MUMBAI (Commodity Online): India's largest, jewellery-maker and exporter, Rajesh Exports Ltd (BOM:531500) has beaten fiery Gold prices and flared fairly well even when the prices hovered at historic high levels and recorded a ten-fold rise in the company’s retail sales.

Company chairman Rajesh Mehta had today informed that soaring prices of the yellow metal, locally and globally, did not make a dent into its demand as its new retail initiative - Gold Revolution, has led the company to gain ten-fold increase in the retail sales.

Gold prices had breached the Rs.19,000-mark for the first time-ever in Mumbai earlier this month, while internationally the spot prices hit an all-time high of $1,251 an ounce. In Mumbai, standard gold prices had touched Rs.19,050 per 10 gram earlier this month.

The Bengaluru-based gems and jewellery exporter expects its revenue to grow 15-20% this fiscal year aided by expansion in its retail stores.

Rajesh Exports closed last financial year with revenues of Rs.184.78 billion. Mehta further said that the retail operations currently contribute about 2% of our total revenue. It is expected to be 10% by March 2011. The company’s Real Rate Per Gram programme has been well received as buyers don't have to pay wastage charges, making charges and other value addition charges under it.

The company's current order book is estimated at Rs 70 billion. Rajesh Exports is in no hurry to revive its real estate plans as it aims to focus on expanding its retail network. Mehta also added that the real estate plans are still on hold. The company is currently concentrating on retail because of which all other new plans have been kept on hold.

Earlier, the company had mentioned that it had land in and around Bangalore, which is worth Rs 14 billion post development. Mehta said the company has no plans to raise funds in near-term.

The shares of the company today fell by 1.30 per cent from the previous close on the Bombay Stock Exchange (BSE).

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