Gold standard

Purity is everything in the jewelry business. A purchase of jewelry sits at a strange and unique convergence of decadence, vanity, thoughtfulness and love. Few other assets can say the same. But purity matters. Anything less than pure is a corruption of the motivation for the purchase, which is never an insignificant investment.

In India, where the jewelry market is expected to reach over US$153 billion by 2033, the clientele is very invested in quality jewelry, particularly diamonds and gold. In return, the nation’s jewelers rise to the challenge.

Thangamayil Jewellery, one of India’s leading jewelers, provides its customers with a wide range of gold, silver and diamond pieces across its 66 Tamil Nadu stores. Ba Ramesh, Thangamayil’s Joint Managing Director, says purity comes first and for a very specific reason.

“In jewelry, trust starts with purity,” Ramesh tells The CEO Magazine. “Customers are not just buying a product. They’re investing their savings, their emotions and often their family traditions. So transparency in quality, ethical practices and clear communication become non-negotiable.”

Pure goals

The market’s thirst for purity is nothing new, but Ramesh says the industry was slow to respond. When Thangamayil was established in 1991, it aimed to offer greater transparency to customers.

“I felt that if we could bring transparency in purity and fairness in pricing, it would build long-term trust,” he says. “These were not just business decisions; they were decisions rooted in understanding human behavior.”

This too was the thinking when Ramesh’s father established Balu Jewellery decades earlier. When Ramesh inherited the business and rebranded as Thangamayil, it was a chance to start fresh, but enhance his father’s philosophies with his own.

“I have always believed in staying close to the customer,” he says. “When you understand how people think, what they value and what concerns them, you begin to see gaps before they become trends.”

The company’s focus ever since has been to serve customers with honesty and consistency, something that has paid off long-term.

“Business growth is not just about numbers,” Ramesh says. “It’s about people. If people grow, the business will naturally grow with them.”

This applies to Thangamayil’s customers, whose changing tastes and expectations help shape the direction of the business.

“Trust grows when expectations are met every time,” he says. “At scale, this means building systems that ensure consistency across all showrooms. Whether a customer walks into one store or another, their experience should feel the same.”

Family values

And within those stores, Thangamayil is offering its own people a pathway to a stronger career.

“We focus on giving our teams the right training, exposure and responsibility,” he says. “When individuals are trusted with responsibility, they begin to take ownership. That ownership creates confidence, which leads to better decisions.”

Appropriately, it’s a philosophy that could only come from a family business. Ramesh says that trust and respect should be at the foundation of every family and business.

“In a family, when individuals are heard and given responsibility, relationships become stronger,” he says. “The same principle applies in business. When people feel respected and included in decision-making, they contribute with more commitment.”

Leadership in a family business is about internal alignment, he adds.

“I believe in guiding, not controlling. Leadership is not about control. It’s about creating capable individuals who can think, act and contribute independently,” he says.

Innovative progress

This way of doing business has made Thangamayil an innovator, with a number of industry progressions under its belt over its 34 years. These include the introduction of competitive pricing, which went a long way toward transforming customer perception and boosting the business’ market penetration and its successful public listing in 2010.

Thangamayil’s strong reputation allows it to pick and choose which contemporaries it partners with. From wholesalers such as Tirumala Diamonds to retailers including Avni Jewels, Ramesh says vendor partnerships improve supply chain efficiency.

“This helps us stay agile and responsive to market demand,” he says.

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“It is an honor for Avni Jewels to work with Thangamayil Jewellery. The company’s focused expansion reflects a strong vision for growth and customer reach. The professionalism, transparency and commitment to quality make our collaboration smooth and rewarding. We value the trust, clarity and long-term partnership built through our shared dedication to delivering exceptional natural diamond jewelry.” – Sunil Kejriwal, Managing Director, Avni Jewels

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The strategy goes hand in hand with the company’s current focus on strengthening its presence in Tier-2 and Tier-3 markets, where Ramesh believes there’s strong potential for growth.

“At the same time, we’re investing in digital transformation to create a seamless omnichannel experience for customers,” he says.

“Product innovation is another key area, especially in lightweight and trend-aligned designs that cater to evolving customer preferences. Alongside this, we will continue to focus on purity assurance, compliance and sustainability.”

Sustainable success

For as far as he’s come, Ramesh shows no signs of slowing down.

“What drives me is the journey itself,” he says. “Profit is important, but it must be understood correctly. Profit is not greed; it’s protection. It provides stability during uncertain times.

“Success should also not come at the cost of peace or balance. There is a stage where constantly chasing numbers can take away clarity and long-term vision.”

Thangamayil has achieved what Ramesh calls sustainable success.

“It’s about making capital work efficiently, maintaining discipline and ensuring that growth does not compromise the foundation of the business,” he says.

But like any exquisite jewel found on Thangamayil’s shelves, the journey doesn’t end once absolute flawlessness is achieved.

“As long as there is openness to new ideas and a willingness to adapt, growth will continue – both for the business and the individual,” he says.

“Business is always evolving and each phase brings new challenges and opportunities. What keeps me motivated is the ability to keep learning from customers, from teams and from changing markets. Past success should never become a limitation.”