- **Tribhovandas Bhimji Zaveri Ltd is a 160-year-old family-run jeweller that has turned the one-off wedding purchase into a multi-generational relationship, built on a promise its company first made in 1938: if you buy it here, we will buy it back.** Founded in 1864 in Mumbai’s Zaveri Bazaar and now led by the fifth generation, the company has grown from a single store into a 37-showroom chain across 13 states by doing what local jewellers often cannot - guaranteeing purity, designing for every budget, and remembering that today’s bride is tomorrow’s mother-of-the-bride. Everything it does flows from a single integrated jewellery retail engine: it designs, makes, sources and sells under one roof, keeping control of quality and cost while outsourcing the labour-intensive gold craftsmanship to a network of artisans whose families have worked with the company for generations. # Business segments A single integrated jewellery retail engine - designing, manufacturing, sourcing and selling gold, diamond, jadau and platinum ornaments - that reaches customers through 37 physical showrooms and an e-commerce platform, with no separate business lines. ## 1. Jewellery retail: a wedding-and-occasion brand with a buyback promise **TBZ sells gold, diamond, jadau and platinum jewellery through a network of large-format high-street stores and smaller neighbourhood outlets, anchored by a lifetime buyback guarantee that turns a single purchase into a permanent customer relationship.** - **Weddings are the demand engine** - roughly 65% of sales come from wedding and occasion-related purchases, which the company describes as “compulsion buying” with stable fixed budgets that are largely immune to economic cycles. - **The buyback guarantee is the moat** - TBZ was the first jeweller in India to offer a buyback guarantee, and it still offers a lifetime buyback policy on gold and diamond jewellery, so a customer knows she can always return it for its material value. - **Two store formats for two jobs** - large-format standalone stores (over 2,000 sq. ft.) carry a wide range with price points up to ₹2,000,000 and sit on high streets as destination showrooms, while small-format stores (up to 2,000 sq. ft.) are distributed across a city with a tighter range and price points up to ₹500,000, acting as convenient neighbourhood touchpoints. - **A savings scheme that upsells itself** - the Kalpavruksha plan lets a customer pay monthly for nine months, after which the company tops up 75% of one year’s EMI; customers who use it typically end up buying jewellery worth 25% to 40% more than what they saved, because they treat the accumulated amount as a base budget rather than a ceiling. - **Franchises extend reach without heavy capital** - five of the 37 stores are franchise-operated, and the company is deliberately expanding through this asset-light model to enter new cities while keeping its own balance sheet disciplined. ## 2. Jewellery manufacturing: in-house diamonds, outsourced gold **Diamond jewellery is made in a company-owned facility that gives TBZ control over quality and design exclusivity, while gold jewellery is crafted by a nationwide network of 150-plus vendors whose families have worked with the company for generations - a split that keeps fixed costs low on the labour-intensive side of the business.** - **In-house diamond facility with scaled capacity** - the Kandivali, Mumbai plant was expanded from roughly 6,000 sq. ft. to 24,000 sq. ft. and can produce approximately 30,000 carats of diamond jewellery annually, giving the company oversight at every step and higher margins than outsourced work. - **Outsourced gold craftsmanship by region** - gold jewellery manufacturing is entirely outsourced to more than 150 vendors, each capable of processing over 100 kg of gold a year, who specialise in handmade regional designs and have been associated with TBZ for generations. - **Gold sourced on lease, repaid daily** - TBZ takes gold from banks on a 180-day lease under the Gold Metal Loan mechanism, repaying it daily as jewellery is sold; the all-in financing cost is roughly 3.5% per annum, significantly cheaper than a cash credit line, and the structure acts as a natural hedge against gold price swings. - **A design team of 29 keeps collections fresh** - the company launches 8-10 new jewellery lines each year, driven by a dedicated team of 29 designers including 14 CAD specialists, so the product range stays relevant across bridal, lightweight, temple and contemporary styles. # Group structure and partners **TBZ is a single-segment, single-geography company with one wholly owned manufacturing subsidiary that does job work exclusively for the parent, and no joint ventures or associates.** - The company has one wholly owned subsidiary, Tribhovandas Bhimji Zaveri (Bombay) Limited, which operates the Kandivali manufacturing facility and produces jewellery on a job-work basis solely for the holding company. - The subsidiary was capitalised in March 2022 with an investment of roughly ₹9.94 crore through optionally convertible preference shares, and had a turnover of ₹11.03 crore in FY21. - The company’s borrowings are secured by personal guarantees of the Chairman & Managing Director and Executive Directors, a structure that ties the family’s personal credit to the business. - TBZ’s equity shares have been listed on BSE and NSE since May 2012, following a ₹2,000 million IPO.