Bengaluru-based Rajesh Exports, the largest manufacturer of gold products globally, has won an order worth Rs 691 crores from a German company for a designer range of jewellery. The order has to be fulfilled by December 2021, the company said in a stock exchange filing.
Rajesh Exports will execute the order from its own manufacturing facility which has a processing capacity of 250 tonnes of jewellery and gold products per annum, reported Business Standard. The company had introduced new designs in the international markets which constitute a new range of jewellery and hence, expects significant orders for this range of jewellery from the international markets.
“The company is confident of executing this order well within the time frame on the back of its expertise, skilled craftsmen, artisans and its exceptionally-strong backward-integrated infrastructure,” it said in a statement.
Rajesh Exports, which is also the world’s largest refiner of gold, has a total capacity to refine 2,400 tons of precious metals per annum. In 2015, the firm acquired Switzerland-based gold and silver-processing company Valcambi for $400m in an all-cash deal, through its wholly owned subsidiary in Singapore.
The company exports its products to various countries around the world and also supplies its products in wholesale market and jewellery showrooms across India. The company processes about 35% of gold produced in the world.
Rajesh Exports’ consolidated net profit surged 83% to Rs 278.43 crore on a 10.5% rise in net sales to Rs 50,897.02 crore in Q1 FY22 over Q1 FY21.
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