In an interview, the Co-founder says that buyers are now incredibly discerning and they can distinguish between mass-produced trinkets and genuine craftsmanship
Emphasising that the brand wants to go from being a regional powerhouse to being a national standard for silver and modern jewellery, Aditya Modak, Co-founder of Gargi by P N Gadgil & Sons stated that the goal is to scale operations and be present in metro areas as well as tier 2 and 3 cities in the next two to three years.
In an interview with BW Retail World, Modak noted that the Indian consumer has shed the safe habits of the past. Today’s buyer is incredibly discerning, they can distinguish between mass-produced trinkets and genuine craftsmanship, he added. Modak pointed out that while the brand is not actively knocking on doors for capital, it is open to a conversation if a strategic opportunity arises that offers more than just money, perhaps a leap in retail technology or a gateway to international distribution. Edited Excerpts:
Could you walk us through how you navigated the demand shift over the last four years, specifically regarding your pricing psychology and the transformation of consumer behavior toward aspirational design?
When we conceptualised Gargi, we were not just looking at a business opportunity; we were looking at a void in the Indian woman’s wardrobe. For too long, she was caught between the transience of artificial jewellery and the sheer intimidation of gold. We decided to bridge that gap with what I call intelligent luxury. Our pricing is not a race to the bottom; it is a deliberate strategy to make high-quality 92.5 sterling silver an impulsive, guilt-free purchase.
Over the last four years, the most rewarding shift has been watching our customers move away from the locker mentality. Instead of only considering the metal’s resale potential, they are now purchasing for the piece’s pure aesthetic value and the confidence it adds to their everyday outfits.
Scaling a category that was historically unorganised presents unique challenges. What were the key lessons learned while professionalising the supply chain and design cycles?
It was difficult to turn an unorganised, artisan-led industry into a streamlined retail behemoth. The difficulty was maintaining consistency without sacrificing the essence of the art. We had to establish strict quality standards that were unprecedented in the silver trade in order to foster a culture of accuracy. In terms of retail, we managed to avoid falling into the trap of being online-only.
We recognised that touch and feel are essential for a brand with the PNGS heritage. By combining our upscale stores with well-known collaborations like Shoppers Stop, we established an ecosystem in which the brand seems to be present everywhere. The feeling of dependability is the same whether a consumer finds us at a store or on a screen.
We are seeing a significant shift in India’s jewellery-buying habits. How is Gargi catering to the young urban and tier 2 consumers who are increasingly opting for premium silver as their preferred choice for workwear, daily wear and gifting?
There is a fascinating democratisation of taste happening across India right now. The aspiration for high-design, work-appropriate jewellery is no longer confined to the metros. Our young urban patrons are looking for versatility, pieces that can navigate a high-stakes meeting and a social dinner with equal ease.
Simultaneously, in tier 2 cities like Udaipur or Bhopal, we are seeing a sophisticated consumer who is tired of generic designs. They are gravitating toward Gargi because we offer the prestige of a precious metal with a modern, minimalist edge. We are essentially catering to a mindset, not just a geography, a mindset that values subtle elegance over loud, heavy ornamentation.
Looking at your roadmap for the next three years, what are your primary brand ambitions in terms of new market entries, store additions, and category extensions?
It is clear what we want to do: we want to go from being a regional powerhouse to being a national standard for silver and modern jewellery. We took a time to think about it when we crossed the 100-point-of-sale threshold, but our goal is to double that before 2030. We are looking at deep-core expansion into the north and south Indian markets. Beyond just physical growth, we are broadening the definition of what Gargi offers. The introduction of 14k gold and IGI-certified diamonds is a response to our customers’ desire to grow with us. We are also very excited about segments like Utsaav, which brings our signature design philosophy into the wedding and festive space, ensuring we remain relevant at every significant turn of our customers’ lives.
What is the financial goal that the brand is eyeing for over the next 2 to 3 years?
In the next two to three years, we aim to establish our presence across India. Our goal is to scale operations and be present in metro areas as well as tier 2 and 3 cities.
What is the update on the investment and external fundraising? Are there any rounds going on?
Being a listed entity has given us a very disciplined framework for growth. Right now, the brand is in an enviable position where our internal accruals and surging profits, which more than doubled recently, are more than enough to fuel our current expansion plans. We are not actively knocking on doors for capital because we have the liquidity to execute our vision. That said, if a strategic opportunity arises that offers more than just money, perhaps a leap in retail technology or a gateway to international distribution, we are always open to a conversation that aligns with our long-term DNA.
How would you describe the Indian consumers when it comes to the evolution of their jewellery consumption pattern?
The Indian consumer has shed the safe habits of the past. We have moved from a culture of hoarding to a culture of wearing. Today’s buyer is incredibly discerning; they can distinguish between mass-produced trinkets and genuine craftsmanship. There is a newfound pride in wearing silver as a primary choice, not a compromise. They are looking for brands that mirror their own values—authenticity, transparency, and modern heritage. By using our 200-year history under the PNGS banner and giving it a new, modern twist, we have been able to win over this new curator group of customers.
