Rajesh Exports gets Rs 1079 crore order from the Middle East

Jewellery manufacturer Rajesh Exports said it has won an order worth Rs 1079 crore from a “leading wholesaler and stockist” from the Middle East.

The order has to be fulfilled by June.

The company had recently introduced new designs in the international markets which constitute a new range of jewellery.

The company said it has found good acceptance for its new designs from global markets and expects further significant orders for the new range from the international markets.

“This order will continue to strengthen our position in the global market,” the Bengaluru-based firm said.

The company, the world’s largest manufacturer of gold products, will manufacture the entire requirement of this order at its main manufacturing facility, which has a processing capacity of 250 tons of jewellery and gold products per year.

Rajesh Exports, with revenue of $28 billion in FY18, is estimated to have a capacity tomanufacture 400 tons of gold products per year, including medallions and coins.

India is the world’s largest retail market for gold. Rajesh Exports is estimated to process 35% of gold produced in the world and has its own mining, processing, manufacturing and retailing operations, even though the bulk of its revenue comes from its wholesale deals.