Savio Jewellery's Guinness World Record Holder 'Peacock Ring' unveiled

The ring went on to become the Guinness World Record Holder for the 'Most Diamond Set in One Ring'.

Post By : IJ News Service On 05 November 2015 3:54 PM
Shree Ganesh Jewellery House Ltd (SGJHL) is geared to cut down its exposure to overseas markets to hedge the foreseen losses owing to the downtrend in demand and a likely credit risk involved in exports. %% A high percentage of SGJHL’s sales in the abroad markets are non-LC (letters of credit) backed involving a big counter party payment risk. %% Nilesh Parekh, Chairman, SGJHL, “SGJHL’s exposure to overseas market was growing very strong and is in fact becoming a cause of worry following the global crisis. Exports account for nearly 80 per cent of its turnover. We are a bit worried about it (our exposure in overseas markets). This is because the overseas markets are going through a number of changes. So we want to reduce our exposure. SGJHL typically extends a three-month credit period on gold jewellery exported. Nearly 100 per cent of our exports are done on a credit basis where the payment is received after the dispatch of the consignment.” %% About 70 per cent of SGJHL’s creditors are from West Asia. With an understanding to allay the credit risk, the company has established up a factory in Dubai to gratify the local market demand on cash basis. %% “This way, our Indian entity will have less exposure to overseas markets. The Dubai factory will work on job work basis. By setting up a factory in Dubai, the company will be able to scale down the exposure of the Indian entity to that market by 15-20 per cent. Increasing the share of domestic sales would offset the reduced exposure in overseas markets,” he said. %% Domestic market, which currently accounts for 20 per cent of total sales, would be scaled up to 25 per cent, Parekh added. %%

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