The Cochin Special Economic Zone (SEZ) has seen an increase in the number of gold jewelry and bar shipments. However, the other SEZs have seen a decline. Looking at the imports for April and May, $1,381 million was the total worth of gold bars. The over increase in the import was 917 per cent, from $135 million last year, during the same time period. The revenue from Cochin SEZ alone was $1,228 million.
Considering gold jewelry, the overall rise in the imports went up by 170 per cent to $1,625 million from $601 million last year during these two months. Cochin SEZ alone brought in a revenue of $1,182 million. Also, according to the data from Gem & Jewellery Export Promotion Council (GJEPC), its share stood at 89 per cent and 73 per cent in gold bar and gold jewelry respectively.
An interesting factor that came to light during this time when Cochin SEZ accounted for the maximum gold exports was the presence of Rajesh Exports. It was the only major jewelry exporter present in this entire scenario. The Assistant Development Commissioner of Cochin SEZ, Ajay Kumar said, “Rajesh Exports has five units in the zone and the company has been making good growth.”
Rajesh Mehta, the owner of Rajesh Exports, said that Eid brought a hike in sales for the company. A 10 – 15 per cent increment in sales was recorded. “Eid was good. Initially there were issues with regard to introduction of VAT in Dubai. But things have now settled down,” he mentioned.
Rajesh Exports is the largest gold regulator in the world. With more than 35 per cent of the gold market covered, the company is amongst the topmost players in the world. Under the guidance of Rajesh Exports MD, Prashant Mehta, the company is also took a major step by acquiring Valcambi, the largest gold refiner from Switzerland. This step not only made the organization the largest gold refiner in Switzerland but also allowed it to access raw materials at a price cheaper compared to its counterparts.
From mining to retail, Rajesh Exports has made its presence felt in all spheres of the gold market. The retail chain – Shubh Jewellers, is the one and only in the market to offer rate per gram to its customers. This makes the transactions transparent, building the trust of the buyers. Another practice that makes the company stand out is the no making charges policy. This further adds to an increase in clientele.
The hold on exports from the Cochin SEZ is proof of the company’s unique policies and working methods. The comprehensive rise in revenues and increasing imports are a good sign for the company’s future.