Joyalukkas and Kalyan Jewellers Win Contract for Tamil Nadu Gold Ring Scheme

Jewellery retailers Joyalukkas India Limited and Kalyan Jewellers have been awarded the contract to supply one-gram gold rings under Tamil Nadu's ‘Thaimaman Thanga Mothiram’ scheme, the state health department announced in a release on Friday in Chennai.

Under the state initiative, every newborn delivered in a government hospital receives a one-gram gold ring. The Tamil Nadu Medical Services Corporation (TNMSC) initiated the procurement process on July 14, seeking competitive bids for 4.41 lakh 22-carat gold rings weighing one gram each. A total of 11 companies submitted bids through the state government's official tenders portal.

Joyalukkas India Limited emerged as the lowest bidder for the ₹755 crore project after quoting a making charge of ₹0.01 per ring. TNMSC Managing Director S P Amrith stated that financial bids were opened after 11 participating bidders successfully qualified during the technical evaluation stage.

According to Amrith, the base gold price will be determined using the India Bullion and Jewellers Association (IBJA) AM rate, which serves as the official morning opening benchmark price for gold and silver across the country on the date of purchase.

In accordance with the Tamil Nadu Transparency in Tenders Act, the lowest quoted price was presented to the remaining 10 bidders to determine if any competitor would match the terms. Kalyan Jewellers was the only other firm that agreed to match the rate.

Following the bidding outcome, the state government issued work orders split between the two jewellery retailers in a 70:30 ratio. The initial order covers the supply of 1.28 lakh rings required for the scheme's initial four-month duration spanning from June through September.