Cover Story
PNG Jewellers: Built on Trust, Craftsmanship, Community, Cultural Heritage
PNG leverages legacy of nearly 200 years to drive its marketing strategy
Dr Saurabh Gadgil, CMD- PNG Jewellers, is a man with the Midas Touch.He has been an agent of transformation and has steered his organization as it evolved from family jewellery retailer to a corporate giant that listed on the NSE at 73 % premium over issue price. Dr Saurabh Gadgil spoke to JewelBuzz on the organization’s marketing and retail strategies, expansion and growth plans, HR and Leadership Development initiatives….and more


What is your strategy and marketing to create a brand identity for your retail chain? How do you leverage the nearly 200 years legacy of PNG JEWELLERS in brand building?
Our legacy of almost 200 years of business becomes the focal point of marketing on grounds of trust, craftsmanship, and community, as we highlight landmark events and special collections tied to cultural heritage of our Maharashtrian clientele. We continuously modernize the logo, color palette, and design language to stay relevant to younger generations. We leverage social platforms to share stories, customer testimonials, and behind-the-scenes videos of craftsmanship, while collaborating with influencers on interactive campaigns engaging the audience. Known for our customization services and loyalty programs, we host jewellery exhibitions, Meet & Greet, Photoshoot and Fashion shows and associate with Marathi and Indian cultural festivals, films, TV series and sponsor sporting and philanthropy events. Armed with a robust website and app, we’ve integrated physical stores with digital platforms and are positioned as a global Indian brand by targeting the Indian diaspora through strategic store locations. By intertwining PNG Jewellers’ illustrious history with modern strategies, we create a brand identity that resonates across generations and geographies while remaining deeply rooted in tradition.
Comment on your marketing and promotion strategy. From largely targeting the Marathi/ Goan community, will there be plans to address a larger pan-India audience.
The marketing strategy will be two-pronged, one focusing on the legacy and value created in the nearly 2 centuries of business, which will command the attention of new and prospective customers. The other half will involve marketing campaigns on the design excellence of various collections. Marketing will combine traditional formats in newspaper and billboard, but will also have new-age marketing through social media and digital platforms. Without customers being the true evangelists by validating our campaigns the year round, we believe that marketing will be off to a great start.
The journey from P N Gadgil to PNG involves a transition from targeting hardcore jewellery lovers in Maharashtra to patrons and trendsetters across the country who enjoy a great shopping experience along with great designs.
PNG, like other retailers, has used celebs/film stars. How effective has this strategy been for the brand?
PNG Jewellers has successfully leveraged celebrity endorsements as a key marketing strategy to enhance brand visibility, connect with diverse customer segments, and build credibility. Over the years, partnering with iconic figures such as Madhuri Dixit, Salman Khan, Raveena Tandon, and Swapnil Joshi has enhanced brand credibility and broadened appeal across the demographics of age and gender, specifically to our strong Maharashtrian customer base. They add a glamorous touch to our exclusive collection launches, driving attention and footfalls while high-profile appearances by Salman Khan and Swapnil Joshi during new store inaugurations have drawn massive crowds, increasing brand recall amidst a competitive market. Celebrity-backed store launches and campaigns have shown significant spikes in store visits and sales. Marketing initiatives featuring celebrities, on the other hand, see increased engagement across platforms, from social media likes and shares to media mentions. The positive association with iconic figures enhances customer perceptions of PNG Jewellers as a prestigious and aspirational brand.



Take us through the process of conceptualizing and designing new product lines linked to festive occasions.
Every festivity has the scope for celebration, such as traditional revelry during Diwali. This indicates a strong demand for gold jewellery for auspicious occasions. Our collections Saptam, Pratha, and Katha are all combinations of traditional and contemporary designs. This mix is the unique product proposition that delights customers.

Give details of product portfolio/offerings and special collections for festivals. What is the market research involved in creating your product portfolio? Which are your top of the line offerings?
Our portfolio blends timeless craftsmanship with modern design, appealing to all age groups and preferences. In gold, we have daily wear, occasion wear, and investment pieces, while in silver, we have jewellery and silver articles. Our diamond jewellery comprise minimalistic as well as grand designs from rings and bracelets to mangalsutras and our colored gemstone jewellery features emeralds, rubies, sapphires, and other precious gemstones. Our festival-specific collections include Saptam, Katha, and Pratha. Analysing trend and competition, our surveys and feedback sessions help us understand changing customer preferences.We also analyse past purchase patterns during festivals and wedding seasons to introduce innovative designs adapted for the Indian market. Our top-of-the-line offerings include bridal jewellery in gold and diamond wedding sets and temple jewellery, exclusive Maharashtrian bridal collections like Kolhapuri Saaj, Mohanmal, Pohe Haar, Chapala Haar, Bakuli Haar, Maharashtrian Thushi, Maharashtrian Nath, and custom designs. By blending traditional expertise with market insights, PNG Jewellers ensures its product portfolio remains expansive, relevant, and aspirational, catering to the needs of all customer segments.
Comment on PNG retail expansion – the roadmap for the next 3-4 years.
As mentioned in our post-IPO calls, we have been following the Peshwa route. This means that post-Maharashtra, PNG Jewellers will explore opportunities in Central India, where we see good potential. We have seen promising consumer response there. So, this growth will comprise a mix of company-owned and franchisee stores.
Comment on the retail expansion spree of nine stores across nine days of Navratri
PNG Jewellers embarked on an ambitious expansion in October 2024, launching multiple stores across Maharashtra. The first-ever marathon store opening began with a 3,026 sq. ft. outlet at Maru Plaza, Chhatrapati Sambhaji Nagar, inaugurated by Swapnil Joshi on October 3. Bollywood icon Madhuri Dixit unveiled the 4,050 sq. ft. Nashik store the next day. Pune saw significant growth with a 6,350 sq. ft. NIBM Road store inaugurated by Lara Dutta and a 5,750 sq. ft. Sinhagad Road store by Swapnil Joshi. Mumbai added three stores in Bhandup, Goregaon, and Virar, graced by Raveena Tandon and Swapnil Joshi.
This expansion brought 500 new staff onboard to deliver impeccable service during Navaratri, showcasing exquisite jewellery collections tailored to regional preferences. Brand ambassador Madhuri Dixit praised PNG’s legacy, while promotional offers ensured a vibrant festive footfall. The initiative reflected PNG Jewellers’ deep customer trust and commitment to excellence.

Comment on your silver jewellery retail strategy. What are the trends in silver jewellery?
High gold rates have really driven the demand for silver jewellery in the last 2-3 years. Silver jewellery is growing in leaps and bounds. Our brand Silvostyle caters exclusively to silver jewellery which include gemstones, antique designs, and infusion of pearls, thus offering a rare mix to fashionistas looking to pep up their style statements and discerning consumers of silver in general. Having set up 10+ exclusive Silvostyle stores and shop-in-shops inside PNG Jewellers stores, we approach this segment differently, as instead of launching new collections, we keep adding new designs in silver jewellery owing to the high demand frequency of the same. This has led us to a growth in the higher 2 digits in the last three years. We have also noticed silver jewellery sales as part of an impulse buying process at PNG Jewellers’ stores, mostly after purchases to the tune of Rs 70-90 lakhs, as our silver jewellery comes at a very affordable range around Rs 7,000-10,000.


Provide details of retail staff training programs.

At PNG Jewellers, the journey for every employee begins with Aarambh, our foundational onboarding program. Aarambh is designed to immerse new joiners in our core values and code of conduct while providing a comprehensive understanding of the jewellery and gemstone journey—from mining to manufacturing. This program applies to all employees, regardless of their role or level, ensuring a shared knowledge of the business and its intricacies.
Following this, employees undergo The PNG Way of Selling, a meticulously crafted program derived from extensive research and brainstorming sessions during Manthan. This initiative identifies customer-centric practices, covering every step of the sales journey, from entry to exit. Regular refreshers are held to reinforce these principles, ensuring uniform, exceptional service for all customers, whether buyers or visitors.
To foster growth and development, we have tailored programs for career progression:
- Ankur focuses on grooming executives for supervisory roles.
- Utkarsh prepares supervisors for managerial positions.
- Shashwat equips managers for area leadership roles.
Our Leadership Development Program (LDP) hones essential skills for managers, including personal leadership, emotional intelligence, advanced communication, and decision-making. Additionally, product expertise is cultivated through Train the Trainer, certifying product specialists as Vastudaksh—champions of excellence in training and knowledge-sharing across our locations
Through initiatives like “Udaan,” a six-month program, top-performing employees are groomed for managerial roles, ensuring career progression from within the organization. Stories of housekeeping staff transitioning to sales executives and office boys becoming managers highlight our commitment to recognizing and nurturing potential. Training in products, processes, and policies ensures individuals grow with confidence and capability. Inclusivity is embraced by employing differently-abled individuals in backend operations.
Collaboration is key, exemplified by “Work Out,” where cross-functional teams resolve operational challenges. Monthly Review Meetings for area managers foster inter-regional teamwork, enhancing localized solutions. Customer centricity thrives through “The PNG Way of Selling,” ensuring consistent service for all customers.
Structured SOPs eliminate role ambiguity, while a Performance Management System with clear KRAs drives excellence. Regular reviews, rewards for achievements, and a participatory culture ensure motivation, efficiency, and alignment with organizational goals.

You have been awarded GREAT PLACE TO WORK. How have fostered a positive and supportive work environment to obtain this award?
We are committed to fostering a thriving work environment that prioritizes values, growth, and employee well-being. We began with a value audit through 90-degree feedback at the leadership level, setting a precedent that values start at the top and permeate throughout the organization. This foundation ensures an open and fair culture where communication flows freely, regardless of hierarchy. Opportunities for growth are accessible to all through initiatives like IJP and LMS, with merit-based selection and constructive feedback empowering every employee.
As a youthful organization with an average age of 35, we keep our team engaged and continuously learning. Nearly 47% of our workforce comprises women, and we take pride in creating a secure and supportive environment for them. From ensuring safe commutes to celebrating festivals at work, we help them balance personal and professional lives seamlessly. Our policies are designed to retain and nurture their talent, making PNG Jewellers one of the most inclusive workplaces.
Our “people-first” approach drives every decision, emphasizing development, encouragement, and operational success. By providing opportunities for personal and professional growth, fostering happiness through engagement activities, and celebrating achievements, we ensure positivity thrives across the organization.

How is technology, AI leveraged to bring in efficiency, productivity? Comment on digital enablement of the customer journey, including managing customer relationships effectively?
Technology and AI are integral to enhancing efficiency and productivity across operations. Advanced AI-driven systems streamline inventory management, enabling faster turnaround and reducing errors. Predictive analytics help forecast demand, ensuring optimal stock levels and seamless supply chain operations. AI tools also support workforce planning by analyzing performance data to allocate resources effectively.
Digital enablement transforms the customer journey, offering a seamless, personalized shopping experience. Our robust e-commerce platform integrates AI-powered recommendation engines, guiding customers to relevant products based on preferences and purchase history. CRM systems facilitate effective relationship management, tracking customer interactions and feedback to tailor communications and offers. Automated follow-ups and reminders ensure timely engagement.
In-store, digital kiosks and virtual try-on tools enhance the buying experience, while chatbots provide instant assistance. By leveraging AI and digital tools, PNG Jewellers ensures a cohesive and efficient customer journey, strengthening relationships and driving satisfaction at every touchpoint.
Your forecast /outlook for India’s jewellery retail sector.
The industry is performing really well and is projected to reach the US$ 200 billion threshold in the next 4 years. Retail chains are getting organised and are accessing capital markets. I believe that the time has come to put the Indian jewellery industry on the global level, with increasing disposable incomes of Indian consumers getting invested in jewellery.
My mantra for success is passion for my profession: Saurabh Gadgil
What is your mantra for success?
Passion for my profession. Passion creates the drive to excel. Having said that, work-life balance is an inseparable aspect of sustaining performances and setting high and attainable dreams. I also believe that as a leader, it is important to listen to and observe the perspectives and performances of your team in order to chart a growth roadmap that benefits the entire company.
Who has inspired and influenced you – and contributed to your personal and professional growth?
My grandfather Anant Ganesh Gadgil, popularly known as Dajikaka Gadgil, has been an inspiration not only to me, but to thousands of others. In his long life, the way he has interacted and inspired people can’t be summed up in words. In 1958, Dajikaka Gadgil moved from Sangli to Pune, opening a store on Laxmi Road and diversifying the family business. Known for his integrity and sincerity, he earned respect across society. A philanthropist by nature, he provided financial aid to Latur earthquake victims, supported Pune Ved Shala students with free meals, and donated to social organizations. Passionate about sports, he founded the Global Mind Sports Foundation to promote chess. His contributions to trade and society earned him numerous accolades from esteemed organizations, including the Pune Municipal Corporation, Bombay Bullion Association, Suryadatta Foundation, and Rotary Club, among others.

You have been a national-level chess player- how has chess shaped your thinking, helped in business strategy?
Chess has been a very important skill that has helped me in business and life. It has taught me to study my surroundings with patience and driven me to remain one step ahead of competition with a forward-looking approach.
How do you keep yourself physically, mentally, emotionally healthy and fit?
Fitness is a state of mind and happiness is a vital part of that. Eating healthy and regular exercise keeps you physically fit. Mental health can be maintained if you surround yourself with positive people, spend time with family and friends.
How do you unwind and chill out?
Music is definitely a stress-buster. A game of chess online helps check lethargy. Travelling helps me spend time with myself. Spending quality time with family helps me overall.
My favourites
Movie:Godfather
Book:‘Losing My Virginity’ by Richard Branson
Cuisine:Japanese.
Holiday destinations:London and New York
Cover Story
Indian jewellery trade and industry expectations & trends
Market Sentiment: Cautiously optimistic despite price pressures
JewelBuzz has its finger firmly on the pulse of India’s glittering jewellery trade. From Ahmedabad to Agartala and Jammu to Kochi, we caught up with retailers, trade body reps, and key stakeholders to decode consumer moods, market trends, and the sparkle this festive season promises to bring.
From retail powerhouses like Kalyan Jewellers, Malabar, PNG Jewellers, Senco, and Joy Alukkas to the industry big leagues — GJEPC, GJC, and IBJA — and even the regional gems like Bhima Jewellers, Bidhan Jewellery Works, and Radha Gobindo Roy Grandson Jewellers, we tapped into the pulse of India’s jewellery scene.From metros to mandis, the buzz is real — we caught the moods, moves, and market vibes straight from every corner of the country.

The Indian jewellery industry is approaching the 2025 festive season with measured optimism, balancing record-high gold prices against resilient consumer demand driven by tradition, emotion, and investment psychology.

Key sentiment drivers
- Strong festival and wedding season alignment creating natural purchase momentum
- Gold viewed as both cultural necessity and safe-haven investment during uncertain times
- Consumer confidence improving post-GST reforms and easing inflation
- Panic buying emerging as consumers anticipate further price escalation
- Robust pre-bookings and footfall reported across major retailers
The Gold Price Factor: Challenge Turned Opportunity

Impact of elevated gold prices
- Creating volume pressure while maintaining value sales
- Triggering shift toward lightweight and lower-carat options (18K, 14K)
- Driving 50-55% of sales through old gold exchange programs
- Paradoxically strengthening investment demand for coins and bars
- Encouraging premiumization in platinum segment (up 57% YTD, still more affordable than gold)

Retailer response
- Expanding product range across price points (Rs. 25,000 to Rs. 20 lakh+)
- Increased advertising spend to capture demand
- Launch of new showrooms by major chains before Diwali
- Focus on innovative collections balancing tradition with contemporary appeal
Emerging Consumer Preferences: The New Jewellery Buyer

Demographic shifts
- Millennials and Gen Z: Gravitating toward studded, gemstone, and fusion designs
- Young professionals: Preferring lightweight, everyday wear pieces
- Traditional buyers in Tier 2/3 cities: Beginning to explore diamond jewellery
- Affluent segments: Maintaining purchase levels despite price increases

Product category trends
- Lightweight jewellery: Strong bookings across all demographics
- Daily wear pieces: Growing preference over purely occasional jewellery
- Handcrafted and bespoke: Premium segment seeking artisanal value
- Fusion temple jewellery: Blending traditional motifs with modern aesthetics
- Bridal collections: Sustained demand with weddings driving 60%+ of market
The Alternative Metals Revolution

Silver’s moment
- Significant spike in demand as affordable gold alternative
- Corporate gifting orders increasing substantially
- Investment demand for coins and bars showing healthy uptake
- Contemporary designs attracting younger consumers

Platinum’s premium positioning
- 57% price appreciation YTD creating value perception vs. gold
- 95% purity and rarity appealing to aspirational buyers
- Natural whiteness enhancing diamond brilliance
- Positioned as “modern heirloom” for younger audiences
Natural vs. Lab-Grown Diamonds: Parallel Growth Stories

Natural diamonds
- Projected 18-20% growth in top cities
- Sub-Rs.2 lakh category emerging as sweet spot for gifting and everyday wear
- Traditional gold buyers in smaller cities beginning exploration
- Positioned as “everyday expressions of love” beyond pure luxury

Lab-grown diamonds (LGD)
- Exceptional traction among conscious luxury seekers
- Appeal based on authenticity, innovation, and responsible sourcing
- Strong performance in lightweight, versatile designs and solitaires
- One retailer reporting expected 40% festive uplift
- Attracting self-purchase and individual expression segments

Strategic Industry Responses
Inventory and infrastructure
- Scaled-up inventory levels anticipating surge demand
- Expanded retail touchpoints and new showroom launches
- Fresh collections timed for festive season
- Enhanced omnichannel presence

Marketing intensification
- Campaigns across digital screens, hoardings, and in-store events
- Increased advertising visibility to capture consideration
- Specialized collections (Elements of Nature, Aham for men, Infinity Diamond™)
- Focus on storytelling around craftsmanship and meaning

Price point diversification
- Entry-level: Rs.25,000-Rs.50,000 for young buyers
- Mid-range: Rs.50,000-Rs.5 lakh for festive/occasion wear
- Premium: Rs.5 lakh-Rs.20 lakh+ for weddings
- Flexible options through lower karatage (18K, 14K, 9K)

Regional Insights
Pan-India patterns
- Central India: Strong response to purity, design, and trust messaging
- Eastern markets (Cuttack, Kolkata): Robust bridal and daily wear demand
- Tier 1 cities: Double-digit growth projections
- Tier 2/3 cities: Traditional buyers expanding into new categories

The Emotion-Investment Duality
A defining characteristic of this festive season is the dual motivation driving purchases
A)Emotional drivers:
- Diwali’s cultural and religious significance
- Family celebration and togetherness
- Gifting as relationship expression
- Personal milestones and self-expression
- Jewellery as storytelling and identity
B)Practical considerations:
- Gold as secure asset and wealth preservation
- Price appreciation creating urgency
- Tradition meeting financial wisdom
- Value consciousness alongside aspiration
- Investment mindset coexisting with aesthetic appeal

Forward Outlook: Balanced Growth Expected
Industry projections
- Healthy season anticipated despite volume pressures
- Strong broad-based growth across all categories
- Momentum expected to continue through wedding season
- Retailers expressing confidence in sustained demand
Risk factors being managed
- Price volatility requiring nimble strategy
- Consumer purchasing power constraints
- Competition from alternative investment instruments
- Balancing tradition with evolving preferences
Opportunities identified
- Growing everyday wear and self-purchase segments
- Expanding market for alternative metals
- Younger demographics entering premium categories
- Conscious luxury and sustainability narratives gaining traction
The 2025 festive season reflects an Indian jewellery industry in evolution rather than disruption. While gold price levels present genuine challenges, they’re being offset by diversification strategies, consumer adaptability, and the enduring emotional significance of jewellery in Indian culture.
The industry’s resilience lies in its ability to honor tradition while embracing contemporary preferences—offering lightweight designs alongside bridal sets, lab-grown options beside natural diamonds, and silver alongside gold and platinum. With strong pre-season indicators and multi-category growth, retailers are positioned for a season that validates both the timelessness of jewellery in Indian celebrations and the industry’s capacity for thoughtful innovation.
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