The story takes place towards the end of the 19th century in Bengal. Bhubaneswar Chowdhury (Jackie Shroff) is a rich and oppressive Zamindar (Landlord). He is planning to please the British so that they bestow on him the Raibahadur title. There are quite a few contenders and so something unique has to be done, so he decides to put Queen Victoria's face on the body of the Goddess Durga whose clay idol is made every year for Durga Pooja.

On the other hand, he also wants an heir and since he blames the failure on his elder wife Mahamaya (Roopa Ganguly) he marries again, the much younger Jashomati (Soha Ali Khan). Both these wives compete against each other in an ego struggle. In his pursuit for a son, Bhubaneswar tries everything from trying to force himself on Jashomati while a priest reads hymns for conception near the bed, ordering Mahamaya, in a drugged state, to fulfill the carnal desires of five sexually deprived Brahmin priests.

Although she luckily escapes the fate due to the untimely ending, Jashomati, while in her traumatised and lonely state, gets physically drawn towards a young sculptor (Abhishek Bachchan). It's in this centre of all this that the sculptor makes his masterpiece, his tribute, and seals Jashomati's ultimate fate.

The movie is seen as a turning point in the revival of the Bengali jewelry design industry that was rapidly in declining favour.

The ornaments worn by the artists have picked up in general favour over the following years. Some striking pieces of ancient ornamentations portrayed in the movie are Gaala bala, Haather Kakol, Payer mol, Sita Haar, Guiny haar, Motor maala, Golap baala, Komorer biche, Monikuntala, Khopa shajabar haar, naaker nolok, baaju bandhan, shilno nupur, kaan pasha, shonaar chooler chiruni, bhuisa haar, haather balti, ratan chood, banglaar chood, pathor jaroa sets, komorer jhapta etc.