1.At a Glance

RBZ Jewellers Ltd isn’t your typical dusty gold shop with plastic flowers in the showcase. Incorporated in 2008, this Ahmedabad-based player operates acrossmanufacturing, trading, and job work of gold jewellery– and somehow managed to grab1% of India’s organised wholesale gold jewellery market. Withthe Harit Zaveri brand, they’ve made inroads into 72 cities across 19 states. Profit growth?65.3% CAGR in the last 5 years– making even Titan blush. But beware: this glitter has its tarnish – they’ve never shared the loot as dividends.

2.Introduction

Picture this: Titan and Kalyan are busy hosting celebrity-laden ad campaigns while RBZ is quietly polishing gold in the backroom, taking orders from big retailers, and occasionally strutting their own retail muscle under the Harit Zaveri brand. They’re not a legacy family-run operation that started in the pre-independence era – nope, they’re a new-age player in a centuries-old trade.

In a market wheregold is not just a commodity but a religion, RBZ has positioned itself as a behind-the-scenes artisan and a direct-to-customer seller rolled into one. While competitors are chasing Instagram influencers, RBZ seems content with scaling its manufacturing and keeping OPMs at a stable ~12%. The trade-off? No dividends. Which means if you’re looking for regular gold coins in your mailbox, this isn’t your jeweller.

3.Business Model (WTF Do They Even Do?)

RBZ’s model is a three-legged stool:

• Wholesale Manufacturing– Supplying gold jewellery to national retailers on job work basis.
• Retail– Harit Zaveri showrooms (their public face).
• B2C & B2B Distribution– A hybrid approach reaching both direct consumers and trade partners across 72 cities.

Think of them asthe “OEM of gold”– making bling for brands who slap their own price tags, while also keeping a boutique for self-branded sales. The real kicker? The organised wholesale jewellery market in India is tiny