Mumbai: Few businesses in India have witnessed as much change as the jewellery industry. From traditional family-owned establishments built on personal relationships to today’s organised retail companies driven by branding, technology and professional management, the sector has undergone a remarkable transformation.
Standing through every phase of this evolution is TBZ – The Original (Tribhovandas Bhimji Zaveri Limited) — a jewellery house whose journey began in 1864 at Mumbai’s iconic Zaveri Bazaar.
For over 160 years, TBZ has grown alongside India’s changing relationship with jewellery — from a time when trust was built across generations through craftsmanship and personal connections, to an era where consumers seek branded experiences, transparency and contemporary design.
The brand’s journey is not simply a story of survival across decades. It is the story of how a heritage jewellery house transformed itself into a professionally managed, publicly listed retail organisation while preserving the values that created its foundation.
As India’s jewellery market continues to evolve, TBZ represents the challenge faced by every legacy brand — how to protect the strength of history while creating relevance for the next generation of customers.
A Legacy Built in Zaveri Bazaar
The foundation of TBZ was laid in 1864 by Tribhovandas Bhimji Zaveri in Mumbai’s Zaveri Bazaar — one of India’s most prominent jewellery trading centres.
At a time when jewellery businesses were built primarily through personal relationships and reputation, TBZ established its identity through craftsmanship and customer confidence.
Over generations, the brand became associated with traditional Indian jewellery, especially creations connected with weddings, celebrations and important family occasions.
This legacy became the foundation on which TBZ built its next phase of growth — transitioning from a traditional jewellery house into a recognised branded jewellery retailer.
From Heritage House to Organised Retail Brand
The evolution of the Indian jewellery market created new opportunities and challenges for established jewellers.
Customers began looking beyond individual family relationships and started seeking:
- Branded jewellery experiences
- Greater transparency
- Certified products
- Contemporary designs
- Consistent service standards
TBZ responded to this changing environment by adopting a more structured retail approach.
The company moved towards professional management and entered the capital markets through its Initial Public Offering (IPO) in 2012, marking a significant milestone in its journey from a heritage jewellery house to a corporate retail organisation.
This transition reflected TBZ’s ambition to combine its historical credibility with the systems and processes required for modern retail growth.
Building a Pan-India Retail Presence
Expansion has been a key part of TBZ’s growth strategy.
From its Mumbai roots, the brand has developed a retail presence across multiple Indian markets, taking its jewellery collections closer to customers beyond traditional jewellery hubs.
According to the company’s FY2024–25 disclosures, TBZ operated 35 stores across 27 cities in 13 states, representing its continued focus on expanding its retail footprint.
The company’s store strategy is built around creating a complete jewellery buying experience, offering:
- Bridal jewellery collections
- Gold jewellery
- Diamond jewellery
- Contemporary designs
- Occasion-based collections
For TBZ, expansion is not only about increasing store numbers; it is about ensuring that every location carries forward the trust and identity associated with the brand.
The Business Behind the Brand: Growth, Scale and Efficiency
TBZ’s journey as an organised jewellery retailer is defined by the balance between growth and operational discipline.
According to the company’s FY2024–25 annual report, TBZ recorded:
- Operating Income: ₹2,620.48 crore
- EBITDA: ₹176.10 crore
- Profit After Tax: ₹110.95 crore
The performance reflects the contribution of retail expansion, customer demand, product strategy and operational initiatives.
However, for TBZ, building a sustainable jewellery business requires more than increasing sales. The company operates in a category where inventory represents a significant investment, making efficient stock management, product selection and working capital discipline important components of long-term profitability.
As gold prices continue to influence consumer decisions, TBZ’s focus remains on creating maximum value through design, product mix and customer engagement.
Managing the New Gold Consumer
The Indian jewellery customer has changed significantly. Today’s buyer is more informed, more value conscious and increasingly interested in designs that offer versatility.
TBZ’s product strategy reflects this shift by addressing different customer needs — from traditional bridal purchases to lightweight jewellery, diamond collections and contemporary designs.
The challenge for a legacy jewellery brand is maintaining its heritage appeal while creating products relevant to younger consumers. For TBZ, the opportunity lies in converting its long-standing trust into relevance for the next generation of jewellery buyers.
Brand Communication: Keeping a Legacy Relevant
A heritage brand cannot depend only on its history; it must continuously communicate its relevance. TBZ has built its marketing around emotional occasions, celebrations and the cultural importance of jewellery in Indian life.
Its campaigns have focused on strengthening the connection between the brand and key consumer moments — especially weddings and festivals. The brand’s communication approach reflects a larger shift in jewellery marketing: moving from simply showcasing products to creating emotional associations.
Building Brand Connect Through Celebrity and Regional Engagement
For a heritage jewellery house, maintaining relevance across generations requires more than a strong legacy. TBZ – The Original has built its consumer connect through a combination of brand campaigns, festive communication, celebrity associations and regional market engagement.
In 2019, TBZ announced Bollywood actor Sara Ali Khan as its official brand ambassador, bringing together the brand’s established heritage with a younger and more contemporary audience. The association reflected TBZ’s approach of connecting traditional jewellery values with changing consumer aspirations.
Over the years, the brand’s communication strategy has extended beyond a single celebrity association. TBZ has engaged with regional personalities, festive campaigns and store-level activations to strengthen its presence across different markets.
From celebrity appearances at store inaugurations to festival-led campaigns around occasions such as Dhanteras and Diwali, TBZ’s marketing approach highlights the importance of local relevance in jewellery retail.
For a brand that has evolved from a historic Mumbai jewellery house into an organised retail player, these initiatives help bridge the gap between heritage and modern consumer expectations.
Digital Presence: Extending a Heritage Brand Beyond the Store
The jewellery buying journey today begins much before a customer enters a showroom. Digital platforms have become an important space where consumers discover designs, explore collections and build familiarity with brands.
TBZ – The Original has developed its digital ecosystem through its official website and social media platforms, using them to showcase jewellery collections, highlight festive campaigns, announce store initiatives and communicate brand stories.
The brand’s digital communication combines product-led content with occasion-based storytelling — focusing on weddings, festivals and celebrations where jewellery holds a strong emotional connection.
Through its online presence, TBZ continues to bridge the gap between its heritage retail experience and the expectations of today’s digitally connected consumer. The strategy reflects the changing role of jewellery brands, where digital platforms are not only channels for visibility but also important tools for customer engagement and brand building.
TBZ – The Original in the Era of Changing Gold Economics
The sharp movement in gold prices has reshaped jewellery buying behaviour across India. Customers today are approaching purchases with greater consideration towards design value, affordability and the overall utility of every gram of gold.
For TBZ – The Original, this changing consumer environment has influenced the way the brand approaches product development and customer engagement. The company has continued to strengthen its offerings across jewellery categories, including contemporary designs, lightweight jewellery and diamond collections, allowing customers to choose products that align with changing budgets and lifestyles.
The brand’s focus on a diversified product portfolio enables it to serve different buying occasions — from traditional bridal jewellery purchases to everyday and occasion-based jewellery requirements.
In an environment where gold prices have become a key factor in purchase decisions, TBZ’s retail strategy reflects the changing nature of jewellery consumption — where customers are not only looking at the value of gold but also at design, craftsmanship, experience and long-term emotional value attached to the purchase.
For a heritage brand built over 160 years, the challenge has been to preserve the emotional connection associated with jewellery while adapting to a consumer who is increasingly conscious about value, choice and practicality.
The Road Ahead
After more than 160 years, TBZ – The Original stands as an example of how heritage brands can evolve with changing times.
The next phase of growth will depend on how effectively the company balances:
- Legacy with innovation
- Craftsmanship with technology
- Retail expansion with efficiency
- Heritage customers with the next generation of buyers
In jewellery, designs change, trends evolve and markets fluctuate. But the one asset that remains constant is trust.
For TBZ – The Original, that trust — built since 1864 — continues to be the foundation for its next chapter.
TBZ – The Original | Business Snapshot
Established: 1864
Founder: Tribhovandas Bhimji Zaveri
Headquarters: Mumbai
Business: Gold and diamond jewellery retail
Listed: NSE & BSE
IPO: 2012
Retail Network: 35 stores across 27 cities (FY2024–25 disclosure)
FY2024–25 Operating Income: ₹2,620.48 crore
FY2024–25 EBITDA: ₹176.10 crore
FY2024–25 PAT: ₹110.95 crore
