National News
THE GEMS BEHIND OUR JEWELS
Gold is an integral part of our lives, more so in the lives of women. Considered auspicious, gold is part of every celebration – be it festivals or personal milestones. According to the World Gold Council, Indian women collectively own around 24,000 tons of gold, which accounts for about 11% of the world’s total gold reserves in jewellery form. It is only right to say India is the global leader in household gold ownership. The Oxford Gold Group’s report states that the Indian households have more gold than the combined reserves of the United States, the International Monetary Fund (IMF), Switzerland and Germany.
Vummidi Bangaru Jewellers has been serving the Indian community with authentic and aesthetically appealing gold jewels for 125 years, now. VBJ has been a benchmark for purity and trust for decades. Our remarkable growth story and undying patronage since the 1900 has been possible because of our quality, design and innovation in the jewellery space. Every piece of jewellery from VBJ is intricately crafted to bring out its true emotion with the purest of materials and finest craftsmanship. This has been possible because of the talented and focussed professionals of the VBJ team.
While VBJ is beyond gender classification among its team members, with women’s day round the corner, it is only right to celebrate and congratulate the women who have been instrumental for VBJ’s phenomenal growth.
We have a total of 254 women employees at VBJ – 233 in the retail and 21 in the creative centre. While it is our principle to value every employee, we are extremely proud of three women employees specifically who have spent decades with VBJ. Padmasri M has been with us for 42.08 years, Vanitha for 42.02 years and Latha S for 34.1 years. At this age and time, it is truly remarkable.
As of now, we have 8 women designers and all of them have been trained at National Institute of Fashion Technology (NIFT). In the earlier years, there have been several prominent women leaders who have made significant contributions to the brand, showcasing remarkable leadership and management skills in their respective roles like Vanitha, Latha, Revathi and Radha.
Vanitha handled the Anna Salai Silver branch, where she demonstrated her exceptional ability in managing both operational and customer service aspects of the business. As the order manager, Latha played a crucial role in streamlining the order management process. Revathi was responsible for overseeing the Anna Nagar branch, a position that required strong leadership and managerial expertise. Serving as the Billing Manager, Radha was pivotal in managing the financial transactions and ensuring smooth billing operations.
Specialised training programmes and growth
VBJ offers specialized training programs designed to enhance the technical and soft skills of their women professionals. The training focusses on leadership development, communication skills, technical training, and project management to ensure they are equipped to handle all departments of VBJ.
Women have equal access to all training programmes and career advancement opportunities. Our unbiased recruitment and promotion policies, focussing on merit and skills, are bringing more women to the team.
Woman power at VBJ
We have made considerable strides in increasing the female representation to reflect our commitment to diversity, equity and inclusion. In 2022, there was 130 women out of 584 employees, which increased to 166 (out of 748) the following year. This number escalated to 200 (out of 767) in 2024 and now it stands at 254 out of the total 847 employees. This has been possible because of focussed efforts to improve gender diversity, targeted recruitment initiatives, mentorship programmes, implementation of policies promoting work-life balance and inclusive development for women.
In line with the theme of International Women’s Day 2025 – Accelerate Action – VBJ is working towards the continued upward trend in women participation and growth. We are strongly committed to fostering an environment where women feel valued and empowered in their roles at VBJ. At the helm, 5th generation women entrepreneurs from the VBJ family having started pouring in their creativity and fresh thoughts.
The Future of Women in Jewellery
The presence of women in the jewellery industry is not just growing—it is shaping its very foundation. Brands that actively foster gender inclusivity witness not only stronger business performance but also richer, more meaningful creations that resonate with a diverse audience. As we look ahead, the contributions of women in jewellery will continue to accelerate change – whether as designers reimagining aesthetics, artisans preserving age-old techniques, retail professionals enhancing customer experiences, or leaders driving sustainable business practices, their role is indispensable. On this International Women’s Day, let’s celebrate the true gems behind the jewels—the women who craft not just ornaments, but legacies that shine beyond brilliance.
National News
P N Gadgil Jewellers Delivers Record Q1 FY27 Revenue Of 24,130 Mn; With 41% Revenue Growth, 57% EBITDA Growth & 52% PAT Growth; YoY
P N Gadgil Jewellers Limited, one of the most reputed jewellers in the country, boasting 194 years of excellence in craftsmanship and trusted service in the retail business of gold, silver, and diamond jewellery, announced its unaudited financial results for the quarter ended 30th June 2026.
Key Financial & Operational Highlights:
- Retail Contribution: Retail sales continued to strengthen, with the retail share of total revenue increasing to 78% in Q1 FY27 from 70% in Q1 FY26, reflecting the Company’s continued focus on expanding its high-margin retail business.
- Strong Same-Store Performance: The Company delivered a robust Same-Store Sales Growth (SSSG) of 46.1% YoY, driven by healthy customer footfalls and higher transaction volumes.
- Improving Product Mix: The retail stud ratio improved to 10.9% from 9.9% in the previous quarter. Notably, the recently launched stores across Northern and Central India are delivering a significantly higher stud ratio in the range of 15% to 18%, validating the Company’s expansion strategy into markets with structurally higher demand for studded jewellery. Additionally, LiteStyle by PNG recorded an impressive stud ratio of 32.9%, highlighting strong customer acceptance of the newly launched lightweight jewellery brand.
- Healthy Gold Retail Mix: Retail sales of Gold vedhani, bars and coins (GBC) accounted for 21.7% of total retail revenue during the quarter, while the average gold purchase per invoice is 4.84 grams. The Company’s (GBC) strategy continues to strengthen customer acquisition and retention, with the conversion to jewellery ratio improving to 53% in Q1 FY27 from 46% in FY26, and reinforcing the long-term value of this customer lifecycle strategy.
- Retail Product-wise Performance: During the quarter, the diamond category continued to witness exceptional momentum, delivering 29% growth in value and 26% growth in volume, underscoring increasing customer preference for studded jewellery and supporting the Company’s premiumization strategy. The gold category recorded a robust 54% growth in value, while volumes remained broadly stable with only a 1% YoY moderation, reflecting healthy demand despite elevated gold prices. The silver category registered 131% growth in value, even as volumes softened slightly by 7% YoY.
- Outstanding Festive Performance: The Company delivered a strong Akshay Tritiya performance, with festive sales increasing 80.3% YoY to Rs 2,514.1 Mn, driven by robust consumer demand, effective festive campaigns and continued market share gains during the festive season.
- Higher Customer Engagement: Healthy customer acquisition continued across markets, with footfalls increasing 25.9% YoY to 214,587, while maintaining a robust conversion rate of 91.8%, reflecting strong brand recall, healthy demand and the Company’s ability to consistently convert store visits into purchases.
- Growth in Transactions & Spending: Transaction volumes increased 26.3% YoY, while the Average Transaction Value (ATV) is Rs 92,264, indicating healthy customer engagement and higher spending per visit.

- Strengthened Hedging Framework: The Company further enhanced its risk management practices by increasing its overall hedge coverage to approximately 70%, significantly reducing exposure to gold price volatility. The Company intends to increase hedge coverage to 80%+ in the near term, with a long-term objective of achieving near-full inventory hedge coverage (~100%), thereby enhancing earnings stability and reducing commodity price risk.
- Underlying Operating Performance: The remaining unhedged inventory resulted in a unhedged gain of Rs 97 Mn during Q1 FY27, compared to Rs 101 Mn in Q1 FY26. Excluding this unhedged gain, Adjusted EBITDA increased to Rs 1,827 Mn from Rs 1,128 Mn, with the Adjusted EBITDA Margin improving to 7.6% from 6.6% in the corresponding quarter last year.
- Adjusted Profitability: Excluding the net impact of the unhedged gain, Adjusted PAT stood at Rs 981 Mn in Q1 FY27, compared to Rs 618 Mn in Q1 FY26, translating into an Adjusted PAT Margin of 4.1%, as against 3.6% in the corresponding quarter last year.
- Expansion Pipeline on Track: During the quarter, the Company remained focused on enhancing the productivity of its existing network while progressing site identification, franchise partner onboarding and operational readiness for its upcoming expansion, with a significant focus on Northern and Central region, in line with its growth strategy.

As of 30th June 2026, the Company operated 78 stores (77 in India and 1 in the U.S.A.). A few store launches are planned during Q2 FY27, with the majority of the year’s expansion scheduled across Q3 and Q4 FY27, in line with the Company’s phased rollout.
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