Rajesh Exports bags Rs 1,295-cr worth jewellery export order from UAE

The company is looking at a double-digit sales growth in FY15. Plans to expand its retail footprint in FY16 in southern states

Rajesh Exports Ltd, Bengaluru-based gold jewellery exporter, has bagged an export order worth Rs 1,265 crore of designer range of gold and diamond studded jewellery and medallions from UAE-based Al Sultan Jewellery. The order is to be completed by May 31, 2015, the company said.

The execution of this order will significantly add to the company’s bottomline, the company said in a filing on the BSE.

"The demand for Indian jewellery is growing both in the domestic and export markets. We are geared up to meet the orders in both markets. We will achieve our target for the year and grow in the double digit this year," Rajesh Mehta, Chairman, Rajesh Exports told Business Standard.

Earlier, last month, the company had bagged a Rs 732 crore worth order for export of designer range of gold and diamond studded jewellery and medallions from Al Malek Jewellery of UAE.  

He said the company is planning to open 50 more retail outlets under its retail brand Shubh Jewellers in the next financial year, mainly in south India.

The company plans to enter the Andhra Pradesh market with 15-20 stores, he said and added that in the next four years, it wants to expand all over the southern states.

"South India is the largest market for jewellery sales and we want to strengthen our presence in all the southern states," Mehta said. Currently, the company operates 80 retail outlets in Karnataka.

Rajesh Exports operates a manufacturing facility in Bengaluru, which has an installed capacity to process 250 tonnes of jewellery per annum.

The company's stock closed 2.11 per cent higher at Rs 210.90 per share on the close of trading on BSE.