How an RBI intern and chess star played his way to a billion-dollar IPO: Meet Saurabh Gadgil

Saurabh Gadgil, the chairman and managing director of PN Gadgil Jewellers, has officially joined the ranks of India’s billionaires following the company’s successful initial public offering (IPO). Once an intern at the Reserve Bank of India and a national-level chess player, Gadgil’s net worth now stands at nearly $1.1 billion, according to the Bloomberg Billionaires Index. The IPO’s impact has been clear—PN Gadgil Jewellers' stock surged by 61% since its listing.

At 47, Gadgil's strategic mindset, honed from years as a competitive chess player, helped guide the family business he took over in 1998. Reflecting on his background, he said, "Thinking thirty moves ahead in life has become something of a habit for me." This foresight has paid off. In fiscal 2023-24, Gadgil, along with his wife Radhika and two family members, earned ₹272.4 million ($3.2 million) in remuneration.

A sixth-generation businessman, Gadgil began his journey with a Bachelor of Commerce degree from Brihan Maharashtra College of Commerce in Pune, followed by an MBA from Symbiosis University. His internship at the RBI sparked a deeper understanding of the global gold market, which proved invaluable when he stepped into leadership at PNG Jewellers.

PN Gadgil Jewellers, founded in 1832 by Ganesh Narayan Gadgil, has grown from humble beginnings on the streets of Sangli, Maharashtra. The company now operates 39 retail stores and an online marketplace, selling products under the PNG brand and sub-brands. The founder family holds an 83% stake in the business, which they will reduce to 75% in compliance with market regulator SEBI’s rules.

Looking ahead, Gadgil sees bright prospects for the jewelry industry. He remarked, "India will see a surge in luxury shopping, and jewelry will be at the top." India’s jewelry sector, valued at $70 billion in 2023, is expected to more than double by 2028. Despite this growth, organized jewelry trade only accounts for 37% of the market, which remains dominated by small retailers and artisans.