Saurabh Gadgil, the chairman and managing director of PN Gadgil Jewellers, has become a billionaire. The Pune-based company has gained significant profit after its market debut last month. Since the IPO went public, Gadgil has seen his net worth rise to almost $1.1 billion, as per the Bloomberg Billionaires Index. The share price of PNG Jewellers has also increased by nearly 61 percent since the listing.
Gadgil, who is a former national-level chess player, ventured into his family business after completing his MBA from Pune’s Symbiosis University. The sixth-generation businessman did B.Com from the Brihan Maharashtra College of Commerce. Upon wrapping up his higher studies, Gadgil shifted his entire focus to PNG Jewellers and worked hard to improve the family business.
“As a former national level chess player, thinking thirty moves ahead in life has become something of a habit for me. This habit of mine started coming in handy particularly back in 1998 – when I took over the reins of the PNG Jewellers family business,” Gadgil has shared on his LinkedIn profile.
When Gadgil was pursuing his MBA from Symbiosis, he did an internship at the Reserve Bank of India (RBI). At the time, the 47-year-old gained in-depth knowledge about the gold market, not only in India but also at the international level.
“I thoroughly studied and understood the gold market and where it could lead to, in the global environment. That helped a lot when I eventually joined the company,” Gadgil revealed during an interview with the Hindustan Times in 2018.
As per the data available on Bloomberg, it was Ganesh Narayan Gadgil who founded the company, PN Gadgil Jewellers. Initially, he used to sell gold ornaments in a roadside stall in the town of Sangli in Maharashtra. Nowadays, the majority of the products are sold under the premium brand “PNG.”
The company has various sub-brands and as many as 39 retail stores across India. PNG Jewellers are also making their presence felt in online marketplaces. They also sell items through their official website.
Gadgil’s wife Radhika and two other family members remain associated with the business. They collectively took home 272.4 million rupees ($3.2 million) in remuneration in the 2023-24 financial year, according to Bloomberg.
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