{"id":1054,"date":"2026-06-20T10:28:56","date_gmt":"2026-06-20T10:28:56","guid":{"rendered":"https:\/\/jewellersdigest.com\/?p=1054"},"modified":"2026-06-20T10:28:56","modified_gmt":"2026-06-20T10:28:56","slug":"gold-surges-to-new-heights-amid-u-s-election-and-speculation-on-fed-rate-cuts","status":"publish","type":"post","link":"https:\/\/jewellersdigest.com\/?p=1054","title":{"rendered":"PN Gadgil Jewellers Shares Surge 8% on &#8216;Buy&#8217; Rating from Motilal Oswal"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"1054\" class=\"elementor elementor-1054\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-7402c11 elementor-section-boxed elementor-section-height-default elementor-section-height-default wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no\" data-id=\"7402c11\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-248bf09\" data-id=\"248bf09\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-69f1fe7 elementor-widget elementor-widget-text-editor\" data-id=\"69f1fe7\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><span style=\"font-weight: 400;\">Shares of <\/span><b>PN Gadgil Jewellers<\/b><span style=\"font-weight: 400;\"> surged nearly <\/span><b>8%<\/b><span style=\"font-weight: 400;\"> on <\/span><b>December 9, 2024<\/b><span style=\"font-weight: 400;\">, hitting an intraday high of <\/span><b>Rs 829.90<\/b><span style=\"font-weight: 400;\"> per share following the initiation of coverage by <\/span><b>Motilal Oswal<\/b><span style=\"font-weight: 400;\">. The brokerage has set a <\/span><b>\u2018Buy\u2019 rating<\/b><span style=\"font-weight: 400;\"> with a target price of <\/span><b>Rs 950<\/b><span style=\"font-weight: 400;\">, reflecting a potential <\/span><b>24% upside<\/b><span style=\"font-weight: 400;\"> from the current market price.<\/span><\/p><h3><b>Key Drivers for Stock Growth<\/b><\/h3><p><span style=\"font-weight: 400;\">Motilal Oswal analysts pointed out several <\/span><b>key factors<\/b><span style=\"font-weight: 400;\"> that could drive <\/span><b>PN Gadgil\u2019s<\/b><span style=\"font-weight: 400;\"> stock price re-rating:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Successful execution of store rollouts.<\/b><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">Implementation of a <\/span><b>gold hedging policy<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improvement in operating margins<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><\/ol><h3><b>Company Overview<\/b><\/h3><p><span style=\"font-weight: 400;\">Founded in <\/span><b>1832<\/b><span style=\"font-weight: 400;\"> in <\/span><b>Pune<\/b><span style=\"font-weight: 400;\">, <\/span><b>PN Gadgil Jewellers<\/b><span style=\"font-weight: 400;\"> is the <\/span><b>second-largest jewellery retail chain<\/b><span style=\"font-weight: 400;\"> in <\/span><b>Maharashtra<\/b><span style=\"font-weight: 400;\">, with a presence in <\/span><b>48 stores<\/b><span style=\"font-weight: 400;\"> across 21 cities. In <\/span><b>FY24<\/b><span style=\"font-weight: 400;\">, the company reported <\/span><b>Rs 6,100 crore<\/b><span style=\"font-weight: 400;\"> in revenue from its network of 36 stores, which includes locations in <\/span><b>Goa<\/b><span style=\"font-weight: 400;\"> and the <\/span><b>United States<\/b><span style=\"font-weight: 400;\">.<\/span><\/p><h3><b>Expansion Plans and Future Growth<\/b><\/h3><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Network Expansion:<\/b><span style=\"font-weight: 400;\"> PN Gadgil is aggressively expanding its store count and plans to open <\/span><b>44 new stores<\/b><span style=\"font-weight: 400;\"> over the next three years. This will bring the total to <\/span><b>80 stores by FY27<\/b><span style=\"font-weight: 400;\">, up from <\/span><b>36 in FY24<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>New Market Focus:<\/b><span style=\"font-weight: 400;\"> The company plans to enter new markets, such as <\/span><b>Madhya Pradesh<\/b><span style=\"font-weight: 400;\">, <\/span><b>Chhattisgarh<\/b><span style=\"font-weight: 400;\">, and <\/span><b>Bihar<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Product Mix Refinement:<\/b><span style=\"font-weight: 400;\"> PN Gadgil is working on improving its product offerings, specifically by increasing the share of <\/span><b>studded jewellery<\/b><span style=\"font-weight: 400;\">. The share of studded jewellery has already increased by <\/span><b>250 basis points (bps)<\/b><span style=\"font-weight: 400;\"> to <\/span><b>7%<\/b><span style=\"font-weight: 400;\"> in the past three years, with the goal of reaching <\/span><b>double digits<\/b><span style=\"font-weight: 400;\"> in the next year.<\/span><\/li><\/ul><h3><b>Financial Outlook<\/b><\/h3><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Growth Projections:<\/b><span style=\"font-weight: 400;\"> Analysts project <\/span><b>strong growth<\/b><span style=\"font-weight: 400;\"> for PN Gadgil over the next few years, with <\/span><b>CAGR<\/b><span style=\"font-weight: 400;\"> estimates as follows:<\/span><ul><li style=\"font-weight: 400;\" aria-level=\"2\"><b>Revenue CAGR<\/b><span style=\"font-weight: 400;\">: 23% (FY24\u2013FY27)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"2\"><b>EBITDA CAGR<\/b><span style=\"font-weight: 400;\">: 31% (FY24\u2013FY27)<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"2\"><b>PAT CAGR<\/b><span style=\"font-weight: 400;\">: 36% (FY24\u2013FY27)<\/span><\/li><\/ul><\/li><\/ul><p><span style=\"font-weight: 400;\">These projections are driven by:<\/span><\/p><ol><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A <\/span><b>30% CAGR<\/b><span style=\"font-weight: 400;\"> in the number of stores.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A strong presence in the <\/span><b>formalising Maharashtra market<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><span style=\"font-weight: 400;\">A higher focus on <\/span><b>studded jewellery<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Improved product mix<\/b><span style=\"font-weight: 400;\"> and <\/span><b>sourcing strategies<\/b><span style=\"font-weight: 400;\">.<\/span><\/li><\/ol><h3><b>Profit Margin Improvement<\/b><\/h3><p><span style=\"font-weight: 400;\">Motilal Oswal expects PN Gadgil\u2019s <\/span><b>profit before tax (PBT)<\/b><span style=\"font-weight: 400;\"> margin to increase to <\/span><b>4.6%<\/b><span style=\"font-weight: 400;\"> by <\/span><b>FY27<\/b><span style=\"font-weight: 400;\">, up from <\/span><b>3.4%<\/b><span style=\"font-weight: 400;\"> in <\/span><b>FY24<\/b><span style=\"font-weight: 400;\">. This increase will be supported by better operating efficiencies and higher sales from studded jewellery.<\/span><\/p><h3><b>Risks and Challenges<\/b><\/h3><p><span style=\"font-weight: 400;\">Despite the growth potential, there are some <\/span><b>risks<\/b><span style=\"font-weight: 400;\"> associated with investing in <\/span><b>PN Gadgil<\/b><span style=\"font-weight: 400;\">:<\/span><\/p><ul><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Gold price volatility:<\/b><span style=\"font-weight: 400;\"> PN Gadgil has not fully hedged its exposure to fluctuating gold prices, which could impact its margins.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Performance of new stores:<\/b><span style=\"font-weight: 400;\"> The success of new stores, especially in non-core markets, remains a key uncertainty.<\/span><\/li><li style=\"font-weight: 400;\" aria-level=\"1\"><b>Increasing competition:<\/b><span style=\"font-weight: 400;\"> As the jewellery retail sector becomes more competitive, <\/span><b>PN Gadgil<\/b><span style=\"font-weight: 400;\"> could face margin pressures from established players.<\/span><\/li><\/ul><h3><b>Conclusion<\/b><\/h3><p><span style=\"font-weight: 400;\">With strong expansion plans, a focus on product innovation, and a promising financial outlook, <\/span><b>PN Gadgil Jewellers<\/b><span style=\"font-weight: 400;\"> is poised for growth. The <\/span><b>24% upside<\/b><span style=\"font-weight: 400;\"> projected by <\/span><b>Motilal Oswal<\/b><span style=\"font-weight: 400;\"> reflects confidence in the company\u2019s ability to successfully execute its business strategy and expand its market presence.<\/span><\/p><h3><strong>Gold Market Overview: Investment Fuels Record Highs<\/strong><\/h3><p>Gold experienced an extraordinary year in 2023, marked by a surge in investment demand from both institutional and retail investors. The yellow metal reached several record highs, maintaining an upward trajectory that has characterized recent years. In the face of economic uncertainties, rising interest rates, and geopolitical tensions, investors turned to gold as a safe haven.<\/p><p>Physically-backed gold ETFs saw substantial inflows, with $2.1 billion added in August alone, marking their fourth consecutive month of growth. This influx contributed to a 3.6% increase in gold prices and a 4.5% rise in global assets under management (AUM) in gold ETFs, which reached a record $257 billion. Western funds were the primary contributors, with collective holdings increasing by 29 tonnes to total 3,182 tonnes by the end of the month. For the year, gold ETFs rebounded significantly, reducing year-to-date losses to $1 billion and curtailing the decline in holdings to 44 tonnes.<\/p><p>India and China played pivotal roles in the gold market, though their trends diverged. India experienced robust ETF inflows, while China faced an economic slowdown that negatively impacted its gold market, particularly in the jewelry sector. Notably, India surpassed China in gold ETF demand, showcasing how both countries influenced global demand in different ways.<\/p><p>Looking ahead to 2024, gold&#8217;s momentum may temper as investment demand is expected to slow. However, central bank purchases and macroeconomic factors such as potential interest rate cuts could sustain market buoyancy. Jewelry demand is anticipated to see modest growth, especially in key markets like India and the Middle East.<\/p><h3><strong>Platinum: Strong Demand Amid Supply Challenges<\/strong><\/h3><p>Platinum had a mixed but ultimately strong year in 2023, particularly driven by industrial and automotive demand. The market faced a record deficit of 851,000 ounces (26.4 tonnes), stemming from a 2% decline in supply alongside a 26% increase in demand compared to 2022. Despite solid supply-demand fundamentals, platinum prices experienced volatility influenced by institutional investment activities and significant inventory releases.<\/p><p>Platinum prices began the year at $1,086 per ounce but fell to $912 by mid-February. A surge in investment demand during the second quarter led to a recovery, pushing prices above $1,000 per ounce. However, prices remained subdued in the latter half of the year due to ongoing inventory releases.<\/p><p>On the supply side, mine production increased by 1% year-on-year to 5.6 million ounces, primarily driven by operations in South Africa and Zimbabwe. Nonetheless, mine supply remained below historical levels due to challenges such as electricity shortages, strikes, and safety stoppages. Additionally, the recycling supply faced pressure, with a 14% decline in auto catalyst recycling.<\/p><h3><strong>Conclusion<\/strong><\/h3><p>The performance of precious metals in 2023 highlights the complexities of the market, shaped by investment trends, industrial demands, and regional variations. As we move into 2024, the interplay of these factors will continue to influence gold, platinum, and silver, offering opportunities and challenges for stakeholders in the industry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t<div class=\"elementor-element elementor-element-2bde34a e-flex e-con-boxed wpr-particle-no wpr-jarallax-no wpr-parallax-no wpr-sticky-section-no wpr-column-slider-no wpr-equal-height-no e-con e-parent\" data-id=\"2bde34a\" data-element_type=\"container\" data-e-type=\"container\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div class=\"elementor-element elementor-element-df25e84 elementor-widget elementor-widget-text-editor\" data-id=\"df25e84\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p data-pm-slice=\"1 1 []\">Jewellery&#8217;s Digest is a premier jewellery magazine that covers the latest trends, insights, and everything happening in the jewellery industry.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>A Year of Variability: Precious Metals Market Performance in 2023<\/p>\n","protected":false},"author":1,"featured_media":1059,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[20],"class_list":["post-1054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-jewellery-magazine"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Strengthening India&#039;s Market for Natural Diamonds<\/title>\n<meta name=\"description\" content=\"De Beers and GJEPC collaborate to enhance India\u2019s natural diamond market, focusing on growth strategies and industry development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jewellersdigest.com\/?p=1054\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Strengthening India&#039;s Market for Natural Diamonds\" \/>\n<meta property=\"og:description\" content=\"De Beers and GJEPC collaborate to enhance India\u2019s natural diamond market, focusing on growth strategies and industry development.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/jewellersdigest.com\/?p=1054\" \/>\n<meta property=\"og:site_name\" content=\"Jeweller&#039;s Digest\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/profile.php?id=61554396800520\" \/>\n<meta property=\"article:published_time\" content=\"2026-06-20T10:28:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/jewellersdigest.com\/wp-content\/uploads\/2024\/09\/top_-rows_of_gold_and_silver_bars_with_several_thin_bars-sixteen_nine.webp\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"675\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/webp\" \/>\n<meta name=\"author\" content=\"chinmai.cravitystudio@gmail.com\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"chinmai.cravitystudio@gmail.com\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"5 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/jewellersdigest.com\\\/?p=1054#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/jewellersdigest.com\\\/?p=1054\"},\"author\":{\"name\":\"chinmai.cravitystudio@gmail.com\",\"@id\":\"https:\\\/\\\/jewellersdigest.com\\\/#\\\/schema\\\/person\\\/591ea7866e96ea0a7ea738b90ff6a1be\"},\"headline\":\"PN Gadgil Jewellers Shares Surge 8% on &#8216;Buy&#8217; 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