DUBAI, UAE — Bhima Jewellers, one of India’s oldest family-run jewelry brands, has announced plans to raise Dh1 billion from high-net-worth individuals (HNWIs) and foreign institutional investors (FIIs) in the Gulf Cooperation Council (GCC) region and globally. The funds will support the company’s ambitious expansion across the Gulf.
Dr. B. Govindan, Chairman of Bhima Jewellers, revealed that the funds will be used to open 15 new stores in the UAE over the next three years. The expansion will also extend to other GCC countries, starting with Qatar and Bahrain. This marks the first time Bhima has sought external investment to fuel its growth.
“We are looking to partner with investors who share our belief in Bhima’s integrity, trust, and financial discipline,” Dr. Govindan said. He emphasized that the company’s 100-year legacy and commitment to corporate governance make it a strong candidate for investment, with mature standards that promise growth and return on investment for stakeholders.
Founded in 1925 in Alappuzha, Kerala, Bhima Jewellers has established a strong presence in both India and the UAE. As part of its Gulf expansion, the company inaugurated a new 6,000-square-foot head office in Dubai on Monday, signaling its commitment to strengthening its foothold in the region.
“With a leadership team deeply attuned to customer expectations, we are well-positioned to introduce our brand to new markets across the GCC,” said B. Bindhu Madhav, Managing Director of Bhima Jewellers. He added that while the company is exploring various financing options, including equity investments and bonds, there are no immediate plans for an initial public offering (IPO).
Bhima Jewellers currently operates 60 outlets in India and four in the UAE. The expansion will significantly increase its presence in the region, with plans to capitalize on the growing demand for gold and diamond jewelry among GCC consumers.
According to company spokespersons, the response from potential investors has been highly encouraging. Talks are ongoing with several institutions and individual investors interested in the opportunity to participate in Bhima’s expansion.
The decision to seek external funding comes as Bhima seeks to modernize and expand beyond its traditional markets, leveraging its longstanding reputation for quality and trust. The company is confident that this new phase of growth will reinforce its position as a leading jeweler in the Gulf region.
As Bhima Jewellers prepares to roll out its expansion plans, the group is set to make significant strides in the competitive GCC jewelry market, where demand for luxury goods continues to rise.
