Jewelry Market Faces India Retail Shake-Up as GRT Moves to Buy TBZ Control Stake for ₹1,034 Crore

BOSTON - Sept. 5, 2026 - PRLog -- GRT Jewellers' Aug. 31 agreement to acquire 74.12% of listed Tribhovandas Bhimji Zaveri (TBZ) for up to ₹1,033.71 crore signals a fresh consolidation move in India's jewelry retail sector. The transaction brings together established regional chains and expands GRT's national footprint.

• GRT will buy 49.46 million TBZ shares at up to ₹209 each, subject to regulatory approvals.
• GRT will launch a mandatory open offer for about 26% of TBZ's voting share capital.
• GRT operates 69 stores, while TBZ has 37 outlets, according to Reuters.
• TBZ shares rose nearly 20% on Sept. 1 after the deal announcement, reaching ₹366.80.
• The deal combines GRT's southern India strength with TBZ's established western India presence.

For the Jewelry Market, the deal points to continued pressure for scale, regional reach and branded retail networks as operators compete under high gold prices. The outcome will be closely watched by investors tracking consolidation and store expansion in India.

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