Indian firm to export gold, diamond jewellery worth Rs.2,200 cr in 4 months
India’s largest jewellery manufacturer Rajesh Exports will ship gold and diamond studded ornament worth Rs.1,123 crore to Singapore by the end of this year. “Rajesh Exports Ltd (REL) has bagged an export order worth Rs.1,123 crore of designer range of gold and diamond studded jewellery and medallions from Singapore. The order is be completed by December 31, 2015,” the Bangalore-based firm said in a statement on Friday. The fresh order came nearly three weeks after the company had received an export order from a UAE-based firm to supply gold and diamond jewellery worth Rs.1,170 crore. The shipment to UAE has to be completed by October 31. According to REL, the demand for Indian jewellery has been “growing rapidly” in overseas markets and the company caters quality products with “best craftsmanship” to its clients. REL with annual sales of up to $7.8 billion has a manufacturing facility in Bangalore. The 12-acre facility has the capacity to process 250 tonnes of jewellry annually. Though India is the largest importer of gold after China, it also exports the yellow metal after value addition in the form of jewellery. In the last financial year, gems and jewellery export from India was more than $41 billion. However, the sector has witnessed a slowdown in the past few months. During April-June quarter of this year, the country’s gems and jewellery export was worth $1.4 billion. According to the World Gold Council’s Gold Demand Trends report for the period of April-June 2015, the overall global demand of the precious metal was 915 tonnes, down 12% compared to the same period last year.
September 05, 2015 | 1:16pm IST.