Indian jeweller becomes a billionaire after his 192-year-old firm’s IPO: Report

Saurabh Gadgil, the chairman and managing director of PN Gadgil Jewellers Ltd has seen his net worth rising to almost $1.1 billion after the 192-year old company’s shares surged 61% since its initial public offering (IPO) in September, according to a Bloomberg report.
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Gadgil, 47, inherited the Pune-based family business more than a decade ago. He had joined it even before after graduating with an MBA from Pune’s Symbiosis University.
He converted it into a private company in 2012 and got it listed this year raising ₹1,100 crore, with plans of making it the number one player in Maharashtra first and then, expanding to other states like Madhya Pradesh, Uttar Pradesh and Bihar, competing with national brands like Tata’s Tanishq, the Aditya Birla Group and Reliance Industries Ltd.
He has also launched new branches and various sub-brands for different customer segments, started an online shopping platform, gave various pay-later options, and even brought in Bollywood stars Madhuri Dixit, Raveena Tandon and Salman Khan as brand ambassadors to promote its 48 Maharashtra stores, according to the report.
PNG also opened nine new stores in nine days since its listing to celebrate the festival of Navaratri.
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The PNG brand started out in 1832, with founder Ganesh Narayan Gadgil selling gold ornaments on the footpaths of Sangli, Maharashtra. The business grew and was eventually passed down to the next generation and their siblings.
The founder’s great grandson, Anant Gadgil relocated it to Pune in 1958, establishing PN Gadgil & Co, while the Sangli branch was run by other family members.
Saurabh Gadgil who is Anant Gadgil’s grandson is a former state level chess player. As a result, he wrote on his LinkedIn profile that he learnt to always think 30 moves ahead in life.
“Treat every single move as if it’s your very last move — then make sure that it’s your very best move — then take the win,” he wrote.
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The company’s top management currently includes Gadgil, his wife Radhika, brother-in-law Amit Vaidya and cousin Parag Gadgil, who together took home ₹27.24 crore in remuneration in 2023-24, equivalent to a third of all employee costs or 17.6% of the company’s net profit, the report read.
Gadgil alone got ₹22.37 crore, which is significantly higher than industry standards, the report cited Sachin Bobade, research director at Dolat Capital Market as saying in a report last month, and adding that the management has indicated it will re-adjust his remuneration according to industry standards, going forward.
The founder family also holds an 83% stake in the company, which has to be reduced to 75% in three years as per rules of the market regulator Securities and Exchange Board of India (Sebi), the report read.
India’s jewellery sector was valued at around $70 billion in 2023 and is projected to more than double by 2028, the report cited data from consulting firm Technopak Advisors.
India also trails only behind China when it comes to buying gold jewellery. It is also a growing market for diamonds. Apart from use as jewelry, Indians also buy gold bars and coins as investments.
“The Indian jewellery industry is at the cusp of a big upside,” the report quoted Gadgil as saying. “Just as China went through a luxury shopping boom, India will see a surge in luxury shopping and jewelry will be at the top.”
Organised jewellery trade in India however, accounts for only 37% of the market, with most of the industry comprising of small retailers, artisans and independent traders, according to the report.
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