Jewellery firm Rajesh Exports buys Valcambi for $400 million in cash

Deal will help Rajesh Exports secure raw material supplies

Rajesh Exports Ltd said on Monday it bought Valcambi, the world's largest gold refining company, in an all-cash deal worth $400 million.

The company was selected after a global search by Valcambi's existing owners led by Newmont Mining Corp , the world's largest gold jewellery maker said.

The deal will help it secure raw material supplies and will add to earnings per share, the company said.

India is the world's biggest consumer of gold, with annual demand hovering around 900 tonne per year.