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Prithviraj Kothari of RiddiSiddhi Bullion who reshaped Bullion Industry in India

August 30, 2013 Leave a comment

Mr. Prithviraj Kothari, a Marwadi, had started off his career in the early 80’s at his dad’s 180-square feet customs notified goods shop doing simple tasks of selling custom notified goods which is situated at Mumbai’s Cursetji Shuklaji Street, the shop was among the few licensed agents that sold gold, Pashmina shawls, etc. which were seized by the customs.  He has always been a very simple person until recently when he allowed himself a little taste of luxury.  Last year, he left his 625-sq ft home for a 2500-sq ft, flat at Imperial Twin Towers which an ultra-luxury apartment at Tardeo built by Shapoorji Pallonji. Even today he drives his Toyota Etios, a higher middle class car though he runs a company which has an annual turnover of Rs 25,000 crore. Prithviraj Kothari wears simple though crisp white clothes. He occasionally slips on a suit or blazer. He is a graduate from Mumbai University and has been in the family business of gold trading since last 3 decades and still counting.

He pioneered RiddiSiddhi Bullion Limited (RSBL) in 1994, which is India’s top gold and silver trading company which sells gold and silver worth Rs 100 crore daily. Mr. Kothari began his bullion trade when Mumbai was ruled by Underworld who sold smuggled gold to small Marwadi jewellers.  This usually led to raids which were a common feature at Zaveri Bazaar back then. This had pushed the trading business to dismal state but Mr. Prithviraj Kothari did not loose hope with all this happenings, he figured out an opportunity and tied up with the overseas bank to import gold which was then sold in India. His fellows, rather everyone at Zaveri Bazar calls him by the nick name PK.  He is a man of technology, his understanding of technology and sophisticated market mechanisms helped him further grow his business.  He attracted dealers by distributing around 50 VSAT terminals (satellite antennas) to help them track international bullion prices which helped them to price their products better. Having grown each day, today he owns a 20,000 sq feet Bullion House, which is the headquarters of his company RiddiSiddhi Bullions (RSBL). In a period of 6 years he built up a cumulative turnover of 1.2 lakh crore which also earned him the “Bullion King” title. Today anything to do with bullion trading in the country has traces of Mr. Prithviraj Kothari’s idea. What paid off for him is the online spot bullion trading platform (RSBL SPOT) that he launched in 2008, which accounts for 15% of the bullion traded in India. Today, he buys truckloads of gold and silver bars and sells them to over 2,200 jewellers through his online spot bullion trading platform (RSBL SPOT), which is the only such in the country.

It should of great honor for Mr. Prithviraj Kothari to be consulted by the Indian government in helping them making the bullion market more organized. He is the person who pioneered INR trading in India. He is on advisory board of MCX and was a former president at Bombay Bullion Association. He had also been awarded with Jain Ratna Award in 2012 by the former president on India, Ms. Pratibha Patil and recently in 2013 by the Chief Minister of Maharastra, Mr. Prithviraj Chauhan for his contribution and upbringing of Jain fraternity.

He has always been a visionary since the day he stepped in business, which has brought him success today. He is a figure who wants to bring a revolution in the Bullion Industry. He does not have anything to hide about his business ambitions, like his personal life. Mr. Prithviraj Kothari monitors international bullion prices himself on his tablet for up to 16 hours a day. He has a vision to buy gold mines in Australia, Canada or Africa some day in near future. He would also like to build a gold refinery close to Mumbai for making gold coins and bars. His plan is to build one in Navi Mumbai or Panvel. This will make delivery of gold coins and bars to various jewelers in Mumbai and Gujarat easier and less risky. He has a vision to put Riddhi Siddhi Bullions Limited on the World map where people in the international market would know about the brand RSBL and trade with trust with the brand.

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