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India’s gold demand improves as prices dip

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Gold demand in India saw a slight improvement towards the week’s end as prices fell from record highs, yet remained below normal levels. Discounts in China persisted due to low activity, and India’s imports are predicted to drop significantly by 85 per cent in February. Meanwhile, gold trades in Singapore, Hong Kong, and Japan show varying premiums and discounts.

India’s gold demand improved in the second half of this week but remained lower than normal as prices retreated from all-time-high levels, while traders continued to offer discounts in China as activity remained lacklustre. Domestic gold prices were trading around 84,750 rupees per 10 grams on Friday after hitting a record high of 86,592 rupees last week.

Indian dealers this week offered a discount of $12-$27 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from the last week’s discount of $35.

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National News

From Pune’s Tech Corridors to Punjab’s Fashion Capital – Gargi by PNGS Marks a Landmark Double Debut

The fashion jewellery brand opens its newest kiosk at Grand Highstreet, Hinjewadi in February, followed by its first Punjab store at Nexus MBD Neopolis, Ludhiana on March 1 — signalling a deliberate, market-by-market expansion across India.

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Some brands expand to fill space. Gargi by P.N. Gadgil & Sons expands to find the right customers. That philosophy is evident in its two newest store openings: a kiosk at Grand Highstreet Mall in Hinjewadi, Punelaunched in February — and a full-format store at Nexus MBD Neopolis Mall in Ludhiana, Punjab, which opened its doors on March 1, 2025. Together, they represent something more than a store count milestone; they reflect a brand that is learning how different Indian cities wear their jewellery.

Hinjewadi, Pune: Jewellery Meets the Innovation District

Hinjewadi is not your typical jewellery market. Home to Rajiv Gandhi Infotech Park — one of India’s largest IT hubs — it is a neighbourhood built around young professionals: engineers, product managers, and startup founders who dress sharply and spend thoughtfully. Gargi’s kiosk at the Upper Ground Floor of Grand Highstreet Mall, situated within this tech corridor, is a deliberate bet on this demographic.

Grand Highstreet is among Hinjewadi’s most frequented lifestyle destinations — a 2.25 lakh sq. ft. al fresco mall anchored by brands like Lifestyle, Westside, Pantaloons, and a PVR multiplex. For Gargi, the location is as much a statement as the store itself: fashion jewellery that belongs not just in a traditional market but on the shopping list of someone who just picked up a coffee and is heading to catch a film.

Ludhiana, Punjab: A Brand’s First Step into the North

If Hinjewadi is about the new India, Ludhiana is about ambition with deep roots. The commercial capital of Punjab — a city known for its textiles, its traders, and its unapologetic appetite for style — is the kind of market a jewellery brand earns its stripes in. Gargi’s entry here, at Unit No. 05B, Lower Ground Floor of Nexus MBD Neopolis Mall on Ferozepur Road, is the brand’s first store in Punjab.

Nexus MBD Neopolis is no ordinary mall address. Spanning over 8 lakh sq. ft., it houses global names like Tommy Hilfiger, Calvin Klein, Armani Exchange, Lacoste, and MAC, alongside a Radisson Blu hotel and a five-screen multiplex. Gargi’s presence here places it within a retail ecosystem that Ludhiana’s fashion-forward consumers have come to associate with quality and aspiration.

“Hinjewadi and Ludhiana are very different cities with very different energy — and that is exactly why we chose them. One is building India’s digital future; the other is one of the country’s most powerful trading communities. In both, we found women who know precisely what they want, who dress intentionally, and who have been underserved by the options available to them in fashion jewellery. Gargi exists for them — and these two stores are our way of saying, we see you.”

— Aditya Modak, Co-Founder, Gargi by P.N. Gadgil & Sons

A Brand Built for the New Indian Woman

Launched in FY21 as part of P.N. Gadgil & Sons’ portfolio — a fine jewellery group — Gargi was conceived to occupy a gap in India’s fashion jewellery landscape: pieces that are designed thoughtfully, priced accessibly, and crafted from 92.5% certified sterling silver, brass, and 9,12,14 to 18 carat gold studded with natural diamonds. With over 36 offline stores and approximately one million designs, the brand has grown rapidly since its BSE listing.

The Hinjewadi and Ludhiana openings are part of a continued push to bring Gargi’s universe of designs — from everyday silver earrings to its bridal sub-brand Utsaav by Gargi — to consumers across geographies and lifestyles.

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