Rising Incomes, Festive Splendor, Set To Fuel India’s Gold & Diamond Boom: PNGS CFO

With a history spanning nearly 200 years, PN Gadgil & Sons (PNGS) stands as one of India’s most luxury jewellery brands. Founded in 1832 by Ganesh Narayan Gadgil, the brand has evolved from its roots in Sangli to become a household name in fine jewellery. Today, under the leadership of Govind and Renu Gadgil, PNGS operates over 30 stores across Maharashtra, Gujarat, and Karnataka, combining heritage with innovation to cater to modern consumers.

“Our current valuation stands at Rs 8,500 crore, a testament to our strong market position,” says Aditya Modak, CFO & COO of PNGS, in an interview with Bizz Buzz. The company continues to innovate, launching new collections, including a men’s jewellery line in 2025. With hallmark-certified products and cutting-edge technology like the Karatmeter, PNGS ensures trust and transparency. As India’s gold and diamond market thrives, PNGS remains a key player, blending timeless elegance with contemporary trends

How did it all begin and how has the company evolved over the years?

It all began with a vision that dates to the early 19th century when the Gadgil family left their village in Trimbak, Maharashtra, and settled in Sangli. The journey started with selling towels under the iconic brand name ‘Gadgili Panche,’ but it was Ganesh Narayan Gadgil who laid the foundation of the family & jewellery legacy in 1832. Gaining expertise under the renowned Modak family of jewellers, Ganesh opened his own jewellery business in Sangli, which flourished over the years.

For nearly 125 years, the Gadgil jewellery business remained rooted in Sangli until the visionary fourth generation—Vishwanath, Laxman, and Anant Gadgil—decided to expand. In 1958, they took the bold step of opening the first showroom in Pune on Laxmi Road, revolutionizing Pune’s jewellery market. Their success was built on trust, transparency, exquisite craftsmanship, and impeccable service, setting the stage for an enduring legacy.

In 2012, a significant milestone was reached when Purshottam Narayan Gadgil & Company underwent a demerger, giving rise to P N Gadgil & Sons under the leadership of Mr. Govind Gadgil and Dr. Renu Gadgil. By 2017, the company transitioned into a limited entity. Today, PNGS boasts over 30 company-owned stores across Maharashtra, Gujarat, and Karnataka, symbolizing nearly two centuries of excellence in the jewellery retail sector. The cherished first-day business account from 1832 remains a proud reminder of the journey that continues to inspire.

What are the most recent financials of the company?

At PNGS, our current valuation is Rs 8,500 crore. This valuation reflects our strong market position and the trust we have garnered among investors and stakeholders. Our diverse revenue streams contribute to our financial stability and resilience in a dynamic market.

How do your products stand out in the marketplace?

At PNGS, our products are a unique blend of heritage and innovation. We introduce new collections and offer discounts and styles to our consumers every quarter. In January 2025, we will launch a men’s collection that will focus on new styles and designs for men. Our unwavering commitment to quality sets us apart—every piece is hallmark-certified, ensuring purity and authenticity.

At PNGS, we cater to a broad spectrum of tastes, offering something special for every occasion, whether traditional bridal sets or contemporary lightweight jewellery. Our focus on craftsmanship, trust, and customer-centricity has made PNGS a household name. Every creation from PNGS tells a story of timeless elegance and impeccable artistry, a testament to our commitment to our customers.

At PNGS, we have made a significant investment in cutting-edge customer relationship management (CRM) solutions across all our stores. This investment is a clear demonstration of our commitment to enhancing customer engagement and satisfaction. We also leverage innovative technology such as the Karatmeter, empowering customers to make informed decisions about their gold purchases, thereby fostering transparency and trust.

What is the best investment for parents-to-be in 2025?

Gold is not just an heirloom asset; it’s a versatile and secure option for future planning. Its enduring value and liquidity make it ideal for long-term goals such as securing your child’s education or building wealth for the family. At PNGS, we have observed a growing trend among young families favouring lightweight and modern designs in gold jewellery, particularly 14K or 18K pieces, which are not only affordable but also practical for daily wear. This shift reflects the evolving needs of parents who seek value and style without compromising on quality. With gold’s proven resilience against market fluctuations and its role as a hedge against inflation, it is a solid choice for those planning for their family’s future.

What is India’s status globally in the gold and diamond industry?

As one of the largest consumers of gold, India is home to a thriving jewellery market deeply rooted in tradition and craftsmanship. India processes nearly 90 per cent of the world’s rough diamonds in the diamond segment, cementing its position as a global leader in cutting and polishing. This status is a testament to India’s unparalleled expertise and its role as a significant driver of global demand. At PNGS, we are proud to contribute to this legacy by blending raditional designs with modern trends, catering to both domestic and international markets. India’s prominence in these industries is not just about consumption but about setting global benchmarks in quality and artistry.

What is your company’s ranking in the Indian gold and diamond industry?

PNGS is recognized as one of India’s most esteemed jewellers, with a legacy spanning nearly two centuries. While rankings in the industry are not officially standardized, PNGS has earned a reputation as a trusted name in gold and diamond jewellery. Our market leadership, built on our commitment to quality, transparency, and exceptional craftsmanship, provides our customers with the confidence and security they seek in their investment. This should instill a sense of security and confidence in our stakeholders about their investment in PNGS.

With 30 stores across Maharashtra, Gujarat, and Karnataka, we are one of the most prominent players in the retail jewellery space. Our extensive collections cater to diverse tastes, from traditional heirloom pieces to contemporary designs that resonate with younger generations. This stature is further reinforced by our ability to innovate, such as introducing lightweight designs and offering hallmark-certified products.

How are gold and diamond exports soaring? How are emerging markets, key growth drivers?

Gold and diamond exports from India are thriving, thanks to robust global demand and India’s unmatched expertise in jewellery craftsmanship. Emerging markets are pivotal in this growth, as rising disposable incomes and a growing appreciation for fine jewellery fuel demand in regions like Southeast Asia, the Middle East, and Africa.

At PNGS, we have seen first-hand how innovative designs and impeccable quality resonate with global customers. Indian jewellers are now blending traditional motifs with contemporary aesthetics, making their products universally appealing. Moreover, India’s dominance in diamond cutting and polishing, coupled with its stature as a leading consumer of gold, gives the country a dual advantage in the global jewellery trade. This blend of artistry and scale ensures that Indian jewellery continues to shine on the world stage.

Why gold and diamonds will thrive in India’s 2025 economy?

Gold and diamonds are set to flourish in India’s 2025 economy, driven by their cultural significance and enduring investment value. Gold’s role as a hedge against inflation and its appeal during economic uncertainties make it indispensable. Similarly, diamonds, symbolic of luxury and celebration, continue to captivate consumers. At PNGS, we see an evolving trend—customers are opting for versatile, lightweight gold designs and uniquely crafted diamond jewellery. This shift aligns with a younger demographic seeking affordability without compromising on style. With rising disposable incomes, festive celebrations, and a strong gifting culture, gold and diamond demand in India is poised for robust growth.