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
Foreign exchange reserves declined by $11.413 billion to $698.346 billion
Forex drop due to a sharp fall in gold reserves:RBI
As of March 28, 2026, the Reserve Bank of India’s latest data reveals a brutal $30.14 billion evaporation in forex reserves over just three weeks. The headline-grabber? A staggering $13.49 billion collapse in gold reserves in a single week.
While the official line points to “valuation effects,” the underlying reality is a cocktail of geopolitical warfare, a bleeding Rupee, and an RBI backed into a corner.
For years, gold was the “safe haven.” In March 2026, it became a weight. The drop to $117.19 billion wasn’t because the RBI sold the family silver—it’s because the global gold market just endured its worst weekly rout in four decades.
- The Paper Flush: As the US-Iran conflict escalated, institutional investors faced massive margin calls on their stock portfolios. They didn’t sell gold because they lost faith in it; they sold it because it was the only liquid asset left to cover their losses.
- The Yield Trap: With oil breaching $110, inflation fears have spiked. This has forced the US Fed to signal “higher for longer” rates, making non-yielding gold look like an expensive hobby compared to high-interest US Treasuries.
The Rupee isn’t just sliding; it’s in a freefall. Falling over 4% in March alone and nearly 10% for the fiscal year, the Indian unit is gasping at record lows near 94.81/$1.
The central bank is fighting a multi-front war:
- Crude Oil Shock: Brent crude at $110 is a direct tax on India’s dollar reserves.
- The Forward Book Time Bomb: The RBI’s net short dollar position in the forward market is estimated to have ballooned to $100 billion.
- Import Cover Erosion: Adjusting for these forward positions, India’s “real” import cover has shriveled from 11 months to just 9.4 months.
If West Asia remains a tinderbox, the buffer that felt “invincible” at $728 billion in February could look skeletal by 2027. Some analysts are already eyeing a drop to $636 billion as the new reality.The RBI is no longer just “managing volatility”; it is performing triage on a currency being pummeled by global m
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