P. N. Gadgil Jewellers: Difference between revisions

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{{Short description|Indian jewellery company founded in 1832}}
{{Short description|Indian jewellery company founded in 1832}}
{{Infobox company
{{Use dmy dates|date=January 2023}} {{Use Indian English|date=January 2023}}{{Infobox company
| name           = P. N. Gadgil Jewellers
| name = P. N. Gadgil Jewellers
| type           = [[Private company|Private]]
| logo = P. N. Gadgil Jewellers logo.svg
| foundation     = {{start date and age|1832|November|29|mf=yes}}
| former_name = Purshottam Narayan Gadgil Jewellers
| founder       = Ganesh Gadgil
| type = [[Public company|Public]]
| industry      = [[Jewellery]]
| traded_as = {{NSE|PNGJL}}<br>{{BSE|544256}}
| divisions      = {{plainlist|
| industry = [[Jewellery]]
*P. N. Gadgil & Sons (est. 1832 in [[Sangli]])
| foundation = {{start date and age|df=yes|1832|November|29}}
*P. N. Gadgil & Company (est. 1958 in [[Pune]])}}
| founder = Ganesh Gadgil
| hq_location = [[Pune]], [[India]]
| num_locations = 53 showrooms
| area_served = Worldwide
| key_people = Saurabh Gadgil (chairman & MD)
| revenue = {{Increase}} {{INRConvert|76934.68|million|abbr=yes}} (FY 2024–25)<ref name="moneycontrol" />
| net_income = {{Increase}} {{INRConvert|2182.68|million|abbr=yes}} (FY 2024–25)<ref name="moneycontrol" />
| owner = Gadgil family (83%)
| num_employees = +2,100
| subsid = Gadgil Diamonds Private Limited, India<br>PNG Jewelers, Inc., USA
| website = {{URL|www.pngjewellers.com}}
| footnotes = <ref name="moneycontrol">{{cite web |title=PNG Jewellers Releases Annual Report for FY25, Revenue Reaches ₹76,935 Million |url=https://www.moneycontrol.com/news/business/markets/png-jewellers-releases-annual-report-for-fy25-revenue-reaches-76-935-million-alpha-article-13319267.html |website=Money Control |publisher= |date= |access-date=}}</ref>
}}
}}


'''Purshottam Narayan Gadgil Jewellers''' is an Indian [[jewellery]] company. Established in 1832 by [[Ganesh Gadgil]], the company operated in two branches, with '''P. N. Gadgil & Sons''' in [[Sangli]], and '''P. N. Gadgil & Company''' in [[Pune]], until the branches' legal separation in 2012.<ref>{{cite web |title=PNG Jewellers Staggering Rise {{!}} Corporate Film (in Marathi) |url=https://www.youtube.com/watch?v=46GQknlGVgU |website=[[YouTube]] |publisher=PNG Jewellers |access-date=10 April 2022 |language=mr}}</ref> One of the [[List of oldest companies in India|oldest jewellery companies in India]], the company is known for producing jewellery distinct to [[Maharashtra]].<ref>{{cite book |author=Association for Contemporary Jewellery|title=Jewellers Directory |date=18 November 2007 |publisher=A&C Black |isbn=978-0-7136-8409-4 |language=en |quote=P. N. Gadgil Jewellers}}</ref><ref>{{cite book |last1=Sabyasachi |first1=Dasgupta |last2=Priya |first2=Grover |title=Optimizing Millennial Consumer Engagement With Mood Analysis |date=20 July 2018 |publisher=IGI Global |isbn=978-1-5225-5691-6 |page=195 |language=en}}</ref>
'''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,<ref name=":02">{{Cite web |title=P N Gadgil Jewellers hits 10% upper circuit on dazzling Q3 show; PAT up 49% |url=https://www.business-standard.com/markets/news/p-n-gadgil-jewellers-hits-10-upper-circuit-on-dazzling-q3-show-pat-up-49-125021300622_1.html |website=Business Standard}}</ref> known for its production of jewellery distinctive to the Maharashtra.<ref>{{cite book |last1=Sabyasachi |first1=Dasgupta |title=Optimizing Millennial Consumer Engagement With Mood Analysis |last2=Priya |first2=Grover |date=20 July 2018 |publisher=IGI Global |isbn=978-1-5225-5691-6 |page=195 |language=en}}</ref> As of 2025, the company is headquartered in Pune and operates 53 retail stores, including 52 in [[Maharashtra]] and [[Goa]] and one in [[California]], US.<ref>{{Cite web |date=2025-03-26 |title=PNG Jewellers strengthens retail footprint with store in Pune |url=https://in.fashionnetwork.com/news/Png-jewellers-strengthens-retail-footprint-with-store-in-pune,1714406.html |access-date=2025-06-27 |website=FashionNetwork.com |language=en-IN}}</ref>


== History ==
== History ==
The company was established as Gadgil Jewellers ({{lang-mr|गाडगीळ सराफ}}) in [[Sangli]] on November 29, 1832, by [[Ganesh Gadgil]]. Lacking a store, the business was initially run on the pavement of a busy thoroughfare in the city.<ref>{{cite book |last1=Joshi |first1=P. K. |title=[[Gadgil]] [[Kulavruttanta]] |trans-title=The Gadgil Family Genealogy Almanac |date=1989 |location=[[Pune]] |language=mr |page=93}}</ref><ref name="DNA">{{cite news |last1=Deshpande |first1=Renuka |title=Gadgil Jewellers 179-year-old journey from footpath to international showrooms |url=https://www.dnaindia.com/mumbai/report-gadgil-jewellers-179-year-old-journey-from-footpath-to-international-showrooms-1586102 |work=[[Daily News and Analysis|DNA]] |date=11 September 2011 |language=en}}</ref> After the birth of Gadgil's sons, he renamed the company Gadgil Jewellers & Sons.{{sfnp|Joshi|1989|pages=95, 99}} Gadgil moved the business to a [[Wada (house)|wada]] he purchased in Sangli in 1860.{{sfnp|Joshi|1989|page=93}} Under Gadgil's father, the family had previously served as ''[[moneylender|savakars]]'' to the Kolhatkar and Modak families of the [[Sangli State|Princely state of Sangli]], and were thus accorded the office of [[Crown Jeweller|royal jeweller]] to the [[Patwardhan dynasty|Patwardhan]] kings of the State after the establishment of their jewellery business.{{sfnp|Joshi|1989|pages=93, 95}}


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]] propreitor, 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 Narayan Gadgil|Purshottam]] in 1874, Gadgil changed the name of the company to P. N. Gadgil Jewellers & Sons, believing that his grandson's name (Purshottam)  would bring the business [[good luck]].{{sfnp|Joshi|1989|pages=95}}<ref name="DNA"/>
=== Early years (1832–1890) ===
The company was founded as Gadgil Jewellers on 29 November 1832 by Ganesh Gadgil in Sangli. In its early years, the business operated without a permanent storefront and was initially run from a pavement in a busy part of the city.<ref>{{cite book |last1=Joshi |first1=P. K. |title=Gadgil Kulavruttanta |date=1989 |location=[[Pune]] |page=93 |language=mr |trans-title=The Gadgil Family Genealogy Almanac}}</ref><ref name="DNA4">{{cite news |last1=Deshpande |first1=Renuka |date=11 September 2011 |title=Gadgil Jewellers 179-year-old journey from footpath to international showrooms |url=https://www.dnaindia.com/mumbai/report-gadgil-jewellers-179-year-old-journey-from-footpath-to-international-showrooms-1586102 |work=[[Daily News and Analysis|DNA]] |language=en}}</ref> In 1860, Gadgil relocated the business to a waada (traditional residence) he had purchased in [[Sangli]].{{sfnp|Joshi|1989|page=93}} Under Gadgil's father, the family had previously served as [[Moneylender|''savakars'']] to the Kolhatkar and Modak families of the [[Sangli State|Princely state of Sangli]], and were thus accorded the office of [[Crown Jeweller|royal jeweller]] to the [[Patwardhan dynasty|Patwardhan]] kings of the State after the establishment of their jewellery business.{{sfnp|Joshi|1989|pages=93, 95}}


After Gadgil's death in 1890, the company was managed by his son Narayan Gadgil and Narayan's three sons. After Narayan Gadgil's death in 1920, the company was managed by Purshottam 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. In 1958, [[Dajikaka Gadgil|Anant "Dajikaka" Gadgil]], a younger son of Ganesh Gadgil II, and Vishwanath Gadgil ( son of Vasudeo Gadgil) set up a branch of the company in [[Pune]] under the name P. N. Gadgil Jewellers & Company.{{sfnp|Joshi|1989|pages=95–97}}<ref>{{cite book |last1=Bhargava |first1=Gopal K. |last2=Bhatt |first2=S. C. |title=Land and People of Indian States and Union Territories: In 36 Volumes. Maharashtra |date=2006 |publisher=Gyan Publishing House |isbn=978-81-7835-372-2 |page=336 |language=en |quote=P. N. Gadgil and Company - Licence and Address}}</ref>
=== 1890–1958 ===
Although Gadgil intended all three of his sons to participate in the business, it was eventually continued by his middle son Narayan Gadgil. His other sons, Ramchandra and Gopal, pursued careers in moneylending and law, respectively. In 1874, Ganesh Gadgil renamed the business P. N. Gadgil Jewellers after his grandson, Purshottam Narayan Gadgil.{{sfnp|Joshi|1989|pages=95}}<ref name="DNA4" />  


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  his son Hari and Shankar (Dajikaka's elder brother) managed the company in Sangli.{{sfnp|Joshi|1989|pages=96–99}}  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.{{sfnp|Joshi|1989|pages=98}} Now Sangli branch is managed by Hari’s sons Dhananjay and Ganesh and his grandson Siddharth alongwith Shakar’s sons Prakash and grandsons Milind, Raju and Sameer. The two branches were formally separated in 2012, with the Pune branch operating as P. N. Gadgil & Company<ref>{{cite book |title=Bulletin of the Institution of Engineers (India). |date=1979 |publisher=[[Institution of Engineers (India)]] |location=[[University of Illinois at Urbana-Champaign]] |page=13 |language=en |quote=P N Gadgil & Co, Jewellers of Poona}}</ref> and the Sangli branch continuing to operate as P. N. Gadgil & Sons.<ref name="et">{{cite news |title=PNG & Sons: A gem among luxury jewellers |url=https://economictimes.indiatimes.com/magazines/panache/png-sons-a-gem-among-luxury-jewellers/articleshow/81221157.cms |work=[[The Economic Times]] |date=February 26, 2021 |language=en}}</ref> Dajikaka Gadgil died in 2014, and few stores of Pune branch of the company was inherited by his son and grandson.<ref>{{cite news |title=P N Gadgil Jewellers founder ‘Dajikaka’ dead |url=https://indianexpress.com/article/cities/pune/p-n-gadgil-jewellers-founder-dajikaka-dead/ |work=[[The Indian Express]] |date=11 January 2014 |quote=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.|language=en}}</ref><ref>{{cite book |last1=Pahwa |first1=Saloni |title=Haute Brides & Honeymoons |date=January 2016 |publisher=Pioneer Book Co. Pvt. Ltd. |page=71 |language=en}}</ref>
Following Ganesh Gadgil’s death in 1890, Narayan Gadgil and his sons managed the company. After Narayan’s death in 1920, management passed to Purshottam Gadgil and his brothers, Ganesh Gadgil II and Vasudev Gadgil. Upon Purshottam’s death in 1954, the business continued under the leadership of the extended family’s next generation.{{sfnp|Joshi|1989|pages=95–97}}<ref name=":1">{{cite book |last1=Bhargava |first1=Gopal K. |title=Land and People of Indian States and Union Territories: In 36 Volumes. Maharashtra |last2=Bhatt |first2=S. C. |date=2006 |publisher=Gyan Publishing House |isbn=978-81-7835-372-2 |page=336 |language=en |quote=P. N. Gadgil and Company - Licence and Address}}</ref><ref name=":2">{{Cite web |title=Gadgil Jewellers 179-year-old journey from footpath to international showrooms |url=https://www.dnaindia.com/mumbai/report-gadgil-jewellers-179-year-old-journey-from-footpath-to-international-showrooms-1586102 |access-date=2024-08-06 |website=DNA India |language=en}}</ref>


==Operations==
=== Expansion to Pune (1958–2012) ===
Since 2015, the Pune branch of the company has expanded operations using a [[franchising]] model across various cities in [[Maharashtra]],<ref>{{cite book |title=Bombay: The City Magazine |date=1989 |publisher=Living Media India. |location=[[University of California]] |page=54 |language=en}}</ref> and in the [[United States]], and the [[United Arab Emirates]],<ref>{{cite news |title=P N Gadgil Jewellers expands business |url=https://www.business-standard.com/article/companies/p-n-gadgil-jewellers-expands-business-115011100607_1.html |work=[[Business Standard]] |date=11 January 2015}}</ref><ref>{{cite news |title=PNG Jewellers get into franchise mode |url=https://timesofindia.indiatimes.com/city/pune/png-jewellers-get-into-franchise-mode/articleshow/65140178.cms |work=[[The Times of India]] |date=July 26, 2018 |language=en}}</ref> In 2012, PNG Sons established itself with two showrooms located at Chinchwad and Nashik, and by 2020 had expanded to over 29 showrooms.<ref name="crown jewel">{{cite news |title=A jewel in their crown: How PNG Sons became a leading jewellery brand with over 186 years of legacy |url=https://economictimes.indiatimes.com/magazines/panache/a-jewel-in-their-crown-how-png-sons-became-a-leading-jewellery-brand-with-over-186-years-of-legacy/articleshow/74235508.cms |access-date=9 April 2022 |work=[[The Economic Times]] |date=February 21, 2020}}</ref> As of 2022, the One of the Pune branch (25 stores)is managed by Ajit Gadgil under name PNG and sons. Sangli branch has 10 stores in Maharashtra, [[Kokan]] and [[Karnatak]] are managed under name M/S Purushottam Narayan Gadgil.
In 1938, Anant Gadgil, the younger son of Ganesh Gadgil II, joined the family business and worked at the Sangli store for nearly two decades. In 1958, he and his cousin, the son of Vishwanath Gadgil, established a new retail outlet in Pune under the name P. N. Gadgil Jewellers & Company, located on Laxmi Road.{{sfnp|Joshi|1989|pages=95–97}}<ref name=":1" /><ref name=":2" /> This marked the beginning of operations in two locations under the same brand. The Pune branch was managed by Anant, Vishwanath Gadgil, and Laxman Gadgil, while the Sangli branch was overseen by Hari, the son of Vasudev Gadgil, and Shankar, Anant’s elder brother.{{sfnp|Joshi|1989|pages=96–99}} Following the death of Vasudev Gadgil in 1965, the Sangli branch continued under the management of his descendants.{{sfnp|Joshi|1989|pages=98}}<ref name=":3">{{cite book |title=Bulletin of the Institution of Engineers (India). |date=1979 |publisher=[[Institution of Engineers (India)]] |location=[[University of Illinois at Urbana-Champaign]] |page=13 |language=en |quote=P N Gadgil & Co, Jewellers of Poona}}</ref>


In November 2017, PNG Sons became a public limited company with four independent directors on its eight-members board of directors.<ref name="crown jewel"/>
=== Formal separation and IPO (2012–present) ===
In 2012, the Pune and Sangli branches formally separated, with the Pune operations continuing under the name P. N. Gadgil & Company.<ref name=":3" /> After Anant Gadgil's death in 2014, his son and grandson, including Saurabh Gadgil, inherited a portion of the business.<ref>{{cite news |date=11 January 2014 |title=P N Gadgil Jewellers founder 'Dajikaka' dead |url=https://indianexpress.com/article/cities/pune/p-n-gadgil-jewellers-founder-dajikaka-dead/ |work=[[The Indian Express]] |language=en |quote=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.}}</ref><ref>{{cite book |last1=Pahwa |first1=Saloni |title=Haute Brides & Honeymoons |date=January 2016 |publisher=Pioneer Book Co. Pvt. Ltd. |page=71 |language=en}}</ref> Saurabh Gadgil, who had joined the company in 2000, later became its chairman and managing director. During his tenure, the company was restructured as a corporate entity.<ref name="bw2024">{{Cite news |last=Palepu |first=Advait |date=17 October 2024 |title=Jeweler Becomes Billionaire After 192-Year-Old Indian Firm's IPO |url=https://www.bloomberg.com/news/articles/2024-10-17/heir-to-192-year-old-indian-jewelry-empire-becomes-billionaire |publisher=Bloomberg News}}</ref> In September 2024, the company held an [[Initial public offering|IPO]] that raised approximately ₹1,100 crore. It was subsequently listed on the [[Bombay Stock Exchange]] and the [[National Stock Exchange of India|National Stock Exchange]].<ref>{{Cite web |title=PN Gadgil Jewellers IPO: What GMP signals ahead of share listing date |url=https://www.livemint.com/market/ipo/pn-gadgil-jewellers-ipo-what-gmp-signals-ahead-of-share-listing-date-11726478817052.html}}</ref><ref>{{Cite web |title=PN Gadgil Jewellers IPO listing date today. GMP, experts indicate strong debut of shares on BSE, NSE |url=https://www.livemint.com/market/ipo/pn-gadgil-jewellers-ipo-listing-date-today-gmp-experts-indicate-strong-debut-of-shares-on-bse-nse-11726539144080.html |website=Live Mint}}</ref>  Following the IPO, the Gadgil family retained a majority ownership stake in the firm.<ref name="bw2024" />


In 2021, the company was added to the [[Fortune India 500]] list.<ref>{{cite web |title=P N Gadgil & Sons - Fortune 500 List 2021 - Fortune India |url=https://www.fortuneindia.com/fortune-500/company/p-n-gadgil-sons?year=2021 |website=www.fortuneindia.com |access-date=9 April 2022 |language=en}}</ref><ref>{{cite news |last1=Dasgupta |first1=Shubham |title=PN Gadgil and Sons Ltd enlisted as a Fortune 500 India company |url=https://retailjewellerindia.com/png-gadgil-and-sons-is-the-latest-indian-jewellery-brand-to-don-that-cap/ |access-date=9 April 2022 |work=The Retail Jeweller India |date=17 December 2021}}</ref>
== Operations ==
PNG Jewellers uses a combination of company-owned and franchise-operated stores. In 2014, PNG Jewellers established a diamond manufacturing unit in [[Mumbai]].<ref>{{Cite web |date=2014-12-24 |title=पी. एन. गाडगीळ ज्वेलर्सचे हिरेजडीत दागिने निर्मितीत |url=https://www.loksatta.com/arthasatta/p-n-gadgil-jewellers-sets-up-diamond-manufacturing-unit-1054306/ |access-date=2024-02-29 |website=[[Loksatta]] |language=mr}}</ref>


In January 2021, the firm was [[duped]] by potential franchise partners for {{INR}}1.6 crore.<ref>{{cite news |title=Pune: Director of PNG Jewellers duped of Rs 1.6 crore, say cops |url=https://indianexpress.com/article/cities/pune/png-jewellers-director-duped-of-1-6-crores-7154653/ |work=[[The Indian Express]] |date=20 January 2021 |language=en}}</ref>
As of 2025, PNG Jewellers operated 53 outlets, including 52 stores across 21 cities in Maharashtra and Goa, and one store in the United States.<ref name=":5">{{Cite web |title=Strengthening retail presence with trust |url=https://ftp.motilaloswal.com/emailer/Research/PNGJL-20241208-MOSL-ICPG038.pdf |website=Motilal Oswal Research report}}</ref> Of the total, 41 stores were company-owned, while 12 operated under the FOCO model.<ref name=":4">{{Cite web |title=Announcement under Regulation 30 (LODR)-Investor Presentation |url=https://www.bseindia.com/xml-data/corpfiling/AttachLive/8df535b2-b24c-414d-bdf6-eec58ce58920.pdf |access-date=2025-05-15 |website=BSE India |language=en}}</ref>
 
==Promotions==
The Pune branch has also become associated with several [[Bollywood]] celebrities, being [[Celebrity branding|endorsed]] by [[Salman Khan]] and [[Madhuri Dixit]].<ref>{{cite news |last1=Ghosal |first1=Sutanuka |title=PN Gadgil Jewellers rope in Salman Khan, Madhuri Dixit for global endorsements |url=https://economictimes.indiatimes.com/industry/media/entertainment/pn-gadgil-jewellers-rope-in-salman-khan-madhuri-dixit-for-global-endorsements/articleshow/46242113.cms |work=[[The Economic Times]] |date=February 14, 2015}}</ref> They have also provided jewellery to several Bollywood productions, most notably ''[[Bajrangi Bhaijan]]'' and ''[[Bajirao Mastani]]''.<ref>{{cite news |last1=Goel |first1=Hemul |title=Exclusive: Fashion designer Anju Modi decodes Bajirao Mastani's look |url=https://www.indiatoday.in/lifestyle/fashion/story/bajirao-mastani-costume-designer-anju-modi-ranveer-singh-deepika-padukone-priyanka-chopra-goliyon-ki-raasleela-ram-leela-kashibai-navvari-284173-2015-07-23 |work=[[India Today]] |date=July 23, 2015 |location=[[Delhi]] |language=en}}</ref> The company has provided jewelry to Marathi movies like [[Balgandharva (film)|Balgandharva]] and [[Katyar Kaljat Ghusali (film)|Katyar Kaljat Ghusali]], among others.<ref name="crown jewel"/><ref>{{cite web |title=Gallery |url=https://pngadgilandsons.com/gallery/ |website=P N Gadgil & Sons |access-date=9 April 2022}}</ref>


== References ==
== References ==
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== External links ==
== External links ==
{{Sister project links |wikt=no |commons=no |commonscat=no |b=no |n=no |q=no |s=no |v=no |d=yes |m=no|mw=no|species=no}}
{{Sister project links|wikt=no|commons=no|commonscat=no|n=no|q=no|s=no|b=no|v=no|species=no|d=yes|m=no|mw=no}}
*{{Official website|https://pngadgil.com/|P. N. Gadgil & Co.}}
*{{Official website|https://pngadgilandsons.com/|P. N. Gadgil & Sons}}
*[https://www.youtube.com/watch?v=0p5xUqNLdl4 Interview with President Ajit Gadgil and CEO Amit Modak in 2022 (in Marathi)]


{{Authority control}}
* {{Official website|https://www.pngjewellers.com|P. N. Gadgil Jewellers Ltd}}
{{Portal bar|India|Asia|Business|Company}}
{{Authority control}}


{{DEFAULTSORT:P. N. Gadgil Jewellers}}
{{DEFAULTSORT:P. N. Gadgil Jewellers}}
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[[Category:Retail companies established in 1832]]
[[Category:Retail companies established in 1832]]
[[Category:Jewellery retailers of India]]
[[Category:Jewellery retailers of India]]
[[Category:Companies listed on the National Stock Exchange of India]]
[[Category:Companies listed on the Bombay Stock Exchange]]
[[Category:2024 initial public offerings]]

Latest revision as of 06:37, 27 December 2025


P. N. Gadgil Jewellers
Formerly
Purshottam Narayan Gadgil Jewellers
Traded asNSE: PNGJL
BSE: 544256
IndustryJewellery
Founded29 November 1832; 193 years ago (1832-11-29)
Founder(s)Ganesh Gadgil
HeadquartersPune, India
Number of locations
53 showrooms
Area served
Worldwide
Key people
Saurabh Gadgil (chairman & MD)
RevenueIncrease ₹76,934.68 (US$1,100) (FY 2024–25)[1]
Increase ₹2,182.68 (US$31) (FY 2024–25)[1]
OwnerGadgil family (83%)
Number of employees
+2,100
SubsidiariesGadgil Diamonds Private Limited, India
PNG Jewelers, Inc., USA
Websitewww.pngjewellers.com
Footnotes / references
[1]

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,[2] known for its production of jewellery distinctive to the Maharashtra.[3] As of 2025, the company is headquartered in Pune and operates 53 retail stores, including 52 in Maharashtra and Goa and one in California, US.[4]

History[edit | edit source]

Early years (1832–1890)[edit | edit source]

The company was founded as Gadgil Jewellers on 29 November 1832 by Ganesh Gadgil in Sangli. In its early years, the business operated without a permanent storefront and was initially run from a pavement in a busy part of the city.[5][6] In 1860, Gadgil relocated the business to a waada (traditional residence) he had purchased in Sangli.[7] 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.[8]

1890–1958[edit | edit source]

Although Gadgil intended all three of his sons to participate in the business, it was eventually continued by his middle son Narayan Gadgil. His other sons, Ramchandra and Gopal, pursued careers in moneylending and law, respectively. In 1874, Ganesh Gadgil renamed the business P. N. Gadgil Jewellers after his grandson, Purshottam Narayan Gadgil.[9][6]

Following Ganesh Gadgil’s death in 1890, Narayan Gadgil and his sons managed the company. After Narayan’s death in 1920, management passed to Purshottam Gadgil and his brothers, Ganesh Gadgil II and Vasudev Gadgil. Upon Purshottam’s death in 1954, the business continued under the leadership of the extended family’s next generation.[10][11][12]

Expansion to Pune (1958–2012)[edit | edit source]

In 1938, Anant Gadgil, the younger son of Ganesh Gadgil II, joined the family business and worked at the Sangli store for nearly two decades. In 1958, he and his cousin, the son of Vishwanath Gadgil, established a new retail outlet in Pune under the name P. N. Gadgil Jewellers & Company, located on Laxmi Road.[10][11][12] This marked the beginning of operations in two locations under the same brand. The Pune branch was managed by Anant, Vishwanath Gadgil, and Laxman Gadgil, while the Sangli branch was overseen by Hari, the son of Vasudev Gadgil, and Shankar, Anant’s elder brother.[13] Following the death of Vasudev Gadgil in 1965, the Sangli branch continued under the management of his descendants.[14][15]

Formal separation and IPO (2012–present)[edit | edit source]

In 2012, the Pune and Sangli branches formally separated, with the Pune operations continuing under the name P. N. Gadgil & Company.[15] After Anant Gadgil's death in 2014, his son and grandson, including Saurabh Gadgil, inherited a portion of the business.[16][17] Saurabh Gadgil, who had joined the company in 2000, later became its chairman and managing director. During his tenure, the company was restructured as a corporate entity.[18] In September 2024, the company held an IPO that raised approximately ₹1,100 crore. It was subsequently listed on the Bombay Stock Exchange and the National Stock Exchange.[19][20] Following the IPO, the Gadgil family retained a majority ownership stake in the firm.[18]

Operations[edit | edit source]

PNG Jewellers uses a combination of company-owned and franchise-operated stores. In 2014, PNG Jewellers established a diamond manufacturing unit in Mumbai.[21]

As of 2025, PNG Jewellers operated 53 outlets, including 52 stores across 21 cities in Maharashtra and Goa, and one store in the United States.[22] Of the total, 41 stores were company-owned, while 12 operated under the FOCO model.[23]

References[edit | edit source]

  1. ↑ 1.0 1.1 1.2 "PNG Jewellers Releases Annual Report for FY25, Revenue Reaches ₹76,935 Million". Money Control.
  2. ↑ "P N Gadgil Jewellers hits 10% upper circuit on dazzling Q3 show; PAT up 49%". Business Standard.
  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. ↑ "PNG Jewellers strengthens retail footprint with store in Pune". FashionNetwork.com. 26 March 2025. Retrieved 27 June 2025.
  5. ↑ Joshi, P. K. (1989). Gadgil Kulavruttanta [The Gadgil Family Genealogy Almanac] (in मराठी). Pune. p. 93.{{cite book}}: CS1 maint: location missing publisher (link)
  6. ↑ 6.0 6.1 Deshpande, Renuka (11 September 2011). "Gadgil Jewellers 179-year-old journey from footpath to international showrooms". DNA.
  7. ↑ Joshi (1989), p. 93.
  8. ↑ Joshi (1989), pp. 93, 95.
  9. ↑ Joshi (1989), pp. 95.
  10. ↑ 10.0 10.1 Joshi (1989), pp. 95–97.
  11. ↑ 11.0 11.1 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
  12. ↑ 12.0 12.1 "Gadgil Jewellers 179-year-old journey from footpath to international showrooms". DNA India. Retrieved 6 August 2024.
  13. ↑ Joshi (1989), pp. 96–99.
  14. ↑ Joshi (1989), pp. 98.
  15. ↑ 15.0 15.1 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
  16. ↑ "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.
  17. ↑ Pahwa, Saloni (January 2016). Haute Brides & Honeymoons. Pioneer Book Co. Pvt. Ltd. p. 71.
  18. ↑ 18.0 18.1 Palepu, Advait (17 October 2024). "Jeweler Becomes Billionaire After 192-Year-Old Indian Firm's IPO". Bloomberg News.
  19. ↑ "PN Gadgil Jewellers IPO: What GMP signals ahead of share listing date".
  20. ↑ "PN Gadgil Jewellers IPO listing date today. GMP, experts indicate strong debut of shares on BSE, NSE". Live Mint.
  21. ↑ "पी. एन. गाडगीळ ज्वेलर्सचे हिरेजडीत दागिने निर्मितीत". Loksatta (in मराठी). 24 December 2014. Retrieved 29 February 2024.
  22. ↑ "Strengthening retail presence with trust" (PDF). Motilal Oswal Research report.
  23. ↑ "Announcement under Regulation 30 (LODR)-Investor Presentation" (PDF). BSE India. Retrieved 15 May 2025.

External links[edit | edit source]

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