A landmark retail consolidation brings together two established jewellery names with a combined legacy spanning over two centuries.

India’s jewellery retail landscape is witnessing another significant consolidation, with GRT Jewellers set to acquire a 74.12% stake in Mumbai-headquartered Tribhovandas Bhimji Zaveri (TBZ) for ₹1,034 crore.

The two jewellery majors have signed a Share Purchase Agreement (SPA), under which GRT will acquire the promoter-held stake in the listed jewellery retailer. GRT will also launch an open offer for the remaining shares, currently largely held by retail investors.

For the jewellery trade, the acquisition marks more than a change in ownership. It represents a strategic move by one of South India’s established jewellery retailers to accelerate its pan-India ambitions, while bringing TBZ’s 162-year legacy into a new growth phase.

Founded in 1864, TBZ operates 37 stores across India, with a heritage deeply rooted in Mumbai’s Zaveri Bazaar and generations of jewellery retail. GRT, meanwhile, has built a network of 68 stores across India and one in Singapore, supported by over 12,000 employees, approximately 6.5 lakh sq. ft. of retail space and a growing e-commerce presence.

The combination brings together complementary strengths across heritage, customer relationships, merchandising and retail execution. For manufacturers, bullion suppliers and other industry partners, the deal could also create opportunities as the combined business looks to scale its retail footprint and purchasing capabilities.

Subject to regulatory approvals and customary closing conditions, the transaction could emerge as one of the more notable developments in India’s organised jewellery retail sector, further underlining the industry’s continuing shift towards scale, consolidation and national expansion.