National News
Madhuri Dixit inaugurates 20000* sqft jewellery shopping destination for PNG Jewellers at Laxmi Road, Pune
Retail expansion in jewellery aligns with the consumer response in any given market. Phenomenal popularity and product demand call for unprecedented expansion, and one such instance was exhibited by PN Gadgil Jewellers, widely known for its commitment towards excellence across a legacy of 193 years of business and counting, with the launch of a new store besides renovation of its flagship showroom, both at Laxmi Road in Pune, on 23 March, 2025.
Catering to rising demand across all categories of gold, diamond, platinum, and colour gemstone jewellery in the Pune market, the two stores were jointly inaugurated by Bollywood diva Madhuri Dixit in the presence of Dr. Saurabh Gadgil, Chairman and Managing Director of PNG Jewellers; Mr. Parag Gadgil, and members of the PNG Jewellers family. The combined area of the two large-format stores now reach a staggering 20,000 sq. ft.*
Dr. Saurabh Gadgil, Chairman and Managing director of PNG Jewellers said, “Pune holds a special place in our hearts, as it is where our flagship store continues to stand as an example to our heritage and trust. Now, the brand has a total of 53 stores across the world. As we strive to strengthen our retail network further, this expansion brings us closer to our patrons, ensuring they have convenient access to the finest jewellery, steeped in tradition and craftsmanship. We look forward to serving the people of Pune with the same commitment to quality, craftsmanship, and trust.”
Ushering in a completely modern in-store experience while respecting Maharashtrian tradition, the renovated flagship showroom has been redesigned akin to heritage Wada courtyard houses intrinsic to the state. Exclusively retailing in gold jewellery of Kalkatti, temple, antique, and kundan designs, the flagship showroom specialises in bridal jewellery along with a dedicated wedding lounge replete with private make-up stations to give the brides-to-be the attention they deserve. The new 2-storey showroom, on the other hand, stands tall as a hub of the studded categories including diamond, platinum, uncut, polki, and precious colour gemstone jewellery. The expansion has now diversified the product range of PNG Jewellers by an impressive 30-40%, thus giving buyers across all categories better options for an immersive and satisfying shopping experience.
Commenting on the continuing legacy of the brand, ambassador and Bollywood superstar Madhuri Dixit said, “It is a privilege to be a part of this historic event with PNG Jewellers, a company known for its excellence and tradition. Their commitment to preserving tradition while embracing modern designs truly sets PNG Jewellers apart. PNG has always stood for trust, tradition, and timeless craftsmanship.”
The new store of PNG Jewellers is located 500 meters away from their flagship store, and has rolled out exclusive offers such as 0% deduction on old gold exchange, up to 40% off on gold jewellery-making charges, and up to 100% off on diamond jewellery-making charges respectively to celebrate the grand inauguration.
National News
Will RBI Rate Hikes Make Gold Loans Costlier?
With Bullion rIces Sliding From Recent Peaks, Borrowers Face A Dual Squeeze: Potential Upward Adjustments On Floating Borrowing Costs and Lower Loan Amounts Against Pledged jJewellery.
Potential rate hikes by the Reserve Bank of India (RBI) could push borrowing costs higher across the financial system, but the transmission to gold loans will not be immediate or uniform across all lenders, analysts and industry executives said. With bullion prices sliding from recent peaks, borrowers face a dual squeeze: potential upward adjustments on floating borrowing costs and lower loan amounts against pledged jewellery.
Key Takeaways for Borrowers & Lenders
Non-Uniform Transmission: A repo rate hike does not guarantee a 1:1 surge in gold loan rates. Lenders pricing credit via non-bank finance company (NBFC) cost-of-funds channels may adjust rates on a different timeline compared to banks operating direct floating-rate transmission models.
Loan Structure Matters: Existing fixed-rate borrowers remain protected for their contract term, while floating-rate borrowers face higher interest costs upon contract reset dates.
Collateral & LTV Risk: A fall in gold prices reduces the value of pledged collateral relative to total debt. Lenders are required under RBI regulations to enforce a strict loan-to-value (LTV) ceiling of 75%, leaving borrowers vulnerable to margin calls or mandatory partial pay-downs if market prices breach regulatory margins.
Commercial banks experience a high and direct immediate impact from a central bank rate hike, as their benchmark-linked External Benchmark Lending Rates (EBLR) force floating borrowing costs to reset quickly.
In contrast, gold loan NBFCs face a moderate or delayed impact, with interest rate adjustments depending on their broader liability structure, wholesale borrowing costs, and competitive market positioning.
For fixed-rate contracts, a rate hike has no immediate impact, keeping borrowing costs steady until the specified term ends. Conversely, floating-rate contracts carry a high impact, with interest charges stepping upward automatically on the loan’s next periodic reset date.
Strategic Considerations
Borrowers considering a gold loan amidst rate uncertainty and volatile commodity prices should evaluate the following structural factors:
Calculate Servicing Capacity: Assess whether monthly cash outflows can accommodate potential interest rate resets on floating-rate agreements.
Review LTV Margins: Evaluate pledged jewellery value at current spot rates to maintain a safety cushion above the mandatory 75% LTV regulatory threshold, mitigating auction risk during sharp gold pullbacks.
Compare Fine Print: Look past headline interest rates to evaluate reset frequencies, processing charges, prepayment penalties, and default auction clauses across competing bank and NBFC offerings.
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