PN Gadgil Jewellers, with legacy and trust of 190 years, plans to invest ₹600 crore in this fiscal to open 25 stores across Uttar Pradesh, Bihar and Madhya Pradesh as part of its pan-India expansion plans.

The company will adopt both COCO (company-owned-company-operated) and FOCO (franchise owned company operated) model for expansion.

PN Gadgil Jewellers had opened 16 stores across Maharashtra and Goa last fiscal and became debt-free after raising ₹850 crore through an IPO last September.

The company expects its top line to increase 20-25 per cent to ₹9,000 crore- ₹9,500 crore in this fiscal with opening of stores and rise in gold prices. Last fiscal, the company registered revenue of ₹7,693 crore.

Saurabh V Gadgil, Chairman and Managing Director, PNG Jewellers told businessline that the company will venture into central India including Uttar Pradesh, Bihar and Madhya Pradesh this fiscal and then move towards North to cover Punjab, Haryana and Delhi because culturally these states are similar to Maharashtra unlike the southern States.

“We will open our first two stores in Uttar Pradesh in the first half of this fiscal with a target to have 12-15 stores in the State and followed by 6-8 stores each in Bihar and Madhya Pradesh,” he said.

The southern States have a deep regional affinity and loyalty to regional brands besides a well established organised markets, he added.

Of the overall planned investment, Gadgil said the company will invest about ₹400 crore while the remaining will be done by the franchise.

The franchise interest in jewellery business has grown tremendously as the inventory will be on the book of the franchise partner and they will get to keep the inventory gains due to gold price appreciation, he said.

The company has also launched a new retail format called LiteStyle by PNG—a fresh, fashion-forward extension of our brand tailored for younger, style-conscious consumers, he added.

It has already piloted this concept with 1,500 sq ft stores in Pune and Goa with encouraging results.

These stores will offer contemporary, lightweight designs in 18K gold and 14–18K diamond jewellery in the price range of ₹55,000 to ₹60,000. The focus is on trendy, accessible, and affordable jewellery that fits the casual and everyday wear category.

Gold prices are expected to touch $4,000 an ounce in the global markets and the same in India should be about ₹1.25 lakh per 10 grams given the ongoing global geo-political tension and global economic uncertainty triggered by the US trade tariff.

Interestingly, about 50 per cent of the sales currently are accounted for recycling of old jewellery for new designs, he added.

Published on June 16, 2025