Rajesh Exports to foray into jewelry retail business
13 Mar '07
2 min read
VISHAKHAPATNAM:
Rajesh Exports Limited (REL) has jumped into retail business by launching gold jewellery outlets-- 'Laabh'.
The company is the world's largest gold jewellery manufacturer and India's biggest gold jewellery exporter.
Robust economy, stable stock market performance and gold consumption capacity of Indian customers has prompted REL to open 27 outlets across the country in 23 cities.
"We are getting into retailing in India so that we are able to effectively compete in market and provide value to the consumers in terms of design representing Indian craftsmanship and also in terms of finishes," said Vipin Sharma, Chief Executive Officer of Laabh Jewelers.
REL's move may prove to be a trendsetter for other national and international gold dealers.
Consumer will be beneficiary as Laabh claims to offer value for money equation.
"In domestic sector, what we are giving is unique. No national retail chain or branded player has offered value for money equation so far and Laabh Jewelers is the first," added Sharma.
REL has been into all aspects of gold industry whether it is mining, refining, designing and now even marketing.
The current gold consumption in India is estimated at over 900 tons, mostly in 20/22-carat jewellery.
Around 95 percent of gold goes into domestic jewellery markets and the remaining 5 percent is exported.
marketing@alchempro.com
