Rajesh Exports, India’s largest gold exporter, has active plans of expanding their vertical of designer jewellery to the markets of Europe and North America. The company announced their expansion plans to Bombay Stock Exchange. This made the share prices of Rajesh Exports jump up by 6% to hit an intraday high of Rs 444.
Rajesh Exports sent a filing to the Bombay Stock Exchange informing them that the company had developed a special range of designer jewellery which is suitable for the American and European markets.
This designer jewellery will be marketed by Valcambi. Rajesh exports acquired Valcambi in July 2015.
Official spokesperson for Rajesh Exports said, “ Venturing into the American and European markets is an important step towards international diversification of Rajesh Exports. Many might term this as a bold move but for us it is a thoroughly planned strategy.”
The spokesperson elaborated, “ We have developed a special range of jewellery designed especially for the European and American Markets. Our analysts spent a good amount of time trying to decode the fashion choices and preferences of the locals in these markets. And then, our designers crafted jewelleries to suit the international taste. A major breakthrough was acquiring Valcambi to market our producs. Valcambi has a good network which we think can be used optimally to make this expansion a success. Ever since we announced the news to Bombay Stock Exchange, our share prices have gone up by several percent. This is an absolutely positive indication. The market is hopeful of this expansion strategy.”
The shares of Rajesh Exports ended at a 2.7 percent high at Rs 430.50. The stocks of Rajesh Exports outperformed Nifty which dropped by 2%.