The Indian gold industry has the largest market of gold across the world with a market size of nearly $80 billion. With numerous jewelers and great potential in the industry, the expectations of purity and design are soaring with each passing day. While short span of sinusoidal changes is a daily routine of the industry, Rajesh Exports-owned Shubh Jewellers have maintained their firm ground in the Indian gold industry on a local as well as global scale in the last decade.
Shubh Jewellers has over 80 stores in Karnataka, which deal in the retail of aesthetic gold jewelry. Traditional designs available at the stores are generally used on occasions like Karnataka Coorgi and Mangalore bunt wedding. Their catalog consists of over 25,000 designs made through laser soldering, and undergone adequate quality checks.
The Real Rate-per-Gram feature of Rajesh Export’s retail chain made them a favorite in the Indian market. For instance, while their competitors registered a wastage of 15-22% on a 30 gram necklace set, Shubh have a manufacturing process, leading to almost 0 gram wastage. As a result, the customer does not have to pay for the gold wasted in manufacturing the required design.
This comes after the fact that Rajesh Exports have their value chain in terms of the gold industry. From manufacturing to retail, Rajesh Exports have their own dedicated facilities for every aspect associated with a gold product. With three manufacturing facilities, the company is capable of refining 2,400 ton gold per annum along with the production capacity of 400 ton jewelry.
Confident with the vertical integration of Rajesh Exports in the gold industry, Shubh Jewellers had launched the ‘Shubh Challenge’, which stated that a customer cannot get a better combination of design, purity and price across the world. With pure yellow metal crafted in unique designs, the retail arm of Rajesh Exports has the largest range of 22 carat hallmarked jewelry.
Rajesh Mehta, the owner of Rajesh Exports, expressed, “Our prices are 5-6 per cent lower than other jewelers because we are a vertically integrated company and incur costs of 2.5-3 per cent, while our competitors incur 11-12 per cent cost.” The control of raw material, manufacturing and designing automatically helps the customer save a substantial amount of money on every piece of jewelry in comparison to Shubh Jeweller’s competitors.
The vision of expanding the retail business covers pan India as well as global markets, with a total of more than 2,000 stores. And with such presence, Shubh Jewellers is en route to become the largest Indian gold retailer.