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Madhuri Dixit inaugurates 20000* sqft jewellery shopping destination for PNG Jewellers at Laxmi Road, Pune

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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.

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National News

Digital Gold Surge: Huge Demand During Peak Festive and Wedding Season

Invesors Are Increasingly Adopting Digital Gold Due To Convenience and Lower Entry Barriers.

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As India enters its peak festive and wedding season—traditionally the biggest period for gold consumption—consumer buying habits are shifting.

While high and volatile gold prices are limiting casual purchases, demand for gold as an investment asset remains strong. Notably, tech-driven “digital gold” has seen massive growth, despite severe warnings from financial regulators.

Shift from Physical to Digital Gold

Traditional Behavior: Indian households traditionally buy physical gold (jewellery and coins) during festivals and weddings as an auspicious asset.

Emerging Trend: Investors are increasingly adopting digital gold due to convenience and lower entry barriers.

Growth Data: Digital gold purchases reached approximately ₹2,500 crore (~1.6 tonnes) per month between June and August 2026. This represents a 110% Year-on-Year (YoY) increase compared to August 2025.

Price Sensitivity & Macro Drivers

Gold prices have experienced volatility, driven by global macroeconomic factors such as rising crude oil prices, inflation fears, and policy signals from the US Federal Reserve.

High prices are curbing discretionary retail shopping, making systematic digital investments more attractive to price-sensitive buyers.

The Business & Regulatory Challenge

The Regulatory Gap: Unlike Gold ETFs or Sovereign Gold Bonds, digital gold is currently unregulated.

SEBI’s Warning: In November 2025, the Securities and Exchange Board of India (SEBI) cautioned investors that digital gold products:

  • Are not classified as securities or regulated commodity derivatives.
  • Operate entirely outside SEBI’s oversight.

Counterparty & Operational Risk: Because the estimated ₹7,500 crore accumulated over June–August 2026 sits in a regulatory grey area, investors face significant exposure:

If a fintech platform or issuer defaults, investors have no access to official SEBI grievance mechanisms or statutory protection.

Looking Ahead: Future Regulatory Framework

To mitigate these systemic risks, the Indian government is reportedly exploring a joint regulatory framework involving the Reserve Bank of India (RBI) and SEBI. Under proposed rules:

  • ​Digital gold providers would fall under formal oversight.
  • ​Every digital unit sold would legally require 100% physical bullion backing in audited vaults.
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JewelBuzz is Asia’s First Digital Jewellery Media & India’s No.1 B2B Jewellery Magazine, published by AM Media House. Since 2016, we’ve been the trusted source for jewellery news, market trends, trade insights, exhibitions, podcasts, and brand stories, connecting jewellers, retailers, and industry professionals worldwide.

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