Ajit Gadgil, Promoter and Director, PNG Sons speaks about establishing a jewellery brand and its glittering journey.
Foray into business
I entered the gold jewellery retail business in 1978 almost 40 plus years ago. When I entered this business there was a gold control act and carrying out the jewellery business was a difficult as well as complicated task. My entry in the business was very much in line with our earlier generations who were in the gold jewellery business since 1832. My father Vishwanath Gadgil along with his two cousins came to Pune in the year 1958 from Sangli with the vision of expansion. That time Lakshmi Road was well known for the clothing market, and we were first to start a jewellery showroom at Lakshmi road with the vision of my father Vishwanath Gadgil. Same business house continued till 2012 and then with the larger vision of three generations working together at the time decided to separate. This is how I established PN Gadgil and Sons as my own entity with a legacy of 180 + years. PN Gadgil and Sons was the partnership firm in 2012 and in the year 2017 it got converted into a public limited company.
Vision Mission Product
P N Gadgil and Sons commenced in 2012 working with two locations around 8000 square feet of retail space and 200 employees. In the last 10 years the company has reached 29 locations with 120000 square feet of retail space and 1100 loyal employees. Recently in 2021 we got enlisted in " Fortune 500 India" and proudly we are the first one to do so from Maharashtra. This growth became possible with the vision of promoters to become large with respectful financial status. One important point which I would like to mention is that all showrooms of " P N Gadgil and Sons" are operated by the company and we do not believe in the franchise model since the jewellery business is very sensitive and very closely attached with the emotions of the buyer.
Our tailor made and customer centric designs of jewellery is possible only because of our own showroom model. We source jewellery designs from various parts of the world and they are mostly hand-picked with keeping in mind customers liking changing fashions etc. Due to our vast experience in the business we critically acknowledge and forecast the customers liking and the changing trends and the needs of their jewellery choice. Nowadays we specially concentrate on new generation choices and likings along with our traditional jewellery designs. We have started working very effectively catering to the demands of new generations by offering 14 and 18 carat gold jewellery ranges.
The pandemic challenge
As I have mentioned earlier is that our expansion and growth has been much disciplined and with respectful financial health. Fighting the problems that arrived due to the pandemic became relatively easy for us as we always kept control on the cost and which resulted in lower fixed costs. Timely and well forecasted decisions taken in the month of April 2020 made possible to avoid many fixed cost spending during pandemic.All the 1100 employees who are always like family members for me were well taken care of during and post pandemic without curtaining their salaries. Post pandemic we have taken utmost care and all the safety measures were to comfort the customers as well as our staff for the ease of transactions in our showrooms. Entire ecosystem of the showroom was aligned to reduce covid 19 risk.
Day by day, National level corporate jewellery houses are entering into the regional market with very competitive offerings, but we made ourselves strong enough to fight any type of competition by aligning our business processes and ethical practices to take care of any type of competition. We believe " what others offer to the customers like systematic billing, customise jewellery collections, universal gold rate throughout the showrooms we are already offering it since many years but same time many things which are impossible for others those things are also offered by us to elevate the customer experience and their gold jewellery shopping experience more delightful. Our company policy has strict guidelines to adhere/ follow all the rules and norms set by the government.
Evolving with times
In 2012 we were small in size and in financial terms our topline was just INR 900 crore with the profit of INR 32 crore which in 10 years reached to INR 5650 crore with the profit of INR 139 crore. This figure speaks about our robust financial growth at the same time we are rated "A plus" by 3 credit rating agencies for our bank borrowings. This success is possible just because of the overwhelming response from the loyal customers throughout the journey till date.Proudly, at present we are the largest entity working under "PNG" as a brand.
In every business product, customer service and employee - employer relationship are the main areas on which one must have a keen focus on. The successful businesses are always handling these three areas very efficiently. If the organization has a comfortable financial position then everything becomes possible and therefore we always give priority to stable and strong financial health of the organisation. Moreover at PNG Sons we work very professionally and all duties are delegated to various teams authorised to take all required decisions on their own. Resting on a strong legacy and master craftsmanship, P. N. Gadgil And Sons Ltd. (PNG Sons) today is India’s most trusted jewellery brand and Maharashtra’s first gems and Jewellery Company to get enlisted in “Fortune 500 India.”
Awards and Recognition
‘Retail Champion 2022’: Retail’s Association of India
‘Most Influential Brand of Pune’: Times of India
CMO Asia: CEO of the year 2022
CMO Asia: Retail Professional of the Year 2022
CMO Asia: National award for Social Media Marketing 2022
‘Best Business Practice’: Zee 24 Taas
‘Best Content Marketing 2022 in Retail Jewellery sector’: Digxx 2022
‘Fastest Growing Retail Chain 2018’: IIGC
Abby Award: Gold & Silver for miniature art form of jewellery 2017