P. N. Gadgil & Sons (PNGS) has expanded its retail operations in Pune with the opening of a new showroom at Tribeca Highstreet.
Alongside the store launch, the retailer introduced the ‘9KT Collection – The Gifting Edition’ across its national network.
The new range is designed to address the increasing demand for accessible gold jewellery and everyday gifting options while maintaining the brand’s established focus on traditional Maharashtrian craftsmanship.
As reported by JewelBuzz, the Tribeca Highstreet location represents the 34th showroom for the brand, which now operates in 23 cities across Maharashtra, Karnataka, and Gujarat.
Aditya Modak, COO and CFO of P. N. Gadgil & Sons, stated that while traditional heritage designs remains the core of the business, the 9KT range is intended for consumers seeking versatile gold pieces for smaller occasions and personal purchases. The collection features contemporary forms suited for birthdays, anniversaries, and workplace wear.
Strategic Retail Growth and Industry Ranking
The expansion in Pune follows a period of rapid growth for the nearly 200-year-old jewellery house. In late 2024, the company achieved a significant milestone by advancing from rank 471 to 280 on the Fortune 500 India list.
According to data from Indian Jeweller, PNGS was the first Marathi jewellery brand to secure a position on this list, reflecting its scaling operations and consumer reach in the organised retail sector.
The company has maintained a debt-free balance sheet while funding its recent store rollouts through internal accruals and surging profits. This financial stability has allowed the brand to establish a presence in both major metropolitan areas and tier-2 and tier-3 cities.
The management has indicated that the current focus is on transforming from a regional entity into a national standard for both gold and modern jewellery segments.
Financial Performance and Consumer Trends
Strong sales figures marked the brand’s performance in the 2025-26 fiscal year despite fluctuating gold prices. During the 2025 festive season, the company recorded a 74% increase in Diwali sales compared to the previous year.
Specifically, on the day of Dhanteras in 2025, PNGS achieved record single-day revenue of £277 crore. As noted in a MediaBrief performance review, these figures suggest that gold remains a preferred asset class for Indian consumers even when local prices reach record highs.
The shift towards 9KT gold and lightweight designs is part of a broader strategy to capture the interest of Gen Z and millennial buyers. Market observations indicate a transition from purchasing jewellery solely for storage in lockers to acquiring pieces intended for active lifestyle use.
By introducing 9KT options, the retailer aims to provide entry-level luxury that appeals to younger professionals who prioritse design integrity and wearability alongside the inherent value of the metal.
Diversification into Modern Jewellery
In addition to its main retail line, the group has successfully scaled its fashion jewellery sub-brand, Gargi by PNGS.
Recent financial reports from Indian Retailer show that Gargi reported revenue of 119 crore for the first nine months of the 2025-26 financial year, with a 27% year-on-year increase in third-quarter earnings.
This diversification allows the parent company to maintain its status as a cultural anchor for traditional buyers while simultaneously participating in the high-growth modern jewellery and silver markets.
