The official said that the slab of the five-storeyed building collapsed and brought down with it the common passage of the first, second, third and fourth floors of the building.
The incident happened at around 2:30pm in Sam Street in the area, officials said.
The building was undergoing repair when the collapse occurred, said officials.
PS Rahangdale, chief of the Mumbai Fire Brigade said, "Ten labourers were working on the 4th floor out of which three are missing. Six labourers were working on 1st floor and one among them is missing. A search operation is underway for them."
Zaveri Bazar is the centre of the city's bullion market and sees heavy traffic and pedestrian footfalls every day.
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