Rajesh Exports Enters Gold Finance Business
Bengaluru-based jewelry exporter Rajesh Exports Ltd is embarking on gold financing through a separate business division.
The company’s board of directors approved the proposal here yesterday, which is subject to regulatory approvals. “The company will soon apply for the necessary authorizations and licenses required to embark on gold financing,” the company said in a filing filed with the ESB on Tuesday.
Initially, gold financing activity will be done using its existing retail network of 81 retail jewelry showrooms. The company operates its retail network under the Joailliers Shubh brand.
“A foray into the gold finance industry will also boost retail sales in retail stores and add additional value to the retail business, in addition to launching a new gold finance vertical,” the company said.
Rajesh Mehta, Chairman of Rajesh Exports Ltd, said: “Rajesh Exports was the first company in the country to give up waste and charge customers for gold jewelry, which created the trend and forced other players to industry to do so. resulting in a huge benefit for retail customers across the country. Likewise, a foray into the gold financing industry through its retail stores will be of great benefit to retail customers as they will be able to purchase gold jewelry and also benefit from gold jewelry financing at their own. convenience.
The company operates a gold processing unit and jewelry manufacturing plant spread over 12 acres in Bengaluru with a capacity of 250 tons of jewelry per year.