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.
Silver prices experienced a dramatic single-day surge of RS10,000 on Monday, reaching Rs1.74 lakh per kg. This rally is part of a larger trend that has seen silver prices double in the last 12 months (outperforming gold’s 60% gain).
The price acceleration is primarily attributed to a persistent global supply deficit, increased investment demand, and macroeconomic factors like a weaker US Dollar and rising expectations of interest rate cuts by the US Federal Reserve. Experts predict the supply shortage will continue, providing significant headroom for further price appreciation into 2026.
The spike to Rs1.74 lakh per kg 1.64 lakh per kg was driven by four interconnected factors:
- Supply Squeeze: The most critical driver is the ongoing global silver supply shortage. The total silver production stands at approximately 26,000 tonnes, while the deficit this year is estimated between 6,000 and 7,500 tonnes, one of the largest in recent decades. Global demand has been consistently outstripping supply since 2020, as most silver is mined as a by-product of other metals (gold, lead, zinc), limiting its independent supply growth.
- US Rate Cut Expectations: Rising anticipation that the US Federal Reserve will cut interest rates, likely due to a projected economic slowdown continuing into 2026, is attracting investors back to non-yielding assets like silver and gold.
- Softer US Dollar: A globally weaker US Dollar makes dollar-denominated commodities, including silver, cheaper for holders of other currencies, thus boosting demand.
- Rupee Weakness: The recent weakness of the Indian Rupee against the US Dollar further contributes to the higher price of imported silver in the domestic market.
Investment demand for silver reached a projected 1,751 tonnes in calendar year 2025, reflecting a sharp 350-tonne increase from 2024 levels, as reported by Metals Focus. This surge stemmed from persistent market deficits—marking the seventh consecutive year—with cumulative shortfalls nearing 25,000 tonnes since 2021, fueled by structural supply constraints and accelerating industrial needs. Retail and institutional interest, particularly in Asia and North America, drove inflows into silver-backed ETPs, coins, and bars, amplifying the demand spike amid economic uncertainty.
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