secures massive order worth Rs 12.65 bn

MUMBAI (Scrap Monster):  Rajesh Exports- the leading Indian gold exporter announced that it has bagged a massive export order from UAE-based jeweler. The order worth Rs 12.65 billion for supply of designer gold and diamond studded jewellery and medallions is from UAE-based Al Sultan Jewellery.

The order has to be completed by 31^st May, 2015, the company said. The Bangalore facility will be responsible to meet the order in time. The company expressed full confidence that it will be able to complete the order well within the timeframe. Following the deal announcement, the shares of the company zoomed on bourses.

In a filing made to the Stock Exchange, Rajesh Exports noted that the order will significantly boost its bottomline. The company aims to achieve double-digit growth in sales during FY ’15. It also has plans to expand its outlet presence in the Southern Indian states, by opening 50 more retail outlets under the brand ‘Shubh Jewellers’. According to the company, demand for Indian jewellery has witnessed considerable growth in domestic as well as export markets.

Earlier, last month, the company had bagged a Rs 732 crore worth order for export of designer range of gold and diamond studded jewellery and medallions from UAE-based Al Malek Jewellery.

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. It is also lowest cost gold jewellery manufacturing company in the world.