PNGJL

Jan 8 (Reuters) - P N Gadgil Jewellers Ltd PNGD.NS:

• Q3 TOTAL REVENUE UP 46% YOY

Source text: ID:nNSE6vfc3T

Further company coverage: PNGD.NS

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By Rajendra Jadhav and Polina Devitt

MUMBAI/LONDON, Dec 31 (Reuters) - For nearly two decades, Mumbai homemaker Prachi Kadam marked every festive season with a gold jewellery purchase, blending tradition with personal style. This year's record rally in prices, however, led her to choose a 10-gram gold coin instead of necklaces or bangles.

"I like jewellery because it can be worn during functions, but it's hard to justify paying an additional 15% in making charges," said Kadam, who, like millions of Indians, considers buying gold during festivals to be auspicious. "So I settled for a 10-gram coin this time," she added.

Her decision reflects a broader shift in India, one of the world's largest gold markets and where the metal holds deep cultural and financial significance. With prices heading for their biggest annual gain in 46 years, consumers are increasingly turning away from jewellery toward small coins and bars.

Strong demand for safe-haven assets, U.S. interest rate cuts and a weaker dollar drove global gold prices XAU= up 67% so far this year and saw them hitting a record high of $4,549.7 per troy ounce on December 26.

Indian domestic gold prices MAUc1 climbed 77% this year, outpacing the Nifty 50 index's 9.7% gain, aided by a 5% fall in the rupee against the dollar INR=.

PRICE SURGE RESHAPES BUYING HABITS

Analysts say the trend is cushioning a drop in overall demand and is likely to persist into 2026, echoing a global slowdown in ornament purchases as bullion prices soar.

For others, the adjustment means buying less gold rather than abandoning jewellery altogether.

Kolkata-based Nibedita Chakraborty said her household budget has not kept pace with rising prices, prompting her to switch to lightweight designs.

"Even reducing the weight of a gold necklace by six or seven grams can save more than 100,000 rupees ($1,114)," Chakraborty said.

As prices rise, consumers are becoming more design- and value-conscious, said Saurabh Gadgil, chairman of P N Gadgil Jewellers PNGD.NS, which launched a new sub-brand for lightweight and lower-carat jewellery in June.

"Buyers want pieces that allow them to participate in gold ownership without feeling price pressure, and modern craftsmanship has made lightweight jewellery aspirational rather than entry-level," Gadgil said.

India's total gold demand fell 14% year on year in the first nine months of 2025, with jewellery consumption down 26% to 278 metric tons and investment up 13% to 185 tons, the World Gold Council (WGC) said. Investment made up a record 40% of total demand during the period underscoring gold's enduring role as a store of wealth in Indian households.

The shift toward investment gold and away from jewellery is expected to persist through 2026, as the metal continues to outperform other asset classes, Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said.

"Consumers are purchasing gold in the form of coins, bars, or gold ETFs, assuming that the rally will continue," Kothari said.

India-listed gold-backed exchange-traded funds (ETFs) saw an inflow of $3.3 billion, equivalent to 28.7 tons so far this year, which raised their holdings to 86.2 tons, according to the WGC.

Leading industry consultancy Metals Focus expects the softness in India's jewellery demand to carry into 2026, with full-year jewellery consumption projected to decline by a further 9%. With gold becoming less affordable, jewellery consumption has seen a structural shift where consumers are opting for lower caratage and lighter-weight designs, it added.

There is growing acceptance of lower-carat jewellery, including 18-carat and 14-carat options, particularly among younger customers and working professionals, said Santosh Kataria, chairman of DP Abhushan Ltd DPAB.NS.

"These pieces allow buyers to manage budgets while still enjoying appealing designs, making them suitable for everyday wear," Kataria said.

(Reporting by Rajendra Jadhav and Polina Devitt;
Editing by Veronica Brown and Louise Heavens)

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Nov 12 (Reuters) - P N Gadgil Jewellers Ltd PNGD.NS:

• P N GADGIL JEWELLERS SEPT-QUARTER CONSOL PROFIT 793.1 MILLION RUPEES

• P N GADGIL JEWELLERS SEPT-QUARTER CONSOL REVENUE FROM OPERATIONS 21.78 BILLION RUPEES

Source text: [ID:]

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By Rajendra Jadhav and Brijesh Patel

NEW DELHI, Sept 15 (Reuters) - Gold demand in India this festive season is expected to be weaker than last year, as record-high prices are likely to curb jewellery purchases, outweighing modest gains in investment demand.

Weaker demand in the world's second-largest gold consumer could limit a rally in global prices XAU=, which hit a record high last week. But sluggish demand for gold imports could limit India's trade deficit and support the rupee.

Local gold prices MAUc1, which scaled a record peak of 109,840 rupees per 10 grams last week, have risen 42% year-to-date, after gaining 21% in 2024.

"Consumers have a fixed budget, and it's not keeping up with rising prices. We're expecting demand to fall by about 10%-15% in volume," Amit Modak, chief executive of PN Gadgil and Sons, said on the sidelines of the India Gold Conference in New Delhi.

Indians will celebrate Dussehra and Diwali in October, festivals during which buying gold is considered auspicious.

The December quarter typically accounts for about a third of India's gold sales, as it coincides with the start of the wedding season and festivals.

Gold demand in the December quarter last year stood at 265.8 metric tons, boosted by a price correction just ahead of the festive season after New Delhi slashed import duties on the metal to 6% from 15% in a bid to tackle smuggling.

Consumer sentiment has improved in the last few weeks despite rising prices, and in value terms, demand will still be much higher even if volumes decline, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Besides, investment demand, especially through exchange-traded funds (ETFs), has been rising as gold has been delivering better returns than competing asset classes, Jain added.

Retail gold buying could get a boost from the government's move to cut goods and services tax (GST) on consumer items, as this will leave people with more disposable income, Harshad Ajmera of wholesaler JJ Gold House in Kolkata.

Earlier this month, India announced tax cuts on hundreds of consumer items ranging from soaps to small cars to spur domestic demand.

(Reporting by Rajendra Jadhav and Brijesh Patel; Editing by Sumana Nandy)

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Aug 12 (Reuters) - P N Gadgil Jewellers Ltd PNGD.NS:

• P N GADGIL JEWELLERS JUNE-QUARTER CONSOL NET PROFIT 693.4 MILLION RUPEES

• P N GADGIL JEWELLERS JUNE-QUARTER CONSOL REVENUE FROM OPERATIONS 17.15 BILLION RUPEES

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MUMBAI, June 17 (Reuters) - India's P N Gadgil Jewellers PNGD.NS on Tuesday launched Litestyle, a new sub-brand for lightweight and lower-carat jewellery, as record gold prices push consumers towards more budget-friendly options.

Gold prices have jumped sharply in the past few months, but consumers' budgets haven't risen in the same proportion, leading them to look for budget-friendly options, Saurabh Gadgil, chairman of the Pune-based company, told Reuters.

The lightweight jewellery segment is growing rapidly at around 30% per annum, and the company will launch 12 Litestyle stores this year to tap into this segment, Gadgil said.

Local gold prices MAUc1, which hit a record high of 101,078 rupees per 10 grams on Monday, have risen 29% so far in 2025, after rising 21% in 2024.

Consumers are slowly adjusting to higher prices, Gadgil said, forecasting a 30% to 35% year-on-year jump in revenue in the fiscal year ending March 2026.

Investment demand for gold and silver has been rising as both metals are yielding better returns than other asset classes, he added.

(Reporting by Rajendra Jadhav; Editing by Janane Venkatraman)

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By Rajendra Jadhav

MUMBAI, April 30 (Reuters) - Gold demand remained lower than normal on Wednesday during an Indian festival when buying gold is considered auspicious as the rally in prices to a record high prompted retail consumers to reduce purchases.

Indians were celebrating Akshaya Tritiya, the second-biggest gold-buying festival after Dhanteras.

"Footfalls in jewellery stores improved from evening but still in volume terms demand was around 15% lower than normal," Surendra Mehta, secretary at the India Bullion and Jewellers Association (IBJA).

Big retail chains, which were offering discounts on jewellery making charges, were doing comparatively better business than single-store retailers, as near-record high prices stretched consumers' budgets, Mehta said.

Domestic gold prices MAUc1 hit a record high of 99,358 rupees per 10 grams this month and were around 95,000 rupees on Wednesday, nearly 30% higher since the last Akshaya Tritiya festival.

Despite record-high gold prices, positive consumer sentiment persists, with many exchanging old jewellery for new to manage budgets for festivals and weddings, said Saurabh Gadgil, chairman of PNG Jewellers PNGD.NS.

Indian dealers on Wednesday offered a discount XAU-IN-PREM up to $20 an ounce over official domestic prices, inclusive of 6% import and 3% sales levies.

Gold demand during Akshaya Tritiya was likely lower in volume but could be the same or slightly higher in value, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Big and small retailers were offering discounts on jewellery making charges to lure retail buyers. However, many still preferred to buy coins and bars for investment purposes, said a Hyderabad-based jeweller.

"Demand was lower than usual, but still better than what the industry expected. Even with record-high prices, retail buying didn't take a big hit," said IBJA's Mehta.

(Reporting by Rajendra Jadhav, editing by Ed Osmond)

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** Shares of P N Gadgil Jewellers PNGD.NS rise 2.5%, after falling 3.3% on Monday

** Co says Q4 consolidated revenue grew 5% YoY, driven by 50% growth in retail segment

** Co expects strong FY26 fuelled by robust jewellery demand

** Titan TITN.NS also gains 3.5% on strong quarterly update

** PNGD is down 21.5% so far in 2025, while TITN is down 3.96%

(Reporitng by Nishit Navin)

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April 7 (Reuters) - P N Gadgil Jewellers Ltd PNGD.NS:

• CONSOLIDATED REVENUE INCREASES BY 5.1% Y/Y IN Q4 FY25

Source text: ID:nBSE5KBBMy

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By Rajendra Jadhav and Rahul Paswan

MUMBAI, Dec 18 (Reuters) - Soaring gold prices have led many Indian families to opt for lightweight and lower-carat jewellery to stay within their budgets, industry officials said.

"I wanted to gift my daughter 80 grams of gold, but I was forced to scale it down to 50 grams because of price increase in the past two years," said Mumbai-based Shubhangi More, choosing a necklace with a traditional design for her daughter's wedding.

Gold prices MAUc1 in the world's second biggest buyer of the precious metal have surged 22% so far this year, after rising 15% in 2023.

Most Indian buyers prefer traditional jewellery, but now they want it crafted in lightweight designs to fit their budgets, said Bachhraj Bamalwa, partner at jewellery retailer Nemichand Bamalwa & Sons.

"Recognising this preference, we are stocking more lightweight jewellery sets while scaling down our inventory of heavier designs," Bamalwa said.

Advances in manufacturing technology have enabled jewellery makers to craft traditional designs in lighter weights, said Sachin Jain, CEO of the World Gold Council's Indian operations.

Buyers are also switching to lower carat jewellery to reduce costs, jewellers said.

Guddi Devi, a teacher from Jamalpur in the northern state of Bihar, bought 18-carat jewellery for her daughter's wedding instead of 22-carat.

"I preferred the 18 carats of jewellery because it was cheaper compared to the 22 carats and is much stronger than it," she said.

Indians traditionally prefer jewellery made in 22-carat gold, which contains 91.7% pure gold, while 18-carat gold contains 75% pure gold and 25% other metals. The price of 18-carat gold is nearly a fifth lower than that of 22-carat gold.

"Lower prices and greater durability are making 18-carat jewellery increasingly popular. Its share in total sales has risen to over 15%, compared to just 5% to 7% two years ago," said Surendra Mehta, secretary at the India Bullion and Jewellers Association.

(Reporting by Rajendra Jadhav and Rahul Paswan. Editing by Mark Potter)

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** Shares of P N Gadgil Jewellers PNGD.NS rise 5.2% to 809.25 rupees

** Motilal Oswal initiates coverage on jewelry retailer with "buy", PT of 950 rupees

** Motilal Oswal is the first brokerage to initiate coverage on PNGD, as per data compiled by LSEG

** PNGD among few jewelry firms in India to rapidly expand store presence, says Motilal Oswal; expects around 30% store growth over FY24-27

** PNGD's enhanced digital presence to improve customer base and boost sales with minimal investment, brokerage says

** Stock has gained 2.2% since trading debut in September

(Reporting by Kashish Tandon in Bengaluru)

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Repeats story that ran on Tuesday, with no changes

By Rajendra Jadhav

MUMBAI, Oct 29 (Reuters) - Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters.

Robust demand in the world's second-biggest gold consumer could further support global prices XAU=, which hit record highs last week. Rising demand for imports of gold could also widen India's trade deficit and put pressure on the rupee INR=IN.

"People are still into gold big time, even with prices at record highs during Dhanteras. With gold giving better returns than the stock market, there's been solid demand for coins and bars," said Saurabh Gadgil, chairman of PNG Jewellers PNGD.NS.

Indians were celebrating Dhanteras on Tuesday, a day considered auspicious for buying gold and one of the busiest gold-buying days in India.

Local gold prices MAUc1 jumped to a record high of 78,919 rupees per 10 grams last week, marking an increase of more than 31% since last year's Diwali. India's NSE Nifty 50 share index has dropped about 7% from a record high hit on Sept. 27.

Investors are working to diversify their portfolios by adding to or increasing their allocations in gold and silver, Gadgil said.

"In value terms, turnover during this year's Dhanteras is expected to be significantly higher than last year due to higher prices. In volume terms, it may be slightly lower or around the same level as last year," Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said.

Indian dealers on Tuesday charged a premium XAU-IN-PREM of up to $1 an ounce over official domestic prices – inclusive of 6% import and 3% sales levies, up from the last week’s discount of $4.

Local silver futures MSVc1 hit a record high of 100,081 rupees per kilogram last week.

"Demand for silver coins and bars was strong today, as silver has delivered better returns than gold in recent months," said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

(Reporting by Rajendra Jadhav; Editing by Susan Fenton)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))

By Rajendra Jadhav

MUMBAI, Oct 29 (Reuters) - Indian buyers of gold brushed off record high prices and made purchases for the Dhanteras and Diwali festivals starting on Tuesday, hoping bullion would continue to rally and deliver promising returns amid a cooling stock market, industry officials told Reuters.

Robust demand in the world's second-biggest gold consumer could further support global prices XAU=, which hit record highs last week. Rising demand for imports of gold could also widen India's trade deficit and put pressure on the rupee INR=IN.

"People are still into gold big time, even with prices at record highs during Dhanteras. With gold giving better returns than the stock market, there's been solid demand for coins and bars," said Saurabh Gadgil, chairman of PNG Jewellers PNGD.NS.

Indians were celebrating Dhanteras on Tuesday, a day considered auspicious for buying gold and one of the busiest gold-buying days in India.

Local gold prices MAUc1 jumped to a record high of 78,919 rupees per 10 grams last week, marking an increase of more than 31% since last year's Diwali. India's NSE Nifty 50 share index has dropped about 7% from a record high hit on Sept. 27.

Investors are working to diversify their portfolios by adding to or increasing their allocations in gold and silver, Gadgil said.

"In value terms, turnover during this year's Dhanteras is expected to be significantly higher than last year due to higher prices. In volume terms, it may be slightly lower or around the same level as last year," Prithviraj Kothari, president of the India Bullion and Jewellers Association (IBJA), said.

Indian dealers on Tuesday charged a premium XAU-IN-PREM of up to $1 an ounce over official domestic prices – inclusive of 6% import and 3% sales levies, up from the last week’s discount of $4.

Local silver futures MSVc1 hit a record high of 100,081 rupees per kilogram last week.

"Demand for silver coins and bars was strong today, as silver has delivered better returns than gold in recent months," said Chirag Thakkar, CEO of Amrapali Group Gujarat, a leading silver importer.

(Reporting by Rajendra Jadhav; Editing by Susan Fenton)

(([email protected]; Reuters Messaging: x.com/Rajendra1857))