The collection comprising 173 precious jewels was in the custody of the Nizam Jewellery Trust and Nizam Supplemental Jewellery Trust formed by the last Nizam Mir Osman Ali Khan in 1951 to safeguard the ancestral wealth of the family. The trustees kept this treasure of historical value in the vaults of Hong Kong Bank. When the government of India acquired this collection in 1995 after a prolonged legal battle, it was shifted to the RBI, Mumbai where it remained till 29 June 2001.

The collection comprising 173 jewels covers a period ranging from 18th century to the early 20th century. The collection includes sarpeches, necklaces, belts and buckles, pairs of bracelets and bangles, earrings, armlets, toe rings and watch chains. While the diamonds from the celebrated mines of Golconda and Colombian emeralds predominate the Burmese rubies and spinels and pearls from Basra and Gulf of Manor also form part of the exhibition.