PN Gadgil Jewellers Ltd. has reported sales of Rs 606 crore during the Diwali period, which amounts to a 74% increase compared to last year. Following robust sales in the festive period, the company expects momemtum to continue during the wedding season as well.
PN Gagdil recorded its highest-ever single-day trade during Dhanteras, amounting to a year-on-year increase of more than 100%. The company announced these Diwali sales numbers through an exchange filing on Monday.
Gold segment led gains for PN Gadgil Jewellers, witnessing a growth of 74%, whereas the silver and diamond categories also improved, seeing yearly growth rate of 90% and 54% respectively.
“This Diwali marks yet another milestone in our journey. We are truly grateful for the continued trust and love our customers place in our brand, craftsmanship, and service,” said Saurabh Gadgil, Chairman and Managing Director of PN Gadgil.
“Through the launch of new festive offers, enhanced showroom experiences, and staying true to our core values, we have been able to delight our customers, drive robust growth across all categories, and strengthen our connection with them, despite fluctuating gold prices,” he added.
PN Gadgil’s strong growth numbers for the festive season come against the backdrop of robust Diwali sales, which crossed the Rs 6 lakh crore mark.
The demand for gold, in particular, remained strong even as prices soared, with 24-carat gold reaching Rs 1,34,000 levels during Dhanteras.
However, it must be noted that these bumped-up numbers are a result of a gold price rally, rather than being an indicator for actual demand.
To put things into perspective, PN Gadgil’s gold volumes saw an increase of just 10% even though the gold price rose as much as 60% this year.
On the flip side, though, PN Gadgil witnessed strong growth in the silver and diamond space, recording a growth rate of 17% and 47% respectively.
Looking ahead of PN Gadgil Jewellers are confident of robust growth during the wedding season as well.
“For the wedding season, we remain highly optimistic. With customer sentiment remaining positive, we are well-positioned to continue this strong momentum,” he said.
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