The man with the golden touch: B Govindan

Gold represents a particular set of positive values in Indian society and has done so for generations. It’s believed that the first gold coins were made in India, a status symbol that spread to various societal traditions. Purity, wealth and even divinity are exemplified by golden treasures. That the country is bereft of any significant gold reserves has only added to the precious metal’s allure and status.

Since it was established in 1925, Bhima Jewellers has firmly believed in spreading the goodness of gold. The brand was founded by businessman Bhima Bhattar, who made his fortune converting the East India Company’s gold coins into local currency and 22-carat jewelry.

Bhattar quickly became renowned for quality, honesty and its accessible ‘ready-made’ jewelry. As Bhattar built the business, his son B Govindan watched. The gold market evolved and matured before Govindan’s eyes, so when it was time for him to take over the business, he did so with a solid understanding of the industry and respect for the values his father had instilled within Bhima Jewellers.

"It’s still a family business," Govindan tells The CEO Magazine. "I’m assisted by my wife, my three daughters and their husbands. Even the grandchildren, in a small way, are supporting Bhima."

In 2025, a century after his father founded Bhima, Govindan is Chairman of a market leader worth US$476 million and one that stretches across India and the Middle East. He is also the Chairman of All Kerala Gold & Silver Merchant’s Association.

The extended family regularly visits more than 60 outlets across India that bear the Bhima name, and this helps to grow the business even further.

"But that goes for all of our people, HR, managers and marketing – they all make efforts to increase and support the business," Govindan says. "We’re much like a large family."

Tapping into demand

Bhima Jewellers takes the credit for introducing ready-made jewelry into the Indian mainstream. Before Bhima, made-to-order jewelry was commonplace; but by establishing a series of tasteful showrooms displaying splendid in-house designs, the Bhima style caught on.

Today, jewelry consumption is high across India. As a result, Govindan says acquiring new business isn’t a challenge, but finding hotspots is.

"Compared to Mumbai or Delhi, I believe Kerala, Tamil Nadu, Karnataka and Andhra are the best markets for jewelry," he says. "In the north, from Mumbai to Kolkata, you can expect annual sales of maybe 100 kilos of jewelry. It’s not that way in the south, where consumption may be five-to-eight times that."

In response, Bhima Jewellers is working to establish new showrooms across southern India.

"The demand is so high," he says. "We’ve just recently opened two new outlets – one in Kerala and one in Tamil Nadu. Within the next few months, we’ll open another showroom in Kerala, 15 outlets in South India and another five outlets in Dubai. In total, we’re looking at 10–15 showrooms over the next three years."

Expanding markets

And these showrooms have a lot to offer. Since the golden early days of Bhima, the company’s portfolio has grown to include diamonds and other gemstones, platinum and silver, as well as the option to invest in gold bullion.

"Our advance booking scheme allows you to invest as little as INR1,000 (US$11.66) or as much as INR5,000 ($58.08). That way, after a year, you get the benefit of price escalation," Govindan says.

For its inventory, Bhima controls three manufacturing units of its own, as well as third-party partnerships.

"Whatever I give them, it may be a kilo of ornaments or 100 kilos, they’ll deliver a range of products – chains, necklaces, bangles, studs – in no time. And we’ll pay them immediately; we make no delays in payment," he says.

This policy has attracted many third parties willing to manufacture for Bhima. Diamond Creations, a Tamil Nadu ladieswear and hosiery manufacturer, is one such partner, and Govindan says Bhima’s reputation makes the potential for a team-up ever viable.

"They know about Bhima," he says. "Whatever we need, we’ll give them the general idea and the capacity, and they’ll deliver. And out of 365 days in a year, there will be 355 days worth of work for them. Some buyers can only offer three months’ worth of work, some six, some eight. With Bhima, they’re happy to work with us because they know they’ll be busy most of the year."

A flawless reputation

In fact, Govindan says competition isn’t a factor in his thinking.

"It’s just not a big thing at all. Everybody knows about Bhima," he says.

"We had a big sale recently, and customers were telling our salespeople, ‘We believe in Bhima. We’re satisfied by your products and prices; we believe you won’t charge more than a reasonable rate.’ That’s the reputation we have."

And it’s a reputation Govindan and his team work hard to maintain.

"Maximum service should always be extended to the customers," he says. "That’s our unshakeable philosophy. Service them properly. Give them a full description of the product, how often it should be used and the best maintenance. If you pass on that kind of advice, the customer can get the most out of their purchase for years to come."

For Govindan, who has grown up around gold, the precious metal is a form of Lakshmi, the goddess of wealth, fortune and love.

"For this reason, we aren’t bothered by external factors," he says. "If Lakshmi is with you, if you’ve bought Lakshmi and kept it well, the relationship you have with both Lakshmi and your family will be everlasting."