Expansion16 Apr 2025, 01:06 am
Renaissance Global to Discontinue Manufacturing in Bhavnagar, Eyes Rs. 15 Crore Annual Savings
AI Summary
Renaissance Global Ltd (RGL), a leading player in the fine jewelry export segment, has decided to discontinue manufacturing operations at its plant situated in Bhavnagar, Gujarat. This decision is expected to result in annual cost savings of Rs. 15 crores. The shift in US consumer preferences towards lab grown diamond (LGD) jewellery and the company's focus on growing its D2C segment have made it possible to consolidate all of the Company’s manufacturing operations in Mumbai.
Key Highlights
- Renaissance Global to discontinue manufacturing operations in Bhavnagar, Gujarat
- Expected annual cost savings of Rs. 15 crores
- Shift in US consumer preferences towards lab grown diamond (LGD) jewellery
- Consolidation of manufacturing operations in Mumbai
- Focus on growing D2C segment and fully customized jewellery