A one-paisa quote has put Joyalukkas in the spotlight, after the Kerala-based jeweller emerged as the lowest (L1) bidder for Tamil Nadu’s Rs 755-crore newborn gold ring scheme, offering to supply the rings for a nominal service charge towards making and associated costs, excluding the cost of gold.

The ‘Thaimaman Thanga Mothiram’ scheme, scheduled to be launched on September 15, will provide every child born in government hospitals and primary health centres across the state with a one-gram gold ring along with essential baby-care items. Around 442,000 newborn babies are expected to receive the gold rings under the scheme.

Joyalukkas quoted one-paisa as a service charge quote, generating considerable buzz on social media, particularly as other major jewellers quoted significantly higher amounts. Chennai-based GRT Jewellers quoted Rs 410.97, while Vummidi Bangaru Jewellers quoted Rs 822.97. Titan quoted Rs 832.24 and Malabar Gold & Diamonds Rs 871.38. Chennai-based Saravana Stores was the highest bidder, quoting Rs 15,356.27.

Joyalukkas said its one-paisa quote represents a symbolic service charge over the prevailing gold rate. “The quote covers the supply of the gold rings along with applicable making charges and associated costs, with Joyalukkas offering the service at virtually no profit. The cost of the gold will be borne by the government of Tamil Nadu at the prevailing market rate,” the company said.

The tender is valued at approximately Rs 755 crore, with the gold component accounting for the bulk of the procurement value. Joyalukkas said its nominal quote reflects its decision to support the government’s welfare initiative without seeking commercial margins from the programme.

“Our decision to quote just 1 paisa above the prevailing gold rate reflects our commitment to contributing to this important welfare programme without seeking additional commercial margins. We will ensure that every ring supplied meets the highest standards of purity, quality and hallmarking,” Joy Alukkas, chairman and managing director, Joyalukkas Group, said.

The company said its strong presence across Tamil Nadu, along with its experience in jewellery manufacturing and retail, would enable it to execute the large-scale supply programme while maintaining quality and transparency.

The official work order is expected to be issued shortly, following which Joyalukkas will begin supplying the rings in coordination with the concerned government departments.