India's biggest gold exporter enters retail business

The world's largest gold jewellery manufacturer and India's biggest gold jewellery exporter Rajesh Exports Limited (REL) has jumped into retail business by launching gold jewellery outlets-- 'Laabh'. Eyeing the gold consumption capacity of Indian customers, owing to a robust economy and stable stock market performance, REL has launched 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. World's first integrated player in the gold market, the domestic REL may prove a trendsetter either for other national and international gold dealers or for both. In either case, the consumer will be the biggest beneficiary, as Laabh claims to offer value for money equation and so will the others. "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. Thus far, REL had been dealing with every aspect of gold industry be it mining, refining, designing and also now, marketing. India leads the world in its affinity with gold.The current gold consumption in India is estimated at over 900 tons, used mostly in 20/22-carat jewellery. Around 95 percent of gold goes into domestic jewellery markets and the remaining 5 percent is exported.

Courtesy: Dailyindia.com/ANI
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