Saurabh Gadgil, chairman and managing director of PN Gadgil Jewellers (PNG Jewellers) has recently become India’s newest billionaire. The company’s shares have experienced a substantial 61% increase since its IPO listing, and Gadgil’s net worth has soared to over $1.1 billion.
Saurabh Gadgil’s Family Legacy in the Jewellery Business
According to The Times of India, Saurabh Gadgil was born into a family of jewelers in Pune, Maharashtra. The family’s PNG brand was established in 1832 by founder Ganesh Narayan Gadgil.
Ganesh Narayan Gadgil first sold gold ornaments on a footpath near a small town in Maharashtra, which was situated around 230 miles from Mumbai. The company prospered and was passed down over generations in the following four decades.
Saurabh Gadgil inherited the family business in 1998. He later restructured it from a family-owned partnership firm to a professional private company in 2012.
In an interview with Bloomberg, Gadgil spoke of his amazement at his family company’s growth under his reins, stating, “This was but the start of a journey into something unimaginably vast. Something that no amount of words can ever fully capture.”
Saurabh Gadgil’s Background in Business and Chess
Before growing into a business titan, Saurabh Gadgil was a national-level chess player. He credits many of his strategic thinking abilities to his training in dominating the board.
In his LinkedIn profile, Gadgil writes, “As a former national-level chess player, thinking thirty moves ahead in life has become something of a habit for me.”
Gagdil developed his business skills before taking over PNG Jewellers. As reported by Hindustan Times, he obtained a Bachelor of Commerce degree from Brihan Maharashtra College of Commerce in Pune and a Master of Business Administration degree from Symbiosis University in Pune.
While attending Symbiosis University, Gadgil interned at the Reserve Bank of India (RBI). He remarked to Hindustan Times, “I thoroughly studied and understood the gold market and where it could lead too, in the global environment. That helped a lot when I eventually joined the company (PNG Jewellers).”
How Saurabh Gadgil Grew PNG Jewellers
As reported in the article by The Times of India, Gadgil has diversified PNG Jewellers since inheriting the business. He has expanded its stores into new branches and various sub-brands that cater to different markets.
The company has also entered the online marketplace under his leadership. Its online shopping platform offers various pay-later options, allowing customers with tighter budgets to patronize the jeweler. This online store has also expanded internationally, picking up success with overseas markets.
To help spread brand awareness, Gadgil has partnered with various Bollywood stars, including Madhuri Dixit, Raveena Tandon, and Salman Khan. These brand ambassadors promote PNG Jewellers’ 48 stores, which are mainly located in the western state of Maharashtra.
Another aspect of Gadgil’s success in growing PNG’s brand is the introduction of products that blend traditional sensibilities with modern trends. As discussed by FE Leisure, his “Silvostyle” line of jewelry collaborates with renowned designer Tarun Tahiliani to introduce a silver jewelry line that appeals to a broad audience.
The Market Success of PNG Jewellers and Saurabh Gadgil’s Take
According to Financial Times, PNG Jewellers has experienced a year-on-year revenue increase of 35.57% from $45.08 billion to $61.11 billion, with net income increasing by 107.77% from $742.85 million to $1.54 billion.
As the only member of the executive team entitled to earn a sales commission of 2% of annual profits, Gadgil received 223.7 million rupees in compensation for the years 2023 to 2024. His net worth now stands at over $1.1 billion.
By joining India’s billionaire club, Saurabh Gadgil has cemented his status as a leading industrial influence in India’s growing market.
