India’s Rajesh Exports wins $94m German jewellery order
By Vinu Lal
India’s Rajesh Exports, the largest manufacturer of gold products globally, has won an order worth INR6.91bn ($94m, £68m) 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.
The company, based in the southern city of Bengaluru, will execute the order from its manufacturing facility, which has an annual processing capacity of 250 tons of jewellery and gold products.
The order is significant for demonstrating the acceptance of the company’s new range in the global markets, it said, and it is confident of completing within the time frame. It expects further orders for the jewellery from the international markets.
The company processes about 35% of gold produced in the world.
World’s largest gold refiner
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. Valcambi was owned by Colorado-based Newmont Corporation, the world’s largest gold mining company, and a group of Swiss investors, according to a report in Financial Express.
Shares in Rajesh Exports closed at INR581.65, down 5.23%, on the National Stock Exchange. The shares, which had touched a 52-week-high of INR657.75 on 10 August, had opened up 0.53% at INR 617 on Friday, exchange data showed.
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