Shree Ganesh Jewellery House enters into joint venture with Rocks Creation of Bangladesh

Kolkata: Shree Ganesh Jewellery House (SGJH) has entered into a joint venture with Rocks Creation Limited of Dhaka, Bangladesh for manufacture of gold jewellery, both plain and studded with diamonds and other precious and semi-precious stones.

SGJH has clocked a 28% increase in turnover to Rs 12971 crore and a net profit of Rs 462 crore in FY13 as compared to Rs 461 crore in FY12.

During the fourth quarter of FY13, Alex Astral Power Private Limited, Group Company of SGJHL has received Indian Industrial Excellence Award organized by IREDA towards one of the best PLF (Power Load Factor) generating Company.

The company has formed a 100% subsidiary in Ghana for procurement of Dore Gold / Unrefined gold for further refining in India. Current order book size stands at Rs 2500 crore.

Commenting on the performance of FY13, Mr Umesh Parekh, managing director of said,: 'I am happy to inform that we had a great financial year as company revenue increased by 28%. The market witnessed dynamism this year with gold price fluctuations. Retail sales in India picked up significantly in the third quarter, with Diwali and a prolonged marriage season driving growth. Middle East continues to be our global market focus. To explore the emerging market in Bangladesh we have entered into a joint venture to set up a manufacturing unit at Dhaka in Bangladesh. Also, through our subsidiary at Ghana, we are planning for procurement of dore gold for refining in India."