### **Overview** Tribhovandas Bhimji Zaveri Limited (TBZ – The Original), established in **1864** with its flagship store in Zaveri Bazaar, Mumbai, is a **160+ year-old legacy brand** and a leading organized player in India’s jewellery retail sector. Recognized for its deep-rooted heritage, transparency, and craftsmanship, TBZ has evolved from a single family-run store to a professionally managed, fifth-generation-led enterprise. Listed on the BSE and NSE, the company operates with a strong focus on **quality, tradition, and innovation**, catering primarily to the Indian domestic market. --- ### **Business Model & Operations** #### **Retail Presence** - As of **March 31, 2025**, TBZ operates **37 retail stores** across **27 cities in 13 Indian states**, with a total retail footprint exceeding **100,000 square feet**. - The store network includes a mix of **large-format standalone stores (over 2,000 sq. ft.)** in prime high-street locations and **smaller city-center stores** catering to diverse customer segments. - In **April 2025**, TBZ opened two new stores in **Ahmedabad (CG Road)** and **Kondapur, Hyderabad**, both flagship locations, marking strategic expansion in Western and Southern India. - The company maintains a **hub-and-spoke inventory model** to optimize stock movement and ensure high sales productivity. #### **Expansion Strategy** - TBZ is pursuing **measured organic growth** through both **company-owned** and **franchise models**, with recent entries into **Jaipur, Bhubaneswar, and Rourkela** in FY2024-25. - Future plans include **3–5 additional store openings** in H2 FY26, targeting emerging markets with rising disposable incomes. - The long-term vision aims for a **50:50 split** between company-owned and franchise-operated stores. #### **Manufacturing & Supply Chain** - **Gold Jewellery**: Fully outsourced to a **network of over 150 trusted vendors**, many with multi-generational ties, specializing in handmade regional designs. Each vendor has an annual gold processing capacity exceeding **100 kg**. - **Raw Materials Sourcing**: Via **bank gold loans (gold on loan), trade-ins of old jewellery**, and purchases from **bullion dealers**. - **In-House Diamond Manufacturing**: Located in **Kandivali, Mumbai**, the ~24,000 sq. ft. facility supports full control over **quality, design exclusivity, cost efficiency, and margins**. - Annual capacity: ~30,000 carats of diamonds, 4,500 kg of gold jewellery components, and 4,000 kg of refined gold. - Equipped with **automated systems, CAD design capabilities**, and **Oracle ERP integration** for operational efficiency. --- ### **Product Portfolio** - Offers a curated range of **gold, diamond, platinum, jadau, and gemstone jewellery** inspired by **India’s cultural heritage and modern trends**. - Products span **traditional wedding collections, lightweight everyday wear, festive, and spiritual lines** such as: - **Rudraya (Om Rudraksha) Collection** – relaunched in Nov 2025, targeting auspicious wear. - **Amaya Bridal Collection** – launched in FY24, blending romance and tradition. - **Arya Gold Collection** – modern and versatile for diverse occasions. - New collections are launched annually (8–10 per year), developed by an **in-house design team of 29 members**, including **14 CAD specialists**. - Focus on **customization, design exclusivity**, and **regional preferences** ensures broad appeal across demographics. --- ### **Market Positioning & Competitive Advantages** - **Market Leadership in Wedding & Occasion Jewellery**: ~**65% of sales** are occasion-driven, benefiting from **compulsion buying**, **budgeted spending**, and **emotional value**. - **Brand Trust & Heritage**: As the **first jeweller in India** to introduce: - Lifetime **Buyback Guarantee (1938)** - **100% BIS Hallmarked 22 Karat Gold** - **Certified Solitaire Diamonds** - Offers **lightweight precious jewellery**, pioneering wearable luxury for contemporary tastes. - Strong **multigenerational customer loyalty**, with families returning across decades, driving **repeat business** and **word-of-mouth referrals**. - **Premium pricing power** due to brand equity, design innovation, and authenticity. --- ### **Customer Engagement & Digital Strategy** - Delivers **personalized in-store experiences** via trained staff, emphasizing emotional connections and service excellence. - Expanded digital presence through: - **‘Shop from Home’** services - **Video call consultations** - **Virtual Store (launched in FY22)** at *shop.tbztheoriginal.com* - Enhanced digital access to **EMI-based Kalpavruksha scheme** - Digital campaigns featuring **brand ambassador Sara Ali Khan** and social media influencers have driven significant reach, including **16.8 million video views** and **37.9 million impressions** in recent quarters. - Launched **digital-only sub-brand Hues by TBZ** for Valentine’s Day, using influencer content as sole marketing tool. --- ### **Financial & Operational Highlights (as of Aug 2025)** - **Revenue from Operations**: ₹**2,620 crore** - **Market Capitalisation**: ₹**1,223 crore** - **Employees**: 1,071 - **Sales Mix**: **70:30** (gold to diamond jewellery), reflecting a strategic shift to higher-margin diamond products. - **Average Ticket Size**: ₹110,000 (gold), ₹147,000 (diamond) - **Footfall Conversion Rate**: ~80%, one of the highest in the industry. - Maintains **strong balance sheet**, reduced debt, and **operational efficiency** through optimized inventory and supply chain. --- ### **Challenges & Risk Mitigation** - **Competition**: Intense rivalry from national brands (e.g., Titan) and regional players. - *Response*: Design exclusivity, brand trust, and omnichannel experience. - **Gold Price Volatility**: Managed through **domestic hedging instruments** and **gold loan schemes**. - **Market Consolidation**: Regulatory changes (BIS hallmarking, GST) are favoring organized players like TBZ, weakening unorganized competition. --- ### **Management & Governance** - **Leadership**: Fifth-generation family leadership with strong professional management. - **Shrikant Zaveri** – Chairman & Managing Director (41+ years of industry experience) - **Binaisha Zaveri** – Whole-time Director (Operations, Finance, Expansion) - **Raashi Zaveri** – Whole-time Director (Marketing, ERP, Merchandising, Design) - Emphasis on **corporate governance**, **R&D investment**, and **stakeholder value creation**. ---