Whalesbook
PNG Jewellers opened its 76th store in Varanasi, Uttar Pradesh, located in the Mohalla Sigra area, on March 27, 2026. This expansion marks a significant step in the company's strategy to broaden its presence across key Indian markets.
Driving National Expansion
This new Varanasi store is part of PNG Jewellers' larger plan to reach culturally rich and economically important Tier II and Tier III cities. The goal is to make its diverse jewelry collections more accessible to customers in these regions, supporting its aim to become a leading national jewelry retailer.
A Legacy of Growth
Founded in 1832, PNG Jewellers is pursuing an ambitious expansion. The company aims to reach 150 stores by March 2028, investing in both company-owned and franchise outlets. Expansion efforts are focused on Central and Northern India, including Uttar Pradesh, with attention to regional designs. This growth follows a significant financial achievement, with the company reporting over ₹10,000 crore in revenue for FY2025-26, boosted by strong festive sales and growth in its diamond and silver segments.
Market Position and Competition
Operating in a highly competitive jewelry market presents challenges. Gold price fluctuations can affect consumer demand and costs. PNG Jewellers must maintain consistent quality and customer service across its growing network. Strong rivals like Tanishq operate over 505 stores and Kalyan Jewellers has more than 315, with plans to add 170 more. PC Jeweller aims to open 20 stores annually. PNG's strategy aims to increase its national footprint, moving beyond its traditional base in Maharashtra.
Key Financials and Future Goals
The company's strategic expansion aims to reach 150 stores by March 2028. Investors and customers will be watching the performance of the new Varanasi store and the company's progress toward its expansion targets. Continued sales growth, especially in new regions, and how the company navigates market competition and gold price changes will be key indicators.