National News
P N Gadgil Jewellers Limited – Quarterly Update Q3 FY26
The Retail segment delivered strong revenue growth 46% in Q3 FY26 compared to the same period in the previous financial year, accounting for 83.2% of total revenue. The growth was primarily driven by strong festive and wedding season demand.
Non-Retail Segments
- E-commerce: This segment recorded a 138% increase compared to the same quarter in the
previous financial year; it contributed 5.1% to total revenue. - Franchisee Operations: This segment grew by 12% YoY, accounting for 7.7% of total revenue. During the quarter under review, total revenue excluding the other segment delivered a YoY growth of 46%. The details are provided below:
| Consolidated Revenue (₹ in Cr) | Q3 FY’26 | Q3 FY’25 |
|---|---|---|
| Revenue Excluding Other Segment | 3,169 | 2,176 |
| Other Segment | 133 | 259 |
| Total Revenue | 3,302 | 2,435 |
- Other segment: It accounted for 4% of total revenue in Q3 FY26, primarily comprising B2B
bullion sales from the Head Office and corporate segment.
Festive Sales
- Dussehra sales stood at Rs.190 crore, reflecting a strong 64% YoY growth.
- Dhanteras registered a revenue of Rs.277 crore, marking the highest-ever single-day festive sales
for the company. Consequently, total Diwali sales aggregated to Rs.606 crore, registering a robust
74% YoY growth. - October 2025 witnessed the highest-ever monthly revenue of Rs1,807 crore, representing a
significant 72% YoY increase.
Product Mix and same store sales growth
- The studded jewellery contribution for the 9M FY26 increased by 52% YoY, taking the stud ratio to 8.4 %.
- Further, the Same-store sales growth (SSSG) for the quarter stood at 32%.
Operational Highlights
- During the quarter, the Company launched 3 exclusive company owned outlets, taking the total store
- count to 66 as of December 31, 2025.
Outlook for FY26
- On the expansion front, Company continues to focus on accelerating our store rollout plan, with 12-14 new openings planned for Q4 FY26, comprising a mix of company owned (COCO) and franchisee operated (FOCO) outlets. These additions will enable us to achieve our target of 78-80 stores by the end of the fiscal year.
National News
Gold Industry Proposes New Strategy To Cut Imports and Boost Local Economy
Precious Metals Refineries Forum (PMRF) Has Proposed A Two-Track System To Manage Gold More Efficiently
Following Prime Minister Narendra Modi’s call to reduce gold imports and foreign travel, major Indian bullion and jewellery bodies have submitted a new plan to the government and the Reserve Bank of India (RBI). The strategy aims to lower the nation’s trade deficit by tapping into the estimated 30,000 tonnes of gold sitting in Indian households.
This move comes after India’s gold imports jumped 24% to a record $71.9 billion in the 2025-26 financial year, with over 721 tonnes of gold brought into the country.
The New Strategy: Two Separate Systems
The Precious Metals Refineries Forum (PMRF) has proposed a two-track system to manage gold more efficiently:
- For Exporters: Imported gold should be strictly saved for jewellery exporters using one-year Gold Metal Loans (GML).
- For Local Buyers: Domestic demand should be met entirely by recycling household gold. This gold would be collected from citizens, refined locally, and sold back through jewellers and retailers.
Under this plan, people who deposit their idle gold could earn 2% to 2.5% interest, while businesses taking gold loans would pay an interest rate of 3% to 4%.
Fixing Why Past Schemes Failed
Previous government gold schemes failed to gain traction primarily because they left out local jewellers and lacked a proper banking structure. Without a joined-up system, institutions faced high financial risks from changing gold prices.
To fix this, trade bodies are calling for a complete system that includes:
- Direct involvement of trusted local jewellers. The schemes did not take off in the past because jewellers were not part of them. About 10% to 20% of family gold is held as bars or coins.
- Strong bank backing and secure storage vaults across the country.
- Tax incentives, such as removing the 3% GST loss when physical gold is converted into Electronic Gold Receipts (EGR), and offering income tax relief on the interest earned.
Industry Support
Industry experts say a smooth system is already possible. Collection and purity testing centres have confirmed that collected household gold can be processed within 48 hours and safely moved to secure, bank-approved vaults.
Representatives from the Indian Bullion and Jewellers Association (IBJA) recently held discussions with RBI officials to fast-track these changes.
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