Saurabh V. Gadgil, Chairman & MD of PNG Jewellers, shares how the brand is expanding beyond Maharashtra, launching youth-focused formats, and redefining jewellery retail in India through innovation, trust, and omnichannel growth
PN Gadgil Jewellers, a brand synonymous with legacy and trust, posted a 5.1 per cent rise in consolidated revenue in Q4 FY25, driven by a 50 per cent surge in retail sales and an impressive 243.8 per cent jump in ecommerce. The company’s profit after tax also soared by 75.14 per cent to Rs 4.11 crore. In an exclusive conversation, Saurabh V. Gadgil, Chairman and Managing Director of PNG Jewellers, discusses the brand’s successful IPO journey, aggressive expansion beyond Maharashtra, launch of a youth-centric brand extension, and how shifting consumer behaviour is reshaping the future of India’s jewellery industry.
The IPO journey has been extremely rewarding for us—it marked not just a financial milestone, but a cultural and operational shift
PNG Jewellers is a century-old legacy brand with deep roots in Maharashtra. How are you balancing tradition with modernity to stay relevant in today’s competitive jewellery market?
At PNG Jewellers, we take pride in being a legacy that dates back to 1832. We are also one of India’s oldest listed companies. What sets us apart is our identity as India’s only organised family jeweller. We’ve nurtured relationships across two to three generations of customers while operating with the discipline and structure of a modern business. Our stores offer the warmth and personal care you’d expect from a traditional family jeweller—on-the-spot polishing, valuation, and personal communication—but we’ve layered this with robust systems, same-day digital transactions, and data-driven insights. Every store functions like an empowered unit, trained to take decisions and engage deeply with its local community. We track customer behaviour closely, allowing us to offer relevant, timely outreach. It’s this blend of heart and system—of heritage and innovation—that helps us stay deeply rooted yet forward-looking. To us, every customer is family, and every interaction is an opportunity to deliver trust with efficiency.
You launched your IPO on 24th September—it’s been nearly nine months since then. How has the journey been so far, and how has the IPO helped the company—whether in terms of beating the market, reaching more customers, or gaining deeper insights into market dynamics
The IPO journey has been extremely rewarding for us—it marked not just a financial milestone, but a cultural and operational shift. Moving from a private to a public company brought in a new level of accountability, transparency, and scrutiny. It required a mindset change: we now have partners in the form of investors and must consistently walk the talk. Governance and compliance became even more central, although we were already fully compliant pre-IPO with no legal or statutory issues.
Post-listing, the scale of operations expanded significantly—what I often describe as moving from Ranji cricket to playing in the IPL. We gained access to better talent, improved systems, and deeper industry insights. We had committed to opening 12 stores in two years but surpassed that by launching 16 in just six months. All our IPO objectives—store expansion, gold hedging, and bank loan repayment—were fulfilled 100 per cent.
The IPO also helped us reach our 50-store milestone; we now have 53 stores and are preparing to expand beyond Maharashtra this financial year. For us, jewellery is not just about design—it’s about relationships. The IPO added a new dimension to that by introducing investor relations into our ecosystem of customers, employees, and karigars. This has only strengthened our belief that people and trust are at the heart of everything we do.
With PNG Jewellers having a 200-year legacy and having navigated through countless market shifts, you’ve clearly seen both the ups and downs of the industry. Could you share which specific states or regions in India you’re targeting for expansion over the next three years? Also how are you tailoring your strategies and collections to cater to these diverse market tastes?
Yes, our expansion strategy is deeply research-led and data-driven. Before entering any new city, we conduct exhibitions, surveys, and local engagement to assess brand familiarity and consumer response. While South India is India’s largest jewellery market—contributing about 40 per cent of national demand—it is also highly saturated, culturally diverse, and competitive. Instead, we’ve focused our next growth phase on Central India, especially the Hindi-speaking belt of Uttar Pradesh, Bihar, Madhya Pradesh, Chhattisgarh, and Odisha.
These regions are rapidly developing and have a strong emotional and migratory connection with Maharashtra, where PNG is already a dominant brand. This familiarity gives us a solid foundation. Our first foray beyond Maharashtra will be in Uttar Pradesh. Our broader three-year plan includes expanding into three to five states, establishing 10–12 stores in each—through a mix of company-owned and franchise formats. We aim to replicate our Maharashtra model: dominate one state at a time before moving to the next.
With evolving consumer preferences and rising demand for lightweight, design-led jewellery, how is PNG adapting its product portfolio to cater to Gen Z and millennial buyers?
We’re excited to launch a new retail format called Litestyle by PNG—a fresh, fashion-forward extension of our brand tailored for younger, style-conscious consumers. These stores will be smaller in size (around 1,500 sq ft) and will offer contemporary, lightweight designs in 18K gold and 14–18K diamond jewellery. The focus is on trendy, accessible, and affordable jewellery that fits the casual and everyday wear category.
We’ve already piloted this concept in Pune and Goa with encouraging results, and we’re now launching two more stores in Pune this month. Litestyle by PNG will also be fully available online, offering a differentiated range of high-fashion designs not found in our traditional stores.
Jewellery buying today is clearly divided into wedding/festive shopping and casual/fun shopping. PNG will continue to cater to traditional and occasion-based buyers, while Litestyle by PNG will focus on fashion-led, everyday jewellery—allowing us to serve both ends of the consumer spectrum effectively.
What are the biggest trends shaping India’s jewellery sector today—from digital transformation and omnichannel retail to gold investment behaviour—and how is PNG positioning itself to lead in this changing landscape
Jewellery in India holds a unique place—it’s not just about fashion, but also seen as a form of investment. Unlike the West, where jewellery is largely ornamental, Indian consumers still view it as “wearable wealth,” something that can be relied on during emergencies. This deeply ingrained mindset sets Indian buyers apart.
Post-pandemic, we’ve observed a clear shift. Young consumers are becoming more conscious about financial security, and many are turning to gold and diamond jewellery as a stable investment. Simultaneously, there’s been a strong move toward trusted, organised players. Instead of chasing discounts, consumers are prioritising clean business practices, transparent policies, warranties, and buyback options. Brand credibility and goodwill are now central to the buying decision.
Additionally, design preferences are evolving. Social media influence and growing fashion awareness have made Indian buyers more experimental. Today’s customer is a design dictator—mixing temple jewellery with modern pieces, or fusing Kundan, Bengali, and South Indian styles. As a result, PNG Jewellers now caters to a far more diverse audience beyond Maharashtra, which will support our national expansion. This maturing market is driving industry-wide change, pushing unorganised players to adapt or exit, and making way for cleaner, more customer-centric growth.
