India’s newest billionaire was an intern at the RBI during his MBA

Saurabh Gadgil of PN Gadgil Jewellers has joined India’s billionaires’ club after the company made its market debut last month. The sixth-generation businessman, who is based in Pune, is the chairman and managing director of PN Gadgil Jewellers, or PNG Jewellers.
Since the IPO, Gadgil’s net worth has risen to almost $1.1 billion since the IPO, according to the Bloomberg Billionaires Index. The share price of PN Gadgil Jewellers has risen 61 per cent since the listing
Gadgil, 47, is former national level chess player.
“As a former national level chess player, thinking thirty moves ahead in life has become something of a habit for me,” he writes on his LinkedIn profile.
“This habit of mine started coming in handy particularly back in 1998 – when I took over the reins of the PNG Jewellers family business.”
In 2023-24, Saurabh Gadgil, his wife Radhika and two other family members collectively took home 272.4 million rupees ($3.2 million) in remuneration, according to Bloomberg.
After earning a B.Com degree from Brihan Maharashtra College of Commerce in Pune, Gadgil earned an MBA from Symbiosis University in the city.
During his time at Symbiosis, Gadgil did an internship at the Reserve Bank of India (RBI).
“I thoroughly studied and understood the gold market and where it could lead too, in the global environment. That helped a lot when I eventually joined the company,” Gadgil had told Hindustan Times in 2018..
PN Gadgil Jewellers was founded in 1832 by Ganesh Narayan Gadgil who sold gold ornaments on the footpath in the town of Sangli in Maharashtra, according to Bloomberg.
The company’s products are primarily sold under its flagship brand, “PNG”, and various sub-brands, through multiple channels, including 39 retail stores (as of July 31, 2024) and various online marketplaces, including websites.