Founded in 1832 in Sangli, Maharashtra, PNG Jewellers began as a modest shop selling gold jewellery. Over six generations, the company has evolved from a regional brand into one of India’s most iconic jewellery names. PNG has garnered a reputation for producing exquisite, traditional designs, with a deep emphasis on craftsmanship. Yet, while the company has stayed true to its heritage, it has also been able to adapt to changing times, blending old-world charm with contemporary flair.
Today, PNG Jewellers is a household name in India, known not just for its gold jewellery but also for its innovative marketing, extensive product lines, and celebrity collaborations. And while the brand’s history is rooted in legacy, it is Saurabh Gadgil, the company’s managing director, who is often credited with its meteoric rise over the past few decades.
Saurabh Gadgil: From Chessboard to Boardroom
Saurabh Gadgil, who took over the reins of PNG Jewellers in 1998, is the man behind the company’s transformation. But before he became a business magnate, Gadgil had a surprising background: he was a national-level chess player. Gadgil, now 47, credits much of his business success to his strategic mindset, which he likens to playing a high-stakes chess game.
According to reports by The Economic Times (ET), Gadgil’s ability to predict and anticipate market movements is a trait he honed on the chessboard. His calculated thinking has allowed PNG Jewellers to outmaneuver competitors and emerge as a dominant player in the jewellery industry.
When Gadgil took charge, PNG was already a well-respected name. However, it was his strategic leadership and business acumen that truly propelled the brand to new heights, expanding its reach and transforming its image into a premium, modern jewellery label.
Transforming PNG Jewellers: A Visionary Leader
Under Gadgil’s stewardship, PNG Jewellers has successfully blended tradition with innovation. One of the major moves in PNG’s growth trajectory has been its collaboration with Bollywood icons. These partnerships, such as the “Timeless” jewellery collection with actress Madhuri Dixit and collaboration with Salman Khan’s “Being Human” foundation, have helped PNG reach a wider, more diverse audience.
The brand’s association with Bollywood celebrities and the design collaborations that followed have proven to be highly lucrative. Gadgil’s keen understanding of market trends and his ability to leverage celebrity influence helped PNG Jewellers launch some of its most successful jewellery lines, including the Bajrangi pendant, which became a bestseller.
But Gadgil’s approach to business goes beyond mere celebrity endorsements. His leadership is characterized by a forward-thinking strategy, which combines traditional values with modern trends. The introduction of the silver jewellery line, “Silvostyle,” in collaboration with renowned designer Tarun Tahiliani, marked a key milestone for PNG. The brand expanded its product offerings while appealing to a broader audience, solidifying PNG’s position in both the gold and silver jewellery markets.
Beyond Jewellery: Gadgil’s Business Acumen
Saurabh Gadgil’s expertise isn’t confined to jewellery alone. With an MBA from Symbiosis International University, Gadgil’s understanding of business principles spans multiple industries. His internship at the Reserve Bank of India provided him with insights into the gold market and global trade, further sharpening his business strategy.
Gadgil’s vision for PNG Jewellers goes beyond just growing the brand’s presence in India. He has set his sights on expanding PNG’s footprint internationally. With a clear focus on sustainable growth and expanding both the retail and digital arm of the business, Gadgil’s strategic plans ensure that PNG’s legacy will endure for generations to come.
PNG Jewellers: A Financial Powerhouse
PNG Jewellers’ financial performance has mirrored its success in the marketplace. The company recently reported a 33% increase in revenue for Q1 FY25, reaching a substantial ₹1,668 crore, compared to ₹1,256 crore in the same period the previous fiscal year. Profit after tax (PAT) surged to ₹35 crore, highlighting the company’s robust growth and healthy financial position.
A significant milestone in PNG’s rise has been the IPO (Initial Public Offering) that launched in 2024. The IPO, which coincided with India’s festive and wedding season, was a strategic move to capitalize on the surge in jewellery sales during this time. The move paid off, with PNG’s shares seeing a considerable increase in value, propelling Saurabh Gadgil’s net worth to nearly $1 billion, according to Bloomberg.
This growth isn’t just a short-term spike; it reflects PNG’s long-term strategy of expanding its presence, innovating in design, and aligning itself with India’s growing demand for luxury goods.
A Legacy Secured for the Future
Looking ahead, Saurabh Gadgil is focused on continuing PNG Jewellers’ expansion both domestically and globally. Under his leadership, the company is not only set to further solidify its position as a market leader in the jewellery sector but also to explore new avenues for growth, including e-commerce and global retail expansion.
With a blend of strategic thinking, celebrity partnerships, and a keen sense of market timing, Gadgil has ensured that PNG Jewellers stays ahead of the curve in a competitive industry. As he continues to lead the company, Gadgil’s leadership will likely drive PNG Jewellers toward even greater success, while preserving the brand’s century-old legacy.