Joyalukkas bags Tamil Nadu order for newborn gold rings

Joyalukkas and Kalyan Jewellers have received work orders from the Tamil Nadu government to supply one-gram gold rings to newborns under the 'Thaimaman Thanga Mothiram Thittam' scheme, The Hindu reports. Joyalukkas will supply 70% and Kalyan 30% of the rings, with the scheme set to launch on September 15, the birth anniversary of former CM C N Annadurai.

The scheme was announced at a total cost of Rs 755.83 crore and covers babies born in government hospitals from June 22, 2026, onwards, The Hindu adds. The Tamil Nadu Medical Services Corporation floated tenders on July 14, and 11 firms participated. Joyalukkas quoted the lowest additional charge of Re 0.01 per ring above the gold price, according to The Hindu. Only Kalyan Jewellers agreed to match that price, BusinessLine reports.

BusinessLine notes that Joyalukkas quoted a symbolic service charge of 1 paisa above the prevailing gold rate, with the company saying it is offering the service at virtually no profit. Industry stakeholders say the financial hit may be limited due to scale, but others feel losses could be higher, offset by brand recognition and rising gold prices. DMK MLA P H Manoj Pandian has questioned the department's expertise in scrutinising the tender, BusinessLine adds.