Rajesh Mehta

Rajesh Mehta (IPA:rajesh mɛhtə; Devanagari: राजेशमेहता; Gujrati: રાજેશમેહતા; Born 20 June 1964)is a renowned Indian industrialist based in Bengaluru. He is the owner and executive chairman of the jewellery juggernaut Rajesh Exports Ltd.His net worth is $1.88 billion. Rajesh Mehta has also been featured in the Forbes rich list as the 61st richest person in India.^{[1] [2]}

Early life

Rajesh Mehta was born at Rajkot (Gujarat) to Jasvantrai Mehta and Chandrika Ben Mehta. He was brought up in Bangalore. Rajesh is the third one among his three brothers– Bipin, Prashant, and Mahesh.^[3] Rajesh Mehta belonged to a lower-middle-class family. His fathermigrated from Morbi (Gujarat) to Bangalore in 1946 and worked at a private firm. But later, he quit the job and started a small business of trading semi-precious stones in Gujarat under the name of ‘Rajesh Diamond Company’. Rajesh Mehta got married to Leena Mehta in 1989 and has two sons - Siddharth Mehta and Haresh Mehta.

Career

He went to St. Joseph’s School and studied at National College for two years. Rajesh was a brilliant student since childhood. He aspired to be a doctor. But Mehta chose his father’s jewellery business instead of pursuing medical education. Rajesh, along with his brother Prashant, took the charge of scaling up their existing family business. He approached Bipin, the eldest brother, who worked at a bank. Rajesh took a loan of Rs 1,200 and started a silver trading business.^[4] He bought jewellery from Chennai and sold it back at Rajkot to their relatives, thus making a good amount of 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 Bengaluru, Chennai, and Hyderabad. This way Rajesh Mehta popularized multiple ethnic Indian jewellery designs and cultures across different states of India. He formed an entity called ‘Rajesh Art Jewellers’ and started bartering goods. The company’s capital base increases by 50% with every barter cycle.^[5] The silver jewellery business flourished and this motivated Rajesh Mehta to step in the gold sector.In 1989, Mehta set up a small 10-workergold jewellery manufacturing unit in his garage at Bengaluru. This company was named ‘Rajesh Exports’. It exported gold to United Kingdom, Dubai, Oman, Kuwait, the US, and Europe, and made a business of Rs 2 crore by the year 1992. The export business eventually grew to Rs 120 crore by 1998.^[6] Rajesh Mehta also laid the foundation of a standalone retail store, which is now called ‘Shubh Jewellers’. There are 81 Shubh stores located across the whole of Karnataka.^[7]

Rajesh Exports

Rajesh 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 423rdcompany.^[10]

Valacambi Exports

Under Mr Mehta’s leadership, Rajesh Exports acquired Valacambi, the world’s largest gold manufacturing facility 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]

Achievements and Awards Rajesh Mehta has won a number of accolades personally as well as for his company. The awards presented to him are: 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

References