India's billionaires ' club now has the newest member, Saurabh Gadgil , the chairman and managing director of PN Gadgil Jewellers (PNG Jewellers), after the company’s shares witnessed a whopping 61 percent rise.
According to the Bloomberg billionaires index , Saurabh Gadgil’s net worth has surged to over $1.1 billion since the IPO offered in Mumbai in September.
A sixth-generation jeweler has taken his family’s 192-year-old Indian jewelery business to new heights since joining the family business, according to Bloomberg.
Apart from Gadgil, the company's top management includes his wife Radhika, brother-in-law Amit Vaidya, and cousin Parag Gadgil. Together, the four family members took home 272.4 million rupees ($3.2 million) in remuneration in 2023-24, which is equivalent to a third of all employee costs or 17.6% of the company's net profit. Gadgil alone received 223.7 million rupees in compensation, of which 18 million was paid by the company's US subsidiary PNG Inc. He is the only executive entitled to earn a sales commission of 2% of annual profits.
How Saurabh Gadgil transformed his 192-year old business?
Gadgil was born into a family of jewelers in Pune, Maharashtra, has entered in the family business in 1998 and in 2012, he restructure the business from a family-owned partnership firm to a professional private company.
In a conversation with Bloomberg, Gadgil said, "This habit of mine started coming in handy particularly back in 1998 — when I took over the reins of the PNG Jewellers family business. This was but the start of a journey into something unimaginably vast. Something that no amount of words can ever fully capture."
Since inheriting the Pune-based company more than a decade ago, the 47-year-old chairman has diversified the business and brought in Bollywood stars Madhuri Dixit, Raveena Tandon, and Salman Khan as brand ambassadors to promote its 48 stores, which are almost entirely located in the western state of Maharashtra, home to the financial capital of Mumbai.
Gadgil has also expanded his business by launching new branches and various sub-brands that cater to different customer segments. The company started an online shopping platform, various pay-later options catering to customers with tight budgets and also ventured internationally but with limited success.
The PNG brand has been around in some shape or form since 1832 when founder Ganesh Narayan Gadgil sold gold ornaments on the footpath of Sangli, a small town in Maharashtra around 370 kilometers (230 miles) from Mumbai. As Ganesh prospered his sons joined the business. Over the following four decades, the company was passed down to the next generation and their siblings.
Gadgil writes on his LinkedIn profile that as a former national-level chess player, he has learned to think 30 moves ahead in life.
According to the Bloomberg billionaires index , Saurabh Gadgil’s net worth has surged to over $1.1 billion since the IPO offered in Mumbai in September.
A sixth-generation jeweler has taken his family’s 192-year-old Indian jewelery business to new heights since joining the family business, according to Bloomberg.
Apart from Gadgil, the company's top management includes his wife Radhika, brother-in-law Amit Vaidya, and cousin Parag Gadgil. Together, the four family members took home 272.4 million rupees ($3.2 million) in remuneration in 2023-24, which is equivalent to a third of all employee costs or 17.6% of the company's net profit. Gadgil alone received 223.7 million rupees in compensation, of which 18 million was paid by the company's US subsidiary PNG Inc. He is the only executive entitled to earn a sales commission of 2% of annual profits.
How Saurabh Gadgil transformed his 192-year old business?
Gadgil was born into a family of jewelers in Pune, Maharashtra, has entered in the family business in 1998 and in 2012, he restructure the business from a family-owned partnership firm to a professional private company.
In a conversation with Bloomberg, Gadgil said, "This habit of mine started coming in handy particularly back in 1998 — when I took over the reins of the PNG Jewellers family business. This was but the start of a journey into something unimaginably vast. Something that no amount of words can ever fully capture."
Since inheriting the Pune-based company more than a decade ago, the 47-year-old chairman has diversified the business and brought in Bollywood stars Madhuri Dixit, Raveena Tandon, and Salman Khan as brand ambassadors to promote its 48 stores, which are almost entirely located in the western state of Maharashtra, home to the financial capital of Mumbai.
Gadgil has also expanded his business by launching new branches and various sub-brands that cater to different customer segments. The company started an online shopping platform, various pay-later options catering to customers with tight budgets and also ventured internationally but with limited success.
The PNG brand has been around in some shape or form since 1832 when founder Ganesh Narayan Gadgil sold gold ornaments on the footpath of Sangli, a small town in Maharashtra around 370 kilometers (230 miles) from Mumbai. As Ganesh prospered his sons joined the business. Over the following four decades, the company was passed down to the next generation and their siblings.
Gadgil writes on his LinkedIn profile that as a former national-level chess player, he has learned to think 30 moves ahead in life.
