National News
Gargi by PNGS Celebrates Growth with New Store Openings in Aurangabad and Indore
The Fashion Jewellery Brand Marks Significant Expansion, Bringing its Total Store Count to 12 in Just Three Years
Gargi by P N Gadgil & Sons (PNGS), a leading name in the fashion jewellery industry, has closed the year with a strong performance, inaugurating two new stores in Aurangabad and Indore. These additions bring the total number of exclusive Gargi outlets to 12, marking a major milestone in the brand’s rapid retail growth over the past three years.
Expanding Reach in Emerging Markets
The new stores, located in high-traffic retail destinations—Prozone Mall in Aurangabad and Citadel Mall in Indore—are part of Gargi’s strategy to expand into Tier 2 and Tier 3 cities. This move is aimed at catering to the increasing demand for affordable, high-quality fashion jewellery in smaller urban centers, beyond the metropolitan regions.
A Year of Achievements and Innovation
2024 has proven to be a landmark year for Gargi. The brand expanded its footprint in Delhi with the opening of its Kapil Vihar, Pitampura store, and made further strides in Maharashtra with new outlets in Pimple Saudagar and Aurangabad. These expansions reinforce Gargi’s commitment to making stylish fashion jewellery more accessible to a wider audience.
The brand also launched the Utsaav collection, a festive range perfect for special occasions, and introduced its first-ever Kids Collection, featuring certified sterling silver jewellery designed with both safety and style in mind. These initiatives demonstrate Gargi’s dedication to inclusivity and diversification within the fashion jewellery market.
Aditya Modak, Co-founder of Gargi by PNGS, expressed, “Our growth isn’t just about numbers; it’s about connection. When people from different cities—whether women, men, or children—resonate with our designs, we know we’re on the right track. Aurangabad and Indore are not just new stores; they represent fresh relationships, inspiration, and opportunities for creative expression.”
Financial Growth and Future Goals
Gargi by PNGS has also achieved impressive financial milestones, surpassing a market capitalization of Rs. 1,500 crore, with plans to reach Rs. 100 crore in revenue by March 2025. The brand’s franchise-driven model has played a key role in this success, empowering local entrepreneurs while expanding the PNGS legacy. With PNGS boasting an annual turnover of over Rs. 8,500 crore, Gargi’s journey is marked by a blend of heritage and innovation.
Looking to the future, Gargi aims to continue its expansion across India, capitalizing on shifting consumer preferences and forging deeper connections with jewellery enthusiasts of all ages.
National News
GJC Delegation Meets RBI Deputy Governor, Makes GMS Presentation
The Proposal Was Acknowledged As An Innovative Initiative With The Potential To Become A Game Changer For The Industry and The Nation.
A GJC delegation comprising Vice Chairman Avinash Gupta, Legal Consultant CA Bhavin Mehta, and National Secretary Mitesh Dhorda met with Shirish Chandra Murmu, Deputy Governor of the Reserve Bank of India, along with his senior team.
During the meeting, the delegation made a detailed presentation on the proposed Gold Monetization Scheme (GMS). The RBI team appreciated the concept of the scheme. The proposal was acknowledged as an innovative initiative with the potential to become a game changer for the industry and the nation.
GJC remains committed to working closely with all stakeholders —including the government, banks, jewellers, gold depositors, and temple trusts—in the larger national interest and for the sustainable growth of the GJ industry.
The Gold Monetization Scheme (GMS) in India was launched with the primary objective of reducing gold imports by mobilizing the vast amount of idle gold held by households, institutions, and temple trusts, thereby decreasing the country’s heavy reliance on gold imports. By encouraging depositors to bring their unused gold into the formal banking system, the scheme puts this dormant gold into productive economic purposes, such as meeting the needs of jewellers and industries without requiring fresh imports.
Additionally, the scheme allows depositors to earn interest on their gold deposits instead of keeping gold idle at home, transforming a non-yielding asset into an income-generating investment while simultaneously strengthening India’s gold supply chain and reducing the trade deficit.
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