P. N. Gadgil Jewellers Limited, also known as Purshottam Narayan Gadgil Jewellers, is an Indian jewellery company founded by Ganesh Gadgil in Sangli in 1832. It is one of the oldest jewellery companies in India, known for its production of jewellery distinctive to the Maharashtra region.[2][3] As of 2024, the company is headquartered in Pune and operates 48 retail stores, including 47 in Maharashtra and Goa and one in California, US.[4][5][6][7][8]

It is among the largest jewellery retailers in Maharashtra in terms of the number of stores.[4]

History

Early years (1832–1890)

The company was established as Gadgil Jewellers in Sangli on 29 November 1832, by Ganesh Gadgil. Lacking a store, the business was initially run on the pavement of a busy thoroughfare in the city.[9][10] Gadgil moved the business to a waada he purchased in Sangli, in 1860.[11] Under Gadgil's father, the family had previously served as savakars to the Kolhatkar and Modak families of the Princely state of Sangli, and were thus accorded the office of royal jeweller to the Patwardhan kings of the State after the establishment of their jewellery business.[12]

1890–1958

Gadgil initially intended all three of his sons to succeed him in the business, but after his eldest son Ramchandra became a moneylender and dairy proprietor, and his youngest son Gopal became a lawyer and went on to set up a clothing store, the business was continued by his middle son Narayan and his descendants. After the birth of his eldest grandson Purshottam in 1874, Gadgil changed the name of the company to P. N. Gadgil Jewellers, believing that his grandson's name (Purshottam) would bring the business good luck.[13][10] After Gadgil's death in 1890, the company was managed by Narayan Gadgil and his three sons. After Narayan Gadgil's death in 1920, the management of the company was taken over by Purshottam Gadgil and his younger brothers, Ganesh Gadgil II and Vasudev Gadgil. After Purshottam's death in 1954, the company's management was inherited by his younger brothers and their sons.[14][15][16]

Expansion to Pune (1958–2012)

Anant Gadgil, who was Ganesh Gadgil II's younger son, joined the business in 1938 and worked at the Gadgils' shop in Sangli for 20 years. He was famously known as Dajikaka. In 1958, he decided to expand the business to Pune, and together with his cousin, Vishwanath Gadgil's son, he started the first retail store on Laxmi Road in Pune under the name P. N. Gadgil Jewellers & Company.[14][15][16] After 1958, the two branches of the company continued to function under the same brand. Dajikaka Gadgil, Vishwanath Gadgil and Laxman Gadgil managed the business in Pune, where as Vasudev's son Hari and Shankar (Dajikaka's elder brother) managed the company in Sangli.[17] After Vasudev Gadgil's death in 1965, the Sangli branch of the company was inherited by his son Hari and Ganesh's son Shankar, son of Ganesh and their sons Yashawant, until their own deaths in 2005 and 1980, respectively.[18] Now Sangli branch is managed by Hari's sons Dhananjay and Ganesh and his grandson Siddharth along with Shankar's sons Prakash and grandsons Milind, Raju and Sameer.[19]

Formal separation and modern era (2012–present)

The two branches were formally separated in 2012, with the Pune branch operating as P. N. Gadgil & Company.[19] Dajikaka Gadgil died in 2014, and few stores of Pune branch of the company was inherited by his son and grandson, Saurabh V. Gadgil[20][21][22] who joined the business in 2000 after completing his MBA and currently serves as the Chairman and Managing Director of PNG Jewellers. Under his leadership, the company transitioned from a family-run business to a corporate entity.[8]

Operations and IPO

In 2014, PNG Jewellers established a diamond manufacturing unit in Mumbai.[23] The company subsequently expanded its retail footprint by opening new stores across Maharashtra and Goa,[24] as well as internationally in the United States.[25]

Since 2015, the company has expanded its operations through a franchising model across cities in Maharashtra,[26] as well as in the United States and the United Arab Emirates.[27][28][29]

In 2024, PNG Jewellers launched nine stores during Navratri. This expansion was followed by the opening of a store in Solapur on January 10, 2025, which was inaugurated by Bollywood actress Madhuri Dixit.[30]

As of July 31, 2024, the company had 39 outlets, including 38 stores across 21 cities in Maharashtra and Goa, and one store in the United States. These outlets covered a total retail space of approximately 108,282 square feet. Of these, 28 stores were company-owned, while 11 operated under a franchisee-owned and company-operated (FOCO) model.[31][32]

In September 2024, PNG Jewellers launched its initial public offering (IPO) with a total issue size of ₹1,100 crore (US$130 million) and was subsequently listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).[33][34] Following the IPO, the Gadgil family retained an 83% stake in the company.[8]

Brand associations

PNG Jewellers has also become associated with several Bollywood celebrities, being endorsed by Madhuri Dixit,[35] Salman Khan, Raveena Tandon, and Sushmita Sen. They have also provided jewellery to several Bollywood productions, most notably Bajrangi Bhaijan.[36] The company has provided Jewellery to Marathi movies like Balgandharva and Katyar Kaljat Ghusali, among others.[37]

Cultural initiatives

In May 2022, P. N. Gadgil Jewellers launched the Zapurza Museum of Art & Culture, a non-profit initiative dedicated to promoting and preserving Indian arts and cultural heritage.[38][39]

References

  1. ^ "We have always considered our consumers as the extended family of brands and vis-a-vis: Hemant Chavaan, PNG Jewellers". 28 January 2025.
  2. ^ Association for Contemporary Jewellery (18 November 2007). Jewellers Directory. A&C Black. ISBN 978-0-7136-8409-4. P. N. Gadgil Jewellers
  3. ^ Sabyasachi, Dasgupta; Priya, Grover (20 July 2018). Optimizing Millennial Consumer Engagement With Mood Analysis. IGI Global. p. 195. ISBN 978-1-5225-5691-6.
  4. ^ a b "P N Gadgil Jewellers hits 10% upper circuit on dazzling Q3 show; PAT up 49%". Business Standard.
  5. ^ "P N Gadgil Jewellers IPO opens today: Should you apply? GMP, subscription status and more". Livemint.
  6. ^ "PNG Jewelers Ropes in Madhuri Dixit as its Brand Ambassador". Indian Retailer. Retrieved 25 September 2024.
  7. ^ Ghosal, Sutanuka (12 September 2022). "PNG Jewellers set to revitalise its silver jewellery brand across 35 stores". The Economic Times. ISSN 0013-0389. Retrieved 29 February 2024.
  8. ^ a b c Palepu, Advait (17 October 2024). "Jeweler Becomes Billionaire After 192-Year-Old Indian Firm's IPO". Bloomberg News.
  9. ^ Joshi, P. K. (1989). Gadgil Kulavruttanta [The Gadgil Family Genealogy Almanac] (in Marathi). Pune. p. 93.{{cite book}}: CS1 maint: location missing publisher (link)
  10. ^ a b Deshpande, Renuka (11 September 2011). "Gadgil Jewellers 179-year-old journey from footpath to international showrooms". DNA.
  11. ^ Joshi (1989), p. 93.
  12. ^ Joshi (1989), pp. 93, 95.
  13. ^ Joshi (1989), pp. 95.
  14. ^ a b Joshi (1989), pp. 95–97.
  15. ^ a b Bhargava, Gopal K.; Bhatt, S. C. (2006). Land and People of Indian States and Union Territories: In 36 Volumes. Maharashtra. Gyan Publishing House. p. 336. ISBN 978-81-7835-372-2. P. N. Gadgil and Company - Licence and Address
  16. ^ a b "Gadgil Jewellers 179-year-old journey from footpath to international showrooms". DNA India. Retrieved 6 August 2024.
  17. ^ Joshi (1989), pp. 96–99.
  18. ^ Joshi (1989), pp. 98.
  19. ^ a b Bulletin of the Institution of Engineers (India). University of Illinois at Urbana-Champaign: Institution of Engineers (India). 1979. p. 13. P N Gadgil & Co, Jewellers of Poona
  20. ^ "PNG & Sons: A gem among luxury jewellers". The Economic Times. 26 February 2021.
  21. ^ "P N Gadgil Jewellers founder 'Dajikaka' dead". The Indian Express. 11 January 2014. Three founders of the P N Gadgil Jewellers are dead. others branches are owned by Akshay and Rohan, grandsons of Laxman and Ajit, son of Vishwanath.
  22. ^ Pahwa, Saloni (January 2016). Haute Brides & Honeymoons. Pioneer Book Co. Pvt. Ltd. p. 71.
  23. ^ "पी. एन. गाडगीळ ज्वेलर्सचे हिरेजडीत दागिने निर्मितीत". Loksatta (in Marathi). 24 December 2014. Retrieved 29 February 2024.
  24. ^ "P N Gadgil Jewellers expands business". Business Standard.
  25. ^ "PN Gadgil Jewellers forays into silver fashion jewellery". The Economic Times. 12 January 2015. ISSN 0013-0389. Retrieved 29 February 2024.
  26. ^ Bombay: The City Magazine. University of California: Living Media India. 1989. p. 54.
  27. ^ "P N Gadgil Jewellers expands business". Business Standard. 11 January 2015.
  28. ^ "PNG Jewellers get into franchise mode". The Times of India. 26 July 2018.
  29. ^ "A jewel in their crown: How PNG Sons became a leading jewellery brand with over 186 years of legacy". The Economic Times. 21 February 2020. Retrieved 9 April 2022.
  30. ^ "Retail India News: Satara Becomes Home to PNG Jewellers Landmark 50th Store - Indian Retailer". Indian Retailer. Retrieved 15 February 2025.
  31. ^ "PNG Jewelers Ropes in Madhuri Dixit as its Brand Ambassador". Indian Retailer. Retrieved 25 September 2024.
  32. ^ "P N Gadgil Jewellers IPO opens today: Should you apply? GMP, subscription status and more". Livemint.
  33. ^ "PN Gadgil Jewellers IPO: What GMP signals ahead of share listing date".
  34. ^ "PN Gadgil Jewellers IPO listing date today. GMP, experts indicate strong debut of shares on BSE, NSE". Live Mint.
  35. ^ Ghosal, Sutanuka (14 February 2015). "PN Gadgil Jewellers rope in Salman Khan, Madhuri Dixit for global endorsements". The Economic Times.
  36. ^ Goel, Hemul (23 July 2015). "Exclusive: Fashion designer Anju Modi decodes Bajirao Mastani's look". India Today. Delhi.
  37. ^ "A jewel in their crown: How PNG Sons became a leading jewellery brand with over 186 years of legacy". The Economic Times. 21 February 2020. Retrieved 9 April 2022.
  38. ^ "Pune's Zapurza Museum: Celebrating a collector's unique journey of art & culture". Financial Express. 22 May 2022. Retrieved 14 October 2024.
  39. ^ "Zapurza, Pune's new art point, to be inaugurated on Thursday". Hindustan Times. 18 May 2022. Retrieved 14 October 2024.
Allikas: http://en.wikipedia.org/wiki/P._N._Gadgil_Jewellers
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