P N Gadgil Jewellers plans expansion

P N Gadgil Jewellers is likely to expand his business in India as well as overseas.

The company is planning to invest Rs 250 crore for the proposed expansion. The funds are likely to be used through internal accruals and debt. The expansion plan includes opening stores in the U.S. and Dubai, enter into the branded silver jewellery and opening nine stores in Maharashtra, Goa, Madhya Pradesh and Karnataka. In Maharashtra, PNG is opening stores in Panvel, Panaji, Nanded, Chandrapur, Baramati and Akluj, adds a report.

Saurabh Gadgil, Managing Director, P.N. Gadgil Jewellers said: “The new stores are a logical milestone in the course of our 183 year old journey which is synonymous with able craftsmanship, purity, happy occasions, endurance and trust. When gold enthusiasts approach P.N Gadgil Jewellers, they come with the confidence that they are receiving value for money in every way. For several families, shopping at PNG is a tradition across generations. We already have a long-standing bond, this just takes it a step further.”

He added: “By taking P.N. Gadgil Jewellers to addresses as diverse as Panvel, Panaji, Nanded, Chandrapur, Baramati, Hubli, Indore , Akluj and Dubai, we are simply reaching out to our cherished customers, who know their hard earned savings are safe with us. The P.N. Gadgil Jewellers brand has strong roots, and it’s time to diversify so that the fruits can be share with our valued customers. So, in all by 11th September 2015 you will see P.N. Gadgil Jewellers with 20 + Stores in 4 States and serving more customer.”

The company has teamed up with fashion designer Tarun Tahiliani to design the ornaments, plans to grow this business under the Silvostyle brand. The firm has a five year tie up with Tahiliani who will design wedding and party wear jewellery under its own brand Silvostyle, adds a report.

Recently, the company has a diamond manufacturing unit in Mumbai, to enhance its diamond jewellery business. As per reports, 80 per cent of the jewellery manufactured in the diamond factory is expected to be retailed in the domestic market and the rest 20 per cent will be exported.