Rajesh Exports Bags Rs. 1,170 Crore Order From UAE

Bengaluru: Rajesh Exports Ltd. on Tuesday said the company has bagged an export order worth Rs 1,170 crore from an UAE-based company for gold and diamond-studded jewellery and medallions, according to media reports.

The Bangalore-based firm said that the order is to be completed by October, which will significantly add to its bottomline. “Rajesh Exports Ltd has bagged an export order worth Rs 1,170 crore of designer range of gold and diamond studded jewellery and medallions from M/s Al Malek Jewellery, UAE,” the company said in a regulatory filing.

It has gold jewellery manufacturing facility at Bangalore, spread over 12 acres of land, with a capacity to process 250 tonnes of gold into jewellery. The demand for Indian jewellery in the foreign markets has been growing rapidly and the company caters quality Indian jewellery with best craftsmanship to the global markets, it added.

Last month, Rajesh Exports had announced acquisition of Swiss-based gold refinery Valcambi for $ 400 million to gain access to raw materials at lower prices. It acquired Valcambi — the world’s largest precious metals refiner — through its Singapore-based subsidiary and will finance the deal from internal accruals and a long term debt from Credit Suisse.

In the quarter ended June, the company posted an over-two fold rise in net profit at Rs 237.16 crore, as against Rs 118.34 crore in the same period last year. Rajesh Exports also sells jewellery under the brand Shubh Jewellers and has 83 showrooms across the country.