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

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12 months ago

March 28, 2025

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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.

Related Topics:2025 nationalnews New Premises PNGS

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National News

GJEPC: India’s Gems Jewellery Exports Demonstrate Resilience, Rise 8.37% to Rs. 24,340.05 Crores in February

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4 minutes ago

March 16, 2026

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Gem & Jewellery Export Promotion Council says export growth reflects industry resilience as market diversification and FTAs help offset global uncertainties and evolving U.S. tariff policies.

The overall gross exports of gems and jewellery in February 2026 were recorded at US$ 2.68 billion (Rs. 24,340.05 crores), registering a growth of 3.86% (8.37% in Rs. terms) compared to US$ 2.58 billion (Rs. 22,460.13 crores) in February 2025.

For the period April 2025 to February 2026, the overall gross exports of gems and jewellery reached US$ 25.93 billion (Rs. 2,28,230.06 crores), marking a marginal growth of 0.07% (4.34% in Rs. terms) compared to US$ 25.92 billion (Rs. 2,18,737.62 crores) during the same period of the previous financial year.

Kirit Bhansali, Chairman, GJEPC, said “The past year has been a challenging one for the global gem and jewellery industry, shaped by evolving U.S. tariff policies, geopolitical uncertainties, and changing consumer preferences across key markets. Despite these headwinds, the Indian gem and jewellery sector has demonstrated remarkable resilience.”

“Exporters have actively diversified their export markets, strengthening their presence in destinations such as the UAE and Australia, where Free Trade Agreements have played a significant role, while markets like Hong Kong have continued to provide strong support. The Government of India’s proactive trade diplomacy through FTAs has been instrumental in opening new opportunities and helping the industry diversify its export base. This strategic shift is reflected in the sector’s overall performance during the year.”

“Recent developments in the U.S. tariff framework have also provided some support to the studded jewellery segment. As per the current understanding, the effective duty on jewellery exports from India is around 15.5%, which is significantly lower than earlier proposed levels and helps maintain competitiveness in this category. At the same time, the industry awaits greater clarity regarding the final tariff treatment for natural diamonds and certain loose stone categories, which are currently subject to a 10% import duty under the prevailing U.S. executive order.” Kirit Bhansali added.

Talking about the geopolitical tension in the Middle East region, Bhansali, said, “The industry remains watchful of evolving geopolitical developments and global trade

conditions as we move into the final phase of the financial year. Exporters are closely monitoring the situation and working with trade partners to ensure continuity of shipments and supply chains.”

Market-wise performance during April 2025–February 2026 shows strong growth in the UAE and Hong Kong. Overall gem and jewellery exports to the United Arab Emirates rose 22.19% to US$ 8.41 billion, while shipments to Hong Kong increased 30.91% to US$ 5.54 billion.

Exports to the United States were valued at US$ 4.65 billion, down 44.28% year-on-year.

During April 2025–February 2026:

Cut and polished diamond exports were recorded at US$ 11.32 billion (Rs. 99,662.52 crores), registering a 6.71% year-on-year decline (-2.68% in Rs. terms).
Total gold jewellery exports, including plain and studded jewellery, grew 5.99% year- on-year (10.38% in Rs. terms) to US$ 10.71 billion (Rs. 94,171.44 crores).
Plain gold jewellery exports grew 2.44% year-on-year (6.29% in Rs. terms) to US$

4.64 billion (Rs. 40,669.66 crores).

Studded gold jewellery exports recorded a stronger growth of 8.87% year-on-year (13.70% in Rs. terms) to US$ 6.07 billion (Rs. 53,501.78 crores), supported by higher value-added demand.
Silver jewellery exports surged sharply by 55.41% (63.24% in Rs. terms) to US$ 1.40 billion (Rs. 12,343.94 crores), driven by robust international demand and higher silver prices.
Platinum jewellery exports grew 43.81% (50.40% in Rs. terms) to US$ 236.62 million (Rs. 2,090.06 crores), aided by growing acceptance in niche and premium markets along with price appreciation.
Polished lab-grown diamond exports declined 8.58% year-on-year in value (-4.67% in Rs. terms) to US$ 1.04 billion (Rs. 9,124.97 crores), even as export volumes

increased significantly, indicating price softness.

Coloured gemstone exports were recorded at US$ 414.43 million (Rs. 3,657.50 crores), marginally lower by 0.80% year-on-year (+3.48% in Rs. terms), reflecting stable but subdued demand.

Source: GJEPC