Rajesh Exports buys Valcambi for Rs. 2560 crore
On 27 July 2015, a Bengaluru based gold Jewellery manufacturing company Rajesh Exports Ltd (REL) bought the world’s largest gold refining company Valcambi from US-based mining company Newmont Mining Corporation. REL had to fetch over 2560 crore rupees all in cash to buy Valcambi refinery.
Valcambi generates on an average 945 tons of gold that is more than India’s demand of 900 tons per year. This development will significantly add revenues and profitability of REL group and alone can meet demand of world’s largest gold consumer ‘India’.
This acquisition will help REL to secure raw material supplies and will also facilitate its global expansion in gold business. On acquisition, REL will become an integrated global player covering precious metal refining business as well as gold jewellery making business.
It will also facilitate REL to upgrade its 200-tonne gold refining capacity at Rudrapur in Uttarakhand and get London Bullion Market Association accreditation.
About Rajesh Export Ltd (REL)
Rajesh Export Ltd (REL) is headquartered at Bengaluru and was incorporated in 1990. It deals in both Gold jewellery manufacturing and export and is currently world’s largest manufacturer of gold jewellery and that also in lowest costing. It has marked its presence in the entire jewellery cycle beginning from refining of Gold to retailing and has database of over 29,000 jewellery designs. It retails jewellery under the outlet name ‘SHUBH Jewellers’.
About Valcambi Gold Refinery
Valcambi is world’s largest gold refinery based at Switzerland and was incorporated in 1965. It specially deals in refining of precious metals that have capacity of over 2,000 tons per year.