P. N. Gadgil Jewellers
P. N. Gadgil Jewellers is an Indian jewellery company founded in Sangli in 1832 and historically associated with traditional Maharashtrian jewellery.
Last updated August 31, 2026
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Overview
P. N. Gadgil Jewellers, also known as Purshottam Narayan Gadgil Jewellers or PNG Jewellers, is an Indian jewellery company with roots in Sangli, Maharashtra. Ganesh Gadgil established the business on 29 November 1832. The enterprise initially operated without a permanent shop, selling jewellery from a pavement in a busy part of Sangli. In 1860, it moved into a waada, a traditional residence purchased by Gadgil. The family had earlier served as savakars, or moneylenders, to the Kolhatkar and Modak families of the princely state of Sangli. After the jewellery business was established, the Gadgils were recognized as royal jewellers to the Patwardhan rulers of Sangli. The business became associated with the P. N. Gadgil name in 1874, when Ganesh Gadgil renamed it after his grandson, Purshottam Narayan Gadgil. Continuity was maintained through several generations. Although Ganesh originally expected all three sons to participate, the jewellery operation was ultimately carried forward by his middle son, Narayan Gadgil. Following Ganesh's death in 1890, Narayan and his sons managed the company. After Narayan died in 1920, leadership passed to Purshottam Gadgil and his brothers Ganesh Gadgil II and Vasudev Gadgil. The business remained a family enterprise after Purshottam's death in 1954. The company's modern retail history began with its expansion from Sangli to Pune. Anant Gadgil, a younger son of Ganesh Gadgil II, joined the family business in 1938 and spent nearly two decades working in Sangli. In 1958, he and a cousin established a Pune outlet on Laxmi Road under the name P. N. Gadgil Jewellers & Company. The Pune and Sangli operations were managed by different branches of the extended family but continued to use the same broad brand identity. In 2012, the two branches formally separated. The Pune business continued as P. N. Gadgil & Company and later developed into the corporate enterprise generally marketed as PNG Jewellers. After Anant Gadgil died in 2014, ownership passed in part to his descendants, including Saurabh Gadgil. Saurabh, who had joined the company in 2000, subsequently became chairman and managing director and oversaw the transition from a family-run retail operation toward a more formal corporate structure. The company also diversified its operating platform by establishing a diamond-manufacturing unit in Mumbai in 2014. The company combines company-owned stores with franchise operations using a franchise-owned, company-operated, or FOCO, model. According to the referenced 2025 description, it operated 53 stores: 52 in Maharashtra and Goa across 21 cities, and one in California in the United States. Of these, 41 were company-owned and 12 used the FOCO model. Its product identity is linked to gold, diamond and other jewellery, with particular recognition for designs associated with Maharashtra. In September 2024, the company completed an IPO that raised approximately ₹1,100 crore and was subsequently listed on both the Bombay Stock Exchange and the National Stock Exchange. The Gadgil family retained majority ownership after the offering. The company therefore represents the corporate continuation of a nearly two-century-old regional jewellery house while operating through a larger multi-city retail network.
History
P. N. Gadgil Jewellers traces its origin to 29 November 1832, when Ganesh Gadgil began a jewellery business in Sangli. The enterprise initially had no permanent premises and operated from a pavement in a busy section of the city. In 1860, Gadgil moved the business into a waada that he had purchased. The family had previously worked as savakars for the Kolhatkar and Modak families of the princely state of Sangli, and its jewellery activities led to recognition as royal jewellers to the Patwardhan rulers. In 1874, Ganesh Gadgil adopted the P. N. Gadgil name in honor of his grandson, Purshottam Narayan Gadgil. The business was not divided equally among all of Ganesh's sons: Narayan, the middle son, became the principal successor in the jewellery operation, while Ramchandra and Gopal pursued moneylending and legal careers. After Ganesh died in 1890, Narayan and his sons continued the company. Narayan's death in 1920 brought management to Purshottam Gadgil and his brothers, Ganesh Gadgil II and Vasudev Gadgil. The family maintained the enterprise after Purshottam's death in 1954. A major geographic change occurred in 1958. Anant Gadgil, who had joined the family enterprise in 1938 and worked in Sangli for approximately two decades, opened a Pune outlet with a cousin, the son of Vishwanath Gadgil. The new store operated on Laxmi Road under the name P. N. Gadgil Jewellers & Company. The Pune branch was managed by Anant, Vishwanath and Laxman Gadgil, while the Sangli branch remained under descendants of another family branch. This created a two-location operation under a shared historical identity. The Pune and Sangli branches formally separated in 2012. The Pune business continued as P. N. Gadgil & Company. Following Anant Gadgil's death in 2014, his son and grandson, including Saurabh Gadgil, inherited parts of the business. Saurabh had joined the company in 2000 and later became chairman and managing director. Under his leadership, the Pune operation moved toward a corporate model rather than remaining solely a traditional family retail business. Also in 2014, PNG Jewellers established a diamond-manufacturing unit in Mumbai, adding a manufacturing capability to its retail base. The company expanded through a mixture of company-owned and franchise-operated stores, including outlets using a FOCO structure. In September 2024, it undertook an IPO that raised approximately ₹1,100 crore and was subsequently listed on the Bombay Stock Exchange and the National Stock Exchange. The Gadgil family retained majority ownership after the offering. By 2025, the company was reported to have 53 stores: 52 in 21 cities across Maharashtra and Goa and one in California. Forty-one stores were company-owned and twelve operated through the FOCO model. Its historical association with Maharashtrian jewellery, combined with its gold and diamond retail activities and listed-company structure, defines its contemporary identity.
- 2025
Reported 53-store network
[1]The company was reported to operate 53 stores across Maharashtra, Goa and California.
- 2024
Initial public offering and exchange listing
[1]The company completed an IPO in September, raising approximately ₹1,100 crore, and was subsequently listed on the BSE and NSE.
- 2014
Mumbai diamond manufacturing unit established
[1]PNG Jewellers established a diamond-manufacturing unit in Mumbai.
- 2012
Pune and Sangli branches separate
[1]The two branches formally separated, with the Pune business continuing under P. N. Gadgil & Company.
- 1958
Expansion to Pune
[1]Anant Gadgil and a cousin opened a Pune retail outlet on Laxmi Road.
- 1920
Management passes to the next generation
[1]After Narayan Gadgil's death, Purshottam Gadgil and his brothers assumed management.
- 1874
Adoption of the P. N. Gadgil name
[1]Ganesh Gadgil renamed the business after his grandson, Purshottam Narayan Gadgil.
- 1860
Move into a permanent family premises
[1]The business moved from pavement trading into a waada purchased by Ganesh Gadgil in Sangli.
- 1832
Business founded in Sangli
[1]Ganesh Gadgil established the jewellery business on 29 November 1832 in Sangli, Maharashtra.
Products and positioning
A heritage Indian jewellery retailer combining a Sangli-origin family tradition, Maharashtrian design associations, multi-city retail expansion and a more formal listed-company structure.
Precious-metal jewellery
Gold jewellery
Gold jewellery is a core part of the company's retail assortment. The business's long history in Maharashtra places its gold offering within a traditional Indian jewellery context, while its store network supports sales across multiple cities and through both company-owned and FOCO locations.
Gemstone jewellery
Diamond jewellery
Diamond jewellery is another principal product category. The company added a diamond-manufacturing unit in Mumbai in 2014, giving its operations a manufacturing element in addition to retail distribution.
Traditional regional jewellery
Maharashtrian jewellery
The brand is particularly associated with jewellery distinctive to Maharashtra. This regional design identity connects the modern retailer to its Sangli origins and its historical role as a jeweller serving the Patwardhan rulers of the former princely state of Sangli.
Brand decisions
2024
Initial public offeringM&ABackground
After a period of corporate restructuring under Saurabh Gadgil, the company pursued public-market financing.
Action taken
The company conducted an IPO in September 2024 and subsequently listed on the Bombay Stock Exchange and National Stock Exchange.
Aftermath
The IPO reportedly raised approximately ₹1,100 crore, while the Gadgil family retained majority ownership.
IPO proceeds. Approximately ₹1,100 crore raised (September 2024)
2014
Addition of diamond manufacturingStrategyBackground
The company was expanding beyond its traditional family retail base.
Action taken
PNG Jewellers established a diamond-manufacturing unit in Mumbai.
Aftermath
The business gained a manufacturing capability alongside its jewellery retail operations.
2012
Formal separation of the Pune and Sangli operationsStrategyBackground
The brand had operated through Pune and Sangli branches managed by different parts of the extended Gadgil family since the Pune expansion in 1958.
Action taken
The branches formally separated, with the Pune operations continuing under P. N. Gadgil & Company.
Aftermath
The Pune business developed into the corporate enterprise associated with PNG Jewellers, while the historical Sangli operation remained separately managed.
Recent events
PNG Jewellers launches diamond jewellery section at Pune store[2]
Reported:
PNG Jewellers launched a new diamond jewellery section at its Paud Road store in Pune, with more than 1,000 designs of certified and hallmarked jewellery, including Forevermark jewellery.
PNG Jewellers and Forevermark India partner to retail diamonds[3]
Reported:
PNG Jewellers partnered with Forevermark India to retail Forevermark diamonds across PNG Jewellers stores in India.
PNG Jewellers and Forevermark launch Fab 5 Collection[3]
Reported:
PNG Jewellers and Forevermark India launched the Fab 5 Collection, featuring jewellery set with Forevermark diamonds.
Sources3 sources
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