Rajesh Exports
Indian multinational gold refiner, jewelry manufacturer, retailer, and exporter.
Last updated August 31, 2026
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Overview
Rajesh Exports Limited is an Indian gold-focused company headquartered in Bangalore, Karnataka. Its activities span gold refining, jewelry design and manufacturing, retailing, and export. The company was established in 1989 by brothers Rajesh Mehta and Prashant Mehta, who began production in a small ten-person workshop operating from their garage in Bangalore. It subsequently added a retail presence and expanded its manufacturing capacity, becoming one of India's prominent participants in the organized gold and jewelry trade. The company's business model covers several stages of the value chain. It has manufactured gold jewelry and other gold products, sold jewelry through retail operations, and exported products to international markets. The acquisition of Valcambi, a Swiss gold refinery, in 2015 significantly broadened the group's refining footprint and gave it an important position in the international bullion and precious-metals supply chain. Rajesh Exports has also operated the Shubh Jewellers retail format and has discussed expanding that network. Rajesh Exports became notable for the scale of its reported turnover. It was listed seventh in the Fortune India 500 ranking for 2020 and was also included in the Fortune Global 500 ranking cited in reference material. The reported 2020 Fortune India revenue figure was approximately ₹2.90 trillion; this is a historical ranking-period figure rather than a current financial estimate. The company's public profile combines high-volume precious-metals processing with jewelry production and retail, making it distinct from a pure jewelry label. The business is associated with the Mehta family: Rajesh Mehta is identified as executive chairman and Prashant Mehta as managing director in the cited reference material. Its principal base remains Bangalore, while its refining and international activities extend beyond India. The company should therefore be understood as a vertically integrated gold and jewelry enterprise rather than as a department-store or general discount-retail brand.
History
Rajesh Exports was founded in Bangalore in 1989 by brothers Rajesh Mehta and Prashant Mehta. According to the cited account, the founders came from a middle-class Jain family and began manufacturing gold jewelry in a ten-person workshop located in their garage. This early setup placed the business close to the craft and production side of India's traditional jewelry economy while allowing the founders to build a commercial operation around organized manufacturing. By 1990, the company had opened a retail front. The move from a small manufacturing workshop into retail gave Rajesh Exports a direct route to consumers and marked the beginning of a broader value-chain strategy. Rather than remaining solely a contract producer or exporter, the company developed capabilities across manufacturing, retail, and later refining. Gold jewelry remained central to the business, with the product range described as including gold jewelry, diamond and studded pieces, coins, and related collections. A major manufacturing facility was established in Bangalore in 2001. The investment increased production capacity and supported the company's transition from a small entrepreneurial workshop to a large-scale industrial jewelry manufacturer. The Bangalore base continued to serve as the company's principal headquarters and an important center for its manufacturing activities. The company also used capital-market financing during its expansion. In 2007, it issued foreign currency convertible bonds, and in 2011 it raised approximately $134.9 million through conversion of those instruments. This financing event is part of the company's recorded expansion history, although the available reference does not provide a detailed breakdown of how the proceeds were allocated. Rajesh Exports made its most consequential strategic move in 2015 when it acquired Valcambi of Balerna, Switzerland, described in the reference material as the world's largest gold refiner at the time. The reported transaction value was $400 million. Valcambi gave the group a major international refining platform and materially changed the profile of Rajesh Exports: the company was no longer characterized only as an Indian jewelry manufacturer and exporter, but also as a participant in global gold refining and bullion markets. Following the Valcambi acquisition, the company continued to be associated with both international gold operations and Indian retail expansion. In 2018, it was reported to be planning an expansion of its Shubh Jewellers retail stores. This retail format complemented the group's upstream refining and manufacturing activities by providing a branded consumer-facing channel. The company's scale was reflected in rankings cited for 2020. It was placed seventh in the Fortune India 500 and was also listed in the Fortune Global 500 ranking referenced by the article. The cited Fortune India entry reported revenue of approximately ₹2.90 trillion for the relevant period. These rankings established Rajesh Exports as one of India's largest companies by reported turnover, although revenue rankings in the gold trade can reflect the high value of the underlying commodity and should not be read as equivalent to jewelry-brand sales alone. The company remains associated with the Mehta family. Rajesh Mehta is identified as executive chairman and Prashant Mehta as managing director. Its business identity rests on vertical integration across refining, manufacturing, export, and retail, with Bangalore as its Indian base and Switzerland representing an important international refining location through Valcambi. Reference material also reports a 2026 fraud accusation by India's Securities and Exchange Board involving an alleged amount of 15 lakh crore. The available source does not establish the final legal or regulatory outcome, so the allegation should be treated as a reported matter rather than a concluded finding.
- 2020
Fortune India 500 ranking
[1]Rajesh Exports was ranked seventh in the Fortune India 500 and was also cited in the Fortune Global 500.
- 2018
Shubh Jewellers expansion planned
[1]Reference material reported plans to expand the Shubh Jewellers retail-store network.
- 2015
Valcambi acquired
[1]The company acquired Swiss gold refiner Valcambi in a transaction reported at $400 million.
- 2011
Convertible-bond financing completed
[1]Rajesh Exports raised approximately $134.9 million through conversion of foreign currency convertible bonds issued in 2007.
- 2007
Foreign currency convertible bonds issued
[1]The company issued foreign currency convertible bonds, which were later converted in a financing event reported in 2011.
- 2001
Large Bangalore manufacturing facility established
[1]Rajesh Exports built a substantial manufacturing facility in Bangalore to support increased production.
- 1990
First retail front opened
[1]The company entered direct retail shortly after its establishment, broadening its activities beyond manufacturing.
- 1989
Company founded in Bangalore
[1]Rajesh Mehta and Prashant Mehta founded Rajesh Exports and began gold-jewelry manufacturing in a small ten-person workshop operating from their garage.
Products and positioning
Vertically integrated Indian gold and jewelry business combining refining, manufacturing, export, and retail.
Jewelry · 1989
Gold jewelry
Gold jewelry is the company's core finished-product category. Rajesh Exports has manufactured and sold gold ornaments through retail and export channels, linking its production operations with consumer-facing jewelry distribution.
Jewelry
Diamond and studded jewelry
The company's described range includes diamond and other studded jewelry. These products extend the offering beyond plain gold ornaments into embellished pieces intended for retail and international markets.
Gold products
Gold coins
Gold coins are identified among the company's flagship offerings. They represent a bullion-oriented product line alongside finished jewelry and are consistent with the group's refining and gold-processing capabilities.
Precious-metals refining · 2015
Refined gold
Through its ownership of Valcambi, Rajesh Exports has participated in the refining of gold and the supply of refined precious-metal products. This upstream activity is a central part of the group's vertically integrated model.
Retail format
Shubh Jewellers
Shubh Jewellers is the company's referenced retail-store format. It provides a branded route to market for jewelry and related gold products, with expansion plans reported in 2018.
Controversies
2026
Reported SEBI fraud accusation
Reference material reports that the Securities and Exchange Board of India accused Rajesh Exports of fraud involving 15 lakh crore. The available source does not state whether the allegation resulted in a final order, settlement, conviction, or dismissal.
Brand decisions
2018
Planned expansion of Shubh JewellersStrategyBackground
The group operated across refining, manufacturing, export, and retail and had an established consumer-facing retail format.
Action taken
Reference material reported plans to expand the Shubh Jewellers store network.
2015
Acquisition of ValcambiM&ABackground
Rajesh Exports had developed manufacturing, retail, and export operations and sought a larger role in the gold value chain.
Action taken
The company acquired Valcambi, a Swiss gold refinery based in Balerna, in a transaction reported at $400 million.
Aftermath
The acquisition expanded the group's international refining capabilities and strengthened its vertically integrated precious-metals model.
Reported transaction value. $400 million (2015)
Recent events
- 2020
Rajesh Exports ranked seventh in the Fortune India 500 for 2020[1]
Other
The company was reported as seventh in the Fortune India 500 ranking, with cited revenue of approximately ₹2.90 trillion for the relevant ranking period.
- 2015
Rajesh Exports acquired Valcambi[1]
M&A
Rajesh Exports acquired Valcambi, a major Swiss gold refiner, expanding its refining and international precious-metals operations.
Sources3 sources
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