Rajesh Mehta

Rajesh Jaswanth Rai Mehta (born 20 June 1964) is an Indian billionaire businessman, based in Bangalore. He is the owner and executive chairman of the jewellery company Rajesh Exports. As of April 2017, Forbes estimated his net worth at $2.6 billion, making him the 61st richest person in India.[1]

Rajesh Mehta
Born (1964-06-20) 20 June 1964
Bengaluru, India
ResidenceBangalore, India
NationalityIndian
Alma materNational College, Bangalore
Known forFounder and chairman, Rajesh Exports
Net worthUS$2.6 billion (April 2017)[1]
Spouse(s)Leena Mehta
Children2

Early life

Rajesh Mehta was born on 20 June 1964 in Bengaluru,[2] to Jasvantrai Mehta and Chandrika Ben Mehta. He was brought up in Bangalore in a lower-middle-class Jain[3] family, the third of his three brothers– Bipin, Prashant, and Mahesh.[4] His father migrated from Morbi (Gujarat) to Bangalore in 1946 and worked at a private firm. Later, he quit the job and started a small business of trading semi-precious stones in Gujarat under the name of ‘Rajesh Diamond Company’.

Career

He went to St. Joseph’s School and studied at National College for two years. He aspired to be a doctor, but chose his father’s jewellery business instead. He and his brother Prashant took over the family business. He approached Bipin, the eldest brother, who worked at a bank, for a loan of Rs 1,200 and started a silver trading business.[5] He bought jewellery from Chennai and sold it back at Rajkot to their relatives at a profit. He gradually started selling jewellery to retailers and wholesalers based in Gujarat. They later started buying silver jewellery from Gujarat and sold it to retailers and wholesalers at Bangalore, Chennai, and Hyderabad. Through this way he popularized multiple ethnic Indian jewellery designs and cultures in different states of India. He formed an entity called ‘Rajesh Art Jewellers’ and started bartering goods. The company’s capital base increased by 50% with every barter cycle.[6] The silver jewellery business was successful, and Mehta moved into gold jewellery in 1989, setting up a 10-worker manufacturing unit in his garage at Bangalore. This company was named ‘Rajesh Exports’. It exported gold to United Kingdom, Dubai, Oman, Kuwait, the US, and Europe, and made a business of INR 20 million by the year 1992. The export business eventually grew to INR 1.2 billion by 1998.[6] Mehta then opened a standalone retail store, which is now called ‘Shubh Jewellers’. There are 81 Shubh stores in Karnataka.[7]

Rajesh Exports

Mehta founded Rajesh Exports in 1989 along with his brother Prashant Mehta.[8] The company quickly rose into prominence with its first organized gold jewellery manufacturing facility in India. In 1991, they also established the country’s first research and development facility in the jewellery sector.[9] Rajesh Exports processes 35% of the world’s gold. It is also listed in National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). Rajesh Exports was included in the Fortune 500 list as the 423rd company.[10]

Valcambi Exports

In 2015 Rajesh Exports acquired Valcambi, the world’s largest gold manufacturing facility, based in Switzerland.[11] It can produce 400 tons of small sized gold bars and 500 tons of kilo bars every year. The gold bars produced are certified by the London Bullion Market Association (LBMA).[12]

Awards and recognition

  • Udhyog Shree Award
  • Jeweller of the Year Award presented by the Karnataka Government [13]
  • Jain Bhusan presented by the Jain Social Group
  • Outstanding Businessman Award presented by Harun Business Institute of China

Personal life

Rajesh Mehta is the son of Chandrika Ben Mehta & is married to Leena Mehta.[14]

His son Siddharth Mehta is the head of information technology team at Rajesh Exports Bangalore, which builts customised software for in-house processes.[15]

References

  1. "Forbes profile: Rajesh Mehta". Forbes. Retrieved 6 April 2018.
  2. "List of 5 Richest People In the city of Bangalore - The Indian Wire". theindianwire.com. 25 April 2014. Retrieved 6 March 2018.
  3. "The gold rush: How Rajesh Mehta's out of the box ideas helped him build his jewellery empire". Forbes India. Retrieved 5 November 2019.
  4. "The gold rush: How Rajesh Mehta's out of the box ideas helped him build his jewellery empire". Forbes India. Retrieved 14 December 2016.
  5. "Top 6 jewellers who control India's gold". Economic Times. Retrieved 2 May 2013.
  6. "The gold rush: How Rajesh Mehta's out of the box ideas helped him build his jewellery empire". Forbes India. Retrieved 14 December 2016.
  7. "New Jewellery range launched across 81 'Shubh' outlets – Company's retail stores in Karnataka, one of the key gold consumption markets in India". The Hindu Business Line. Retrieved 30 January 2017.
  8. "Rajesh Exports Ltd". The Hinndu Business Line. Retrieved 24 July 2016.
  9. "Rajesh Export ramps up design team". Business Standard. Retrieved 24 February 2005.
  10. "Rajesh Exports Ltd". Economic.
  11. "Jeweller Rajesh Exports buys refiner Valcambi for $400 million". Reuters. Retrieved 27 July 2015.
  12. "Rajesh Exports buys Valcambi". The Hindu. Retrieved 27 July 2015.
  13. "Rajesh Exports receives "Jeweller of the year" award". Equity Bulls. Retrieved 15 February 2008.
  14. "A thousand words: Most memorable business moments". Forbes. India. 23 December 2017. Retrieved 31 January 2019.
  15. Menon, Rashmi (26 August 2015). "Meet the owner of the world's largest gold refinery worth $400mn: Siddharth Mehta". Retrieved 6 April 2018 via The Economic Times.
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