A Former National Chess Champion And RBI Intern. Meet India's Newest Billionaire

Since its initial public offering (IPO) last month, the share price of PN Gadgil Jewellers has surged by 61 per cent, significantly boosting Gadgil's fortune

Saurabh Gadgil (second from left) took control of the family business in 1998, which was founded in 1832 by his ancestor, Ganesh Narayan Gadgil.

Source : Saurabh Gadgil /LinkedIn

Saurabh Gadgil, chairman and managing director of PN Gadgil Jewellers (PNG Jewellers), has officially entered India's billionaires' club following the company's recent stock market debut. The sixth-generation businessman, based in Pune, has seen his net worth soar to nearly $1.1 billion, according to the Bloomberg Billionaires Index.

Since its initial public offering (IPO) last month, the share price of PN Gadgil Jewellers has surged by 61 per cent, significantly boosting Gadgil's fortune.

The 47-year-old former national-level chess player attributes his success to the forward-thinking mindset developed during his chess career. "As a former national-level chess player, thinking thirty moves ahead in life has become something of a habit for me," Gadgil shares on his LinkedIn profile.

Gadgil took control of the family business in 1998, which was founded in 1832 by his ancestor, Ganesh Narayan Gadgil, who started by selling gold ornaments on the footpath in Sangli, Maharashtra. Over the years, PNG Jewellers has grown into a major brand, selling products through 39 retail stores and various online platforms as of July 2024.

In the financial year 2023-24, Saurabh Gadgil, along with his wife Radhika and two other family members, earned a combined remuneration of Rs 272.4 million ($3.2 million), according to Bloomberg.

Gadgil holds a B.Com degree from Brihan Maharashtra College of Commerce and an MBA from Symbiosis University in Pune, where he also completed an internship at the Reserve Bank of India (RBI).

PN Gadgil Jewellers' success story spans nearly two centuries, with the flagship 'PNG' brand becoming a household name in India's jewelry market. Based out of Maharashtra, P N Gadgil Jewellers is known for offering a diverse range of gold, diamond, platinum, and silver jewellery. The company operates the brand via 39 retail outlets and online platforms. The firm’s borrowings stood at Rs 397 crore, as of March 2024.