Madurai-based Thangamayil Jewellery Ltd., one of the earliest gold retail chains in India to get listed at the Bombay Stock Exchange has opened its 60th showroom in Chennai.
The new store inauguration on Sunday 23 Feb. ‘25, located at the bustling North Usman Road in the city, was graced by family members of the business along with well wishers and business associates.
Thangamayil is a 33-year old firm, which started off with a 10×10 retail store at Madurai, the cultural capital of the state of Tamil Nadu under the brand name “Balu Jewellery”.
In 2007, the company went Public and in 2010, it was listed at Bombay and National Stock Exchanges, offering Equity Shares to the public.
For FY 23-24, the company had reported a revenue of INR 3,535.57 Cr and a Net Profit of INR 87.31 Cr.
The company operates four lines of product categories, including Gold, Diamond, Platinum and Silver. Gold jewellery contributes the highest to its revenues.
Thangamayil sources its ornaments mainly from Andhra, Gujarat, Kerala and West Bengal and also has a manufacturing unit at Madurai, where it employs in-house goldsmiths to craft designer jewellery which are in vogue with the current generation.
The company plans to expand its network of stores in Chennai, adding 4 more outlets by June 2025 and taking it to a total of 12 stores in the city by the end of FY 25-26.
Thangamayil, a household brand in Tamil Nadu also plans to add 40 new stores by 2028, taking its total number of operating stores in the state to 100.
The company employs over 2,500 people in its front-end and back-end operations and is helmed by family patriarch Shri. Balarama Govinda Das as Chairman and Managing Director.
His younger brothers Shri. Balusamy Ramesh Darmini and Shri. Narayanan Balusamy Kumar are Joint Managing Directors while Shri. B Rajesh Kanna is the Chief Financial Officer.
Editor’s Note
Thangamayil is one of the newest entrants in the city of Chennai which boasts of a fledgling gold-retail business.
Top brands in gold retail in India, including Tanishq, Kalyan, Malabar, Jos Alukkas, Joy Alukkas, among others operate in the city, even as home grown chains such as Prince, Pothys and the iconic Vummidi, Nathella, etc. have their regular customers patronising the brands.
Gold continues to remain one of the most trusted investments for Indians, and especially in South India, which contributes to over 40% of all the gold sold in the country, according to World Gold Council.
Thangamayil has entered the city at an appropriate time when gold prices have hit the roof, trading at over INR 8,000 per gram, a historic high and consumers are making a beeline to buy gold and gold jewellery.
Historically, gold prices have doubled every 7-8 years in India and in recent times, has doubled at the fastest rate.
Due to its immediately liquidity form, Indians embrace gold as the most preferred medium of savings, while it also doubles up as an attractive ornament for social occasions.
With more than 30% of the city’s residents coming from various parts of Tamil Nadu to work here, the brand is expected to garner immense support that it has witnessed over the last 2 decades in southern districts of the state.
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