National News
P N Gadgil Jewellers Limited – Q4 FY25 Quarterly update
In Q4 FY25, our consolidated revenue increased by 5.1% compared to the same quarter in the previous financial year, contributing to full-year growth of 25.9%.
Our retail segment, representing 81.5% of total revenue, achieved a robust 50% growth in Q4 FY 25 as compared to Q4 FY2024. This performance underscores strong consumer demand and operational excellence across our store network.
E-commerce: With a massive increase of 243.8% compared to the same quarter in the previous financial year, this segment contributed 5.7% to total revenue, reflecting our successful digital expansion and increasing online customer engagement.
Franchisee Operations: This segment surged by 37.2% compared to the same quarter in the previous financial year, accounting for 11.7% of total revenue, driven by strong franchisee performance and broader market penetration.
Festive sales remain a key driver of our success. This year, we achieved our highest ever single-day festive sales on Gudi Padwa amounting to ₹ 123.5 crore, with a remarkable 40.4% increase over last year.
A strong SSSG of 26.3% continues to drive sustained growth, reflecting the consistent demand and strong operational performance of our existing stores.
Our stud ratio, a key measure of product mix, rose by 30.8% to 7.4% in Q4 FY 25. This uptick highlights the growing popularity of stud-based Jewellery, aligning with evolving consumer preferences.
In the recently concluded quarter, we expanded our footprint with the launch of 5 new stores- 4 COCO and 1 FOCO store, bringing our total store count to 53. Notably, we celebrated the opening of our 50th store, a key milestone in our growth journey. Additionally, we completed the renovation of our flagship store on Laxmi Road, Pune, to meet increasing demand and enhance the customer experience. To further strengthen operational efficiency, the company also inaugurated a new operational office in Mumbai.
We anticipate a strong FY 26, fuelled by robust demand starting with Akshaya Tritiya and the continued strength of the wedding season, both of which are expected to drive significant sales in Q1 FY 26. Additionally, strong consumer demand driven by increasing purchasing power and shifting consumer presence will continue to fuel growth.
We aim to maintain this momentum by launching 20-25 new stores in FY26 while expanding our footprint in Uttar Pradesh and other regions. This strategic growth underscores our confidence in the market’s potential and our commitment to strengthening our physical presence.With these new stores, we aim to increase accessibility, deepen brand penetration, and continue delivering unparalleled value while sustaining our growth trajectory.
National News
GJEPC addresses issue of Termination of IEEPA-Based Reciprocal Tariffs
GJEPC informed all exporter members of an important interim development concerning U.S. import duties applicable to Indian exports, particularly in the gem and jewellery sector.
The Gem & Jewellery Export Promotion Council (GJEPC) informed all exporter members of an important interim development concerning U.S. import duties applicable to Indian exports, particularly in the gem and jewellery sector.
A letter issued by Sabyasachi Ray, Executive Director, GJEPC, addressed the Termination of IEEPA-Based Reciprocal Tariffs and outlined key implications for exporters.
Termination of IEEPA-Based Reciprocal Tariffs
Pursuant to the Executive Order dated February 20, 2026, titled “Ending Certain Tariff Actions”, the additional ad valorem duties imposed under IEEPA, including the reciprocal tariff framework under Executive Order 14257, shall no longer remain in effect and are directed to be terminated as soon as practicable.
Accordingly, entries made on or after February 20, 2026 should not be subject to the earlier IEEPA-based reciprocal tariffs.
1. Interim Window Prior to Section 122 Surcharge
A separate Presidential Proclamation dated February 20, 2026 imposes a temporary 10% surcharge under Section 122 of the Trade Act of 1974, effective 12:01 a.m. EST on February 24, 2026.
Therefore, between: February 20, 2026 – before 12:01 a.m. EST on February 24, 2026 imports into the United States should be subject only to ordinarily applicable HTSUS (MFN) rates, without the earlier reciprocal tariff, and prior to the commencement of the Section 122 surcharge.
For products such as cut and polished diamonds (where the MFN rate is ordinarily 0%), this period represents a limited operational window.
2. Refund Position (If Collected in Error or Due to Implementation Lag)
In cases where reciprocal IEEPA duties are collected due to implementation lag, such duties should be eligible for refund through the standard:
- U.S. Customs and Border Protection (CBP) protest mechanism under 19 U.S.C. §1514, or
- Post-summary correction procedures, as applicable.
However, exporters should note that there is no assurance that the refund process will not be time-consuming.
3. Important Caution for Exporters
While GJEPC is actively engaging with U.S. customs authorities and keeping customs at Bharat Diamond Bourse informed, members are strongly advised to:
- Seek confirmation from their U.S. customs broker and trade counsel
- Obtain written confirmation from their U.S. buyer/importer regarding entry treatment
- Confirm that CBP has ceased collection of the reciprocal tariff at the port of entry
Given the evolving implementation environment, entry-level verification is critical.
Members are encouraged to carefully assess:
- Shipment timing
- Entry dates
- Applicable HTS classification
before dispatching consignments, wherever applicable.
source: GJEPC
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