RBZ Jewellers is a manufacturer of antique gold bridal jewellery that has quietly built a national wholesale business from a single factory in Gujarat, and is now stepping into retail under its own brand. Founded in Ahmedabad in 2008 by a father-son team whose family has been in the gold trade for generations, the company was built on a simple, recurring idea: own the entire making process under one roof, sell to the retailers who sell to India, and let the gold be provided by the client wherever possible. That approach - in-house manufacturing, a wholesale-first distribution engine, and an asset-light job-work model - explains everything that follows.
Business segments
A single manufacturing engine powers three go-to-market routes - wholesale supply to national retailers, an asset-light job-work service where clients provide the gold, and a nascent own-brand retail chain - all built on the same factory floor.
1. Antique gold manufacturing: the factory that does everything under one roof
A single 24,000-square-foot facility in Ahmedabad combines 3D printers and laser cutters with handcrafted Jadau and Polki work, producing over two tonnes of jewellery a year.
- Designs start on screen, finish by hand - the process moves from market research and CAD modelling to traditional techniques like Meenakari (enamelling) and Kundan (gem-setting), so the company can launch roughly 730 new designs in a quarter, or about eight a day.
- Quality is checked three times - raw gold and gemstones are tested on arrival using XRF and fire assay, inspected again during production, and given a final check for purity and durability before hallmarking, which is how a wholesale supplier earns the trust of national chains.
- Daily wear is coming in-house - having built its reputation on bridal sets, the company is adding dedicated infrastructure to manufacture daily-wear products internally from Q1 FY27, reducing reliance on outsourced artisans for that segment.
2. Wholesale supply: the jewellery counter behind the jewellery counter
RBZ makes antique bridal jewellery for roughly 190 retailers across 20 states, including Titan, Malabar Gold and Senco Gold - but the end customer never sees the RBZ name.
- Custom designs, kept secret - a retailer can commission a unique bridal collection, and RBZ will not use or show that design to any other client or in its own showroom, which is how a small manufacturer wins business from the country's largest chains.
- Scale comes from bulk orders timed to the wedding season - organised retailers place orders well ahead of Diwali and the festive quarter, so the factory runs on a predictable, advance-booking cycle.
- A small share of a vast market - the company holds about 1% of India's organised wholesale gold jewellery market, supplying cities from Gujarat to the Northeast, which means the growth runway is still long.
3. Job-work services: paid for the making, not the metal
In its highest-margin segment, the client supplies the gold and RBZ supplies only the design and craftsmanship - an asset-light model that made up 52% of total gold volumes sold in the last fiscal year.
- The client brings the raw material - retailers provide their own gold, so RBZ books only the making charge as revenue, keeping its balance sheet light while boosting gross margins.
- The same marquee names, a different relationship - Titan, Malabar Gold, and other national retailers use RBZ for job work as well as wholesale buying, which deepens the tie and makes the company a manufacturing partner rather than just a vendor.
- Job work volumes have grown at an 11% compound rate over three years - job work now accounts for half of all gold passing through the factory, giving the manufacturing engine a stable, high-utilisation base load.
4. Harit Zaveri Jewellers: the own-brand retail bet
A single 11,700-square-foot flagship showroom in Ahmedabad's Satellite area, plus two new stores opening in Surat and Rajkot, mark the company's shift from behind-the-scenes manufacturer to consumer-facing brand.
- Occasion wear drives the counter - bridal and festive jewellery makes up roughly 65% of the retail mix, with daily wear at 35%, mirroring the manufacturing strength in antique gold while beginning to build a lighter, everyday range.
- The expansion stays inside Gujarat - new showrooms of 10,000-11,000 square feet are planned for Surat and Rajkot on long leases, with mid-sized stores under exploration in eastern Ahmedabad and Gandhinagar, betting on the state's high per-capita income and concentration of premium buyers.
- Retail volumes are small but growing fast - gold sold through the showroom rose from 271 kilograms to 397 kilograms in a single year, and the company's social-media following has grown from 9,000 to 185,000 since 2020, suggesting the brand is beginning to pull customers in rather than just waiting for walk-ins.
Group structure and partners
RBZ Jewellers is a standalone, promoter-held company with no subsidiaries or joint ventures - it is the factory, the wholesale desk and the retail counter, all on one balance sheet.
- No group entities - the company has no subsidiary, joint venture or associate company, so all three go-to-market routes sit inside a single listed entity.
- Promoters hold 75% - the founding family retained three-quarters of the equity after the December 2023 IPO, with the public holding the remaining 25%.
- A nominal trademark licence - the company pays a one-time royalty of ₹1,000 for a five-year licence to use an unregistered trademark owned by the joint managing director, a structure that keeps brand rights within the family at negligible cost.