Joyalukkas Secures Majority Stake in Tamil Nadu Government’s Rs 755-Crore Gold Ring Contract Joyalukkas, a prominent jewellery retailer, has emerged as the primary winner of a high-value government contract to supply gold rings under the “Thaimaman Thanga Mothiram Thittam” initiative. The tender, which attracted 11 key jewellers, was won by Joyalukkas through a bid that included a service charge of 1 paisa for every 4,41,667 one-gram, 22-carat gold rings. This bid, which priced the rings at Rs 0.01 each (excluding the current gold rate but including additional charges like insurance, transportation, and BIS hallmarking), was significantly lower than the second-lowest bid of Rs 410.97 by GRT Jewellers. The contract’s total estimated value is Rs 755 crore, with Joyalukkas securing 70% of the deal and Kalyan Jewellers taking the remaining 30%. The state health department confirmed the award on Friday, stating that only Kalyan Jewellers among the 10 other bidders agreed to match Joyalukkas’ price. The department emphasized that the decision adhered to the Tamil Nadu Transparency in Tenders Act and Rules, which required other bidders to confirm their willingness to match the lowest bid. Joyalukkas, in a statement, described its bid as a low-margin commitment to the welfare programme rather than a commercial strategy. Chairman Joy Alukkas highlighted the opportunity to support a scheme benefiting thousands of families across the state. The initiative, implemented by the Tamil Nadu Medical Services Corporation (TNMSC) since September 15, aims to provide a gold ring to every newborn in government hospitals starting June 22. Each ring must feature the state emblem and a portrait of Chief Minister M. K. Stalin.#aiadmk #m_k_stalin #joyalukkas #tamil_nadu_government #tnmsc
