With a heritage spanning an incredible 190 years, PNG Jewelers is not just a name; it's a testament to tradition, trust, and timeless innovation. In an era dominated by fast-changing consumer habits and a love for convenience, PNG Jewelers continues to shine as a beacon of authenticity while seamlessly adapting to the demands of the modern jewelry buyer. Here’s how this iconic brand is setting benchmarks in a market worth billions.
The Bling Boom
The Indian gem and jewelry market is on a meteoric rise. Valued at a whopping $80-85 billion today, it’s growing at an impressive 20 percent CAGR and is forecasted to hit a dazzling $200 billion in the next four years. The market’s shift toward organization and branded craftsmanship is changing the way Indians buy jewelry.
“We have seen in the Indian jewellery market today, that when people have disposable incomes, unlike China which saw the boom in luxury, bags, shoes, the Indian market will primarily look at gems and jewellery, and that has been the stronghold,” notes Saurabh V. Gadgil, Chairman and Managing Director of PNG Jewelers. This is a market fueled by rising disposable incomes and a love for tradition, even as the global luxury landscape leans toward handbags and shoes.
The post-COVID jewelry boom in India is no accident. It’s a reflection of a fast-growing GDP and rising per capita incomes, driving robust consumption. “I think the whole story behind the Indian jewellery market today is the consumption. We are a fast-growing economy, GDP rates are growing fast, the per capita incomes are growing, people having extra disposable income with them,” adds Saurabh.
Old Meets New
PNG Jewelers is a masterclass in balancing heritage with cutting-edge innovation. While it proudly carries forward its rich cultural lineage, the brand is unafraid to modernize its offerings. From reinventing traditional designs to creating ultra-efficient back-end systems, PNG Jewelers puts the customer first.
“It's always been the consumer first. And that has been the focus point for innovation because we always believe that as a retail brand, innovation must help the end consumer. Innovation also is done at the back end to ensure our processes are streamlined, the right merchandising is at the right place,” explains Saurabh. The result? A seamless experience that caters to today’s time-crunched yet quality-conscious shopper.
For instance, PNG excels in quick customizations, offering resizing or bespoke jewelry within 48 hours—a service that now accounts for 30 percent of its business. Whether it’s crafting made-to-order bangles or resizing rings, PNG ensures that customers leave with exactly what they envisioned.
“Out of my footfall, my conversions are more than 90 percent. That is one of the highlights of the company,” Saurabh shares.
From Clicks to Bricks
In today’s world of instant gratification, where consumers want everything “at the flick of a finger,” PNG Jewelers faces the challenge of luring customers to its physical stores. But the brand isn’t backing down—it’s reinventing the in-store experience to keep it relevant and personal.
“So how do we make it possible to create an experience at the store, which makes a person feel like they go the extra mile and extra effort to come to the store. So the various touch points with the consumer engage in the entire journey is what makes it special. We believe in a lot of personal relationships,” explains Saurabh. Personal relationships are at the heart of PNG’s strategy, with touchpoints designed to make every step of the shopping journey special.
Yet, PNG is just as committed to the digital revolution. Recognizing that modern consumers browse online before buying, the brand ensures a seamless omni-commerce approach, blending online browsing with offline buying.
“People try to collect a lot of the designs that they like. They correspond with us and ask us to get some designs we have seen at different stores. So we kind of do Omni-commerce where we encourage people to browse online and shop offline,” says Saurabh.
The brand even offers at-home consultations, bringing convenience and personalization straight to the customer’s door. With a 100 percent year-over-year growth in e-commerce, PNG is successfully bridging the gap between tradition and modernity.
“In case somebody doesn't want to come to a store, we can book an appointment and showcase jewelry at home. It’s all about blending online and offline to suit people’s preferences,” he says. “Our division, shop from your home, ensures that we blend online and offline and create a kind of environment that suits people and gives them the advantage of using both sides of the coin.”
Tech-Savvy and Sustainable
Technology is the backbone of PNG Jewelers, enhancing everything from customer experiences to back-end efficiency. The brand utilizes tools like RFID tags, digital catalogs, and smart billing systems, ensuring a streamlined operation that delights customers.
“Technology enhances the whole operation at the back end,” Saurabh explains. PNG’s advanced ERP systems manage inventory through a just-in-time model, ensuring stores maintain lean stocks while turning over inventory faster.
This tech-driven approach not only improves operational efficiency but also boosts the brand’s sales-per-square-foot metrics, making it a leader in the industry.
Expanding Horizons
PNG Jewelers isn’t just thriving in its home state of Maharashtra; it’s actively working to dominate the market. Already the second-largest jewelry player in the state, PNG aims to claim the top spot within the next year.
But the growth story doesn’t end there. PNG is strategically expanding into neighboring states and the international market, focusing on areas with high profitability and sustainable demand. In the US, the brand currently operates a store in Sunnyvale and plans to open another soon, tapping into the growing Indian diaspora.
“Expansion is backed by data, by science. And expansion is something which is logical, profitable and sustainable,” says Saurabh.
Staying Relevant Across Generations
How does PNG Jewelers stay ahead in a competitive market? By adapting to trends, embracing new technologies, and staying open to experimentation.
“I think the most important thing is focusing on staying relevant, understanding novel trends, studying newer technologies and always being the first to adapt. And as a company, we always believe that it's fine to make mistakes, and then learn from them,” Saurabh emphasizes.
With its customer-first mindset and relentless focus on innovation, PNG is poised to remain a household name for generations to come.
The Takeaway
In a fast-evolving jewelry market, PNG Jewelers has cracked the code to stay both timeless and trendy. From its customer-centric innovations to its tech-driven operations and ambitious expansion plans, the brand exemplifies how a legacy business can not only survive but thrive in a digital-first world.
Whether it’s through quick customizations, an unparalleled in-store experience, or seamless online-offline integration, the brand is setting benchmarks in the industry. As it continues to evolve, one thing is clear: PNG Jewelers isn’t just selling jewelry; it’s crafting experiences that last a lifetime.
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