斑 appears in many compound words: 斑马 (zebra), 斑点 (spot/speck), 斑纹 (stripes/markings), 雀斑 (freckles), 色斑 (skin discoloration). It always refers to patches of contrasting color.
The central 文 is the indexing radical, contributing its core meaning of 'patterned markings'. Sandwiched between two jade panels, it specifies the kind of pattern depicted — the speckled, variegated markings on stone, fur, or skin that give 斑 its meaning.
The left 王 here represents jade (the 玉 radical without its dot in compounds). Paired with the matching 王 on the right, the two jade panels frame the central 文 to picture patterned jade pieces, hence the 'spot, speckle' meaning of 斑.
The right 王 mirrors the left as a second jade panel. The reduplicated jade pieces emphasize repeated, scattered markings — the visual layout itself enacts the dotted-pattern meaning that 斑 carries in 斑点 (spot) and 斑马 (zebra).