National News
P N Gadgil & Sons Expands to Thane, Bringing Its Legacy of Trust and Excellence to the City
P N Gadgil and Sons (PNGS), one of India’s most legendary jewellery brands, has inaugurated its latest showroom in Thane. Located at Shrushti Prime, Gokhale Road, the grand opening marks a new milestone in PNGS’s 193-year legacy, fulfilling the long-standing demand of customers in the region.
For decades, customers from Thane have expressed their desire for a PNGS showroom closer to home, drawn by the brand’s continued commitment to transparency, ethical business practices, and unmatched service. With this expansion, PNGS strengthens its promise of delivering exquisite jewellery and a seamless shopping experience to its patrons.
The launch event witnessed an overwhelming response from jewellery enthusiasts, who explored a wide collection of gold, diamond, and silver designs. Blending timeless tradition with contemporary elegance, the showroom showcases superior craftsmanship and trendsetting pieces that reflect PNGS’s dedication to excellence.
PNGS had announced special inaugural offers to celebrate the grand opening, available until March 9, 2025. These exclusive offers provide a golden opportunity for jewellery enthusiasts to bring home exquisite pieces at special prices.
With nearly two centuries of heritage, PNGS continues to uphold its reputation as a trusted name in jewellery. The new showroom in Thane will offer certified purity, a grand collection of innovative designs, and personalized customer service to enhance the shopping experience.
Speaking about this, Aditya Modak, COO and CFO of PNGS, said, “P N Gadgil & Sons has always been more than a jewellery brand—it is a legacy of trust, built over generations. Our customers in Thane have been a part of this journey, and it is truly gratifying to bring our heritage of purity and excellence closer to them. We invite everyone to visit our showroom and experience the tradition of fine craftsmanship and impeccable service that defines PNGS.”
India’s appetite for borrowing against gold is reshaping the country’s credit landscape. Outstanding gold-backed loans have surged 128% from a year earlier, crossing Rs.4 lakh crore ($48 billion) for the first time, according to data from the Reserve Bank of India. As of Jan. 31, loans secured by gold jewellery stood at Rs.4,00,517 crore, marking one of the fastest expansions in retail credit in recent years.
The boom in gold loans has helped propel overall non-food bank credit growth to 14.4% year-on-year. Personal loans now account for 34.5% of total bank lending, outpacing other segments and underscoring a broader shift toward consumer-driven credit expansion
Gold loans alone contributed roughly 9% of incremental bank credit during the period. Between January 2024 and January 2026, outstanding gold-backed credit rose by nearly Rs.3.1 lakh crore—an increase of about 338% over two years—more than quadrupling the size of the portfolio.
Two factors are driving the surge. First, gold prices have climbed roughly 152% over the past two years, increasing the collateral value of household holdings. Second, regulatory guidance requiring banks to classify loans secured by gold explicitly as gold loans has sharpened reporting and accelerated balance-sheet growth in the segment.
The trend highlights a distinctive feature of India’s financial system: households’ vast stock of physical gold, long viewed primarily as a store of wealth, is increasingly being mobilized as collateral for formal credit.
While personal lending and credit to nonbank financial companies within the services sector continue to expand rapidly, industrial credit remains uneven. Loans to micro, small and medium enterprises are growing steadily, but borrowing by large corporations has stayed relatively muted.
Since March 21, 2025, banks have added Rs.21.8 lakh crore to their non-food loan books, translating into 12% growth for the financial year to date. Yet it is gold—rather than factories or infrastructure—that is emerging as one of the most dynamic engines of India’s current credit cycle.
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