Rajesh Exports

What Rajesh Exports does

Rajesh Exports Limited (REL), incorporated in 1989 and headquartered in Bangalore, India, is a publicly listed (NSE: RAJESHEXPO) vertically integrated gold processor that claims to handle 35% of global gold production. The company operates across the entire gold value chain — from refining and alloying to jewellery manufacturing, wholesale distribution, exports, and retail — and is the largest exporter of gold products from India. Its wholly owned subsidiary Valcambi SA (Balerna, Switzerland, acquired in 2015 for $400 million) is the world's largest gold refinery, with 2,000 tons of annual precious metals refining capacity and LBMA accreditation; combined with REL's 400-ton Uttarakhand facility, total refining capacity exceeds 2,400 tons per annum. Manufacturing capacity stands at 350 tons of gold jewellery per annum across Bangalore, Cochin, and Dubai facilities, backed by an R&D catalogue of more than 150,000 designs (29,000 active).

REL generates revenue through four primary streams: (1) gold jewellery manufacturing and export to 60+ countries, (2) precious metals refining services via Valcambi, (3) wholesale distribution to approximately 5,000 retail showrooms across India and the UAE, and (4) direct-to-consumer retail through the SHUBH Jewellers chain of 80+ showrooms in Karnataka using a transparent 'Real Rate Per Gram' pricing model. Key customer segments include global retail consumers, wholesale jewellery dealers, bullion banks and financial institutions, and international white-label manufacturers. The company is also pursuing planned e-commerce and duty-free airport gold bar vending channels, and has diversified into lithium-ion battery manufacturing through subsidiary ACC Energy Storage Pvt Ltd under India's PLI scheme.

The company's operating outlook is materially clouded by June 2026 regulatory actions: SEBI issued an interim order alleging revenue inflation of approximately Rs 15.15 lakh crore (claimed to represent 97-99% of consolidated revenue between FY2020-21 and FY2024-25), the Enforcement Directorate conducted FEMA-related searches at nine locations, and both NFRA and MCA-referred SFIO investigations have been initiated. The stock has declined approximately 47.25% year-to-date in 2026 following these developments. REL continues to operate and denies the allegations.

Name

Rajesh Exports

Legal name

Rajesh Exports Ltd.

Website

https://rajeshindia.com

Company type

Public

Founded year

1989

Operating status

Operating

Headcount range

51–100 employees

Short description

Rajesh Exports is a Bangalore-headquartered, publicly listed Indian gold processor that operates the entire gold value chain from refining (via Valcambi, Switzerland) to retail (SHUBH Jewellers), exporting to 60+ countries and supplying ~5,000 wholesale showrooms.

Ownership category

akta.pro rank

Product category

Gold Jewellery Manufacturing and Refining

NAICS

Jewelry, Watch, Precious Stone, and Precious Metal Merchant Wholesalers (42394), Jewelry Retailers (458310), Coal and Other Mineral and Ore Merchant Wholesalers (42352)

SIC

Wholesale-Jewelry, Watches, Precious Stones & Metals (5094), Gold And Silver Ores (1040), Retail-Jewelry Stores (5944)

akta.pro primary industry

Precious Metals Bullion & Concentrates Trading (Gold, Silver, PGM) (IMAKAJAD)

akta.pro secondary industries

Fine Jewelry Wholesale & Trading (CRAKAAAL), Gold Mining (IMAKAEAA)

Keywords

• Gold refining
• Gold jewellery manufacturing
• Precious metals processing
• Gold bar production
• Jewellery retail chain

Headquarters

HQ city

Bangalore

HQ country

India

HQ region

Asia

Offices7 records

Markets served

GTM type

B2B and B2C

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Infrastructure, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Gold Jewellery Manufacturing and Export: Manufacturing and exporting gold jewellery and gold products globally. REL is the largest exporter of gold products from India and exports to more than 60 countries. Products include hand-made jewellery, casting jewellery, machine chains, stamped jewellery, studded jewellery, tube jewellery and electro-formed jewellery.
2. Gold Refining Services: Precious metals refining through Valcambi in Switzerland (world's largest refinery with 2000 tons capacity) and Uttarakhand facility (400 tons capacity). Total refining capacity exceeds 2400 tons per annum.
3. Retail Sales (SHUBH Jewellers): Direct-to-consumer retail sales through SHUBH Jewellers branded showrooms offering gold and diamond jewellery with transparent pricing. Currently 80+ showrooms in Karnataka with expansion plans.
4. Wholesale Distribution: Wholesale distribution of jewellery products to approximately 5000 retail showrooms across India and throughout the UAE through an extensive wholesale network.

Pricing tiers

Go-to-market motion2 records

Distribution channels6 records

Marketing channels6 records

Core offering

Rajesh Exports Limited is a vertically integrated gold business that manufactures, refines, exports, and retails gold products. Its core activities include gold refining through subsidiary Valcambi SA (the world's largest gold refinery with 2,000 tons annual capacity in Switzerland), large-scale gold jewellery manufacturing (350 tons annual capacity at Bangalore, Cochin and Dubai), wholesale distribution to ~5,000 retail showrooms across India and the UAE, exports of gold bars and jewellery to 60+ countries, and direct retail through the SHUBH Jewellers showroom chain (80+ showrooms in Karnataka).

Product overview

Rajesh Exports Limited (REL) operates as a vertically integrated gold business with presence across the entire gold value chain from refining to retailing. The company comprises Valcambi (world's largest gold refinery in Switzerland, acquired in 2015), gold jewellery manufacturing (world's largest facility in Bangalore with 350 tons capacity), SHUBH Jewellers retail chain (80 showrooms in Karnataka), wholesale distribution to 5,000+ showrooms, and export operations across 60+ countries. Planned offerings include e-commerce platform and duty-free airport gold bar sales. The company also maintains R&D facilities in Switzerland and India with over 29,000 active jewellery designs.

Differentiator

Problem solved

Functional benefit

Brands

• SHUBH Jewellers: Retail jewellery chain brand launched in 2012, operating 80+ showrooms in Karnataka with a unique 'Real Rate Per Gram' pricing model

Products and services

• Valcambi Gold Refining Services World's largest gold refinery, LBMA accredited, producing London good delivery gold bars including 100% robotically manufactured small-size bars (from 1gm to 100gms) and kilo bars. Sells to bullion banks globally.
• Gold Refining & Alloying Services Gold refining and alloying services with combined capacity of 2,400+ tons of precious metals per annum across Valcambi (Switzerland, 2,000 tons) and the Uttarakhand facility in India (400 tons).
• Gold Jewellery Manufacturing World's largest gold jewellery manufacturing with 350 tons annual capacity across facilities in Bangalore (main facility), Cochin (India), and Dubai, producing hand-made jewellery, casting jewellery, machine chains, stamped jewellery, studded jewellery, tube jewellery and electro-formed jewellery.
• Gold Export Services Largest exporter of gold products from Switzerland, India and UAE, supplying gold bars to major bullion banks and jewellery to white label manufacturers and wholesalers across more than 60 countries.
• Gold Wholesale Distribution Wholesale distribution of gold jewellery to approximately 5,000 retail showrooms across India and throughout major cities in the UAE, supported by dedicated distribution software monitoring demand and supply patterns.
• SHUBH Jewellers Retail Chain Direct retail sales of gold and diamond jewellery through 80+ branded SHUBH Jewellers showrooms across Karnataka under a transparent 'Real Rate Per Gram' pricing model, offering hallmarked jewellery without making charges or hidden fees.
• E-Commerce Platform for Investment Gold Bars Planned online platform to sell Valcambi investment gold bars (999 fineness) and jewellery to global customers at live international spot prices.
• Duty-Free Airport Gold Bar Vending Planned duty-free retail outlets at international airports to sell Valcambi 999 fineness investment gold bars through automated vending machines to travellers, in denominations ranging from 1gm to 100gms.

Quantifiable outcome

• Processes 35% of world's gold production
• +4 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

One partnership is on record.

• Valcambi SAcoreStrategic or Co-development Partner · 27 July 2015Rajesh Exports acquired Valcambi SA, the world's largest gold refinery located in Balerna, Switzerland, for $400 million in 2015. Valcambi has been in gold refining since 1963 and is LBMA accredited. The acquisition gave REL access to 2000 tons annual refining capacity and global gold bar distribution network.

Scale indicators14 records

Recent moves8 records

Expansion highlights4 records

Direct peers

• PAMP Suisse: Swiss LBMA-accredited precious metals refiner producing minted gold bars and a competitor to Valcambi in the global bullion bar market. Directly comparable to REL's refining arm.
• PC Jeweller: Indian listed jewellery manufacturer-retailer with manufacturing and branded retail operations. Comparable to REL on Indian listed-equity gold jewellery exposure.
• Argor-Heraeus: Swiss LBMA-accredited precious metals refinery offering refining services and minted bars, part of the Heraeus group. A direct competitor to Valcambi in global gold refining capacity and bullion bar production.
• Titan Company: India's largest branded jewellery retailer (Tanishq, Mia, Zoya) and a major gold/jewellery player. Comparable to REL in Indian gold jewellery scale and retail ambitions, though Titan is more retail/brand-led whereas REL is manufacturing/refining-led.
• Gitanjali Gems: Historically one of India's largest integrated diamond and jewellery players. Comparable to REL as a listed Indian gold/diamond jewellery manufacturer-retailer.
• Malabar Gold & Diamonds: One of the largest Indian gold jewellery retailers with significant in-house manufacturing and international store presence. Directly comparable to REL's SHUBH Jewellers retail and wholesale model.
• Joyalukkas: Global Indian-origin jewellery chain with manufacturing and retail across the Middle East, India, and other markets. Comparable to REL in vertically integrated gold jewellery manufacturing and multi-country retail.

Regional players

• MMTC-PAMP India: India's leading LBMA-accredited gold and silver refiner (joint venture between MMTC Ltd and PAMP Suisse). A direct Indian-market competitor to REL's Uttarakhand refinery and India bullion bar business.

Broad incumbents

• Heraeus Precious Metals: Global German precious metals and technology group with refining, trading, and industrial products. Operates at broader scale than Valcambi alone and competes across refining and bullion products.
• Tanaka Kikinzoku Kogyo: Japan-based major precious metals refiner and manufacturer with global LBMA-accredited operations. Comparable to Valcambi as an established precious metals refinery with industrial and bullion product reach.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/rajesh_exports
• YouTubeyoutube.com/channel/UCWEEG-JPwhjbHxikjRZiljg/feed
• Facebookfacebook.com/Rajesh-Exports-Limited-1574458326153705
• LinkedInlinkedin.com/company/rajesh-exports-ltd

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries6 records

Funding overview

Funding rounds1 record

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Rajesh Exports