Leading retailer in jewellery sector PN Gadgil Jewellers is all set to enter global jewellery market through a new store scheduled to be inagurated in California on August 31.
PNG Jewelers (repeat Jewelers) Inc, a fully owned subsidiary of PN Gadgil-Pune would start its global operations from Sunnyvale to attract American, Mexican and European jewellery buyers based in the United States.
Speaking to Business Standard, PN Gadgil Jewellers partner Saurabh Gadgil said, "Our new store would not be focused on Indian jewellery and Indian buyers only. We are entering the global market to promote our PNG brand in jewellery sector. The new store to be launched on July 31, will primarily attract American, Mexican and European buyers along with Indians."
PN Gadgil, a family owned jewellery firm operational since 1832, recently won the "Best gold jewellery of the year 2008" award constituted by Retail Jeweller Magazine. This is the third consecutive year for the company to win this national award.
"Over the years, we have evolved as a national brand in jewellery business. The plan is to carry forward this brand across the globe. After the initial store in California, we will launch more stores in other parts of the world," Gadgil added.
PNG Jewellers Inc has invested approximately Rs 9 crore to set up the new store in Sunnyvale and the firm expects to generate sales worth Rs 9 crore during the first year.
"California region has more than three lakh Indians. Also, a large number of gold buyers from Mexico, Europe and Japan are based in this IT-hub of USA. We have planned a major marketing drive in this region to attract jewellery buyers," he added.
The company would be exporting jewellery from India to its US-shop. The prices of individual jewelery items would be 15 to 20 per cent more in the US as against in India.