Building a net worth of more than $ 1.8 billion was not an easy feat for the Rajesh Exports executive chairman. Rajesh Mehta established his dominion of glitter and gold by combining innovative ideas with his work-hard approach. This combination proved to be super-effective from day one, when he stepped into the world of business without any training wheels. The 52-year-old once wanted to be a doctor. Fate, however, directed him to the world of jewelry.
Rajesh Mehta started his journey by helping his father in the family business of precious stones. His father decided to name the business after him as he was considered a lucky mascot for the family. Although he was academically inclined, the will to raise a business of his own shadowed his mind.
Rajesh Mehta sought a loan of Rs 1,200 from his elder brother Bipin to realize his entrepreneurial dream. The loan was used to buy silver jewelry from Chennai. Rajesh Mehta sold the silver jewelry to his relatives with the help of his brother, Prashant Mehta (the Rajesh Exports MD). An attractive profit prompted them to move to gold jewelry.
It wasn’t just the profit. Back then, South Indian jewelry in Gujarat was considered exotic and buying them was considered a lavish affair. “It was like idlis being sold in Gujarat; they may not become a staple diet, but they will become a fancy food item, which will be had once in a while”, said Mr. Mehta when asked about his nifty stint. The brothers were soon exporting jewelry with profit going up to Rs 1 lakh on every transaction. This business was made official under the banner ‘Rajesh Art Jewellers’. Trades based on barters were started by this duo. They used to barter the goods from Rajkot with the goods from Bengaluru and vice-versa. They pushed their bartering network to Mumbai and Hyderabad. With each new node added in their network, they would see an increase of 50% in their capital base.
Rajesh Exports was found in 1990 after Rajesh Mehta found a loophole in the Gold Control Act, which forbids everyone from manufacturing gold item domestically. Mr. Mehta had the better idea to export the gold products. Their business turnover increased to Rs 2 crore with markets in the Gulf countries like Kuwait, UAE, and Oman. They also have strong roots in Europe and the US.
The recent Acquisition of Valacambi, the Suisse gold bar manufacturing facility, was a slam-dunk for Rajesh Exports. This facility can create 400 tons of small sized gold bars and 500 tons of kilo bars every year. Rajesh Mehta believes in building a legacy rather than amassing a huge fortune. With his company rising up to new heights, the dream is coming true one step at a time.