Eyeing what is estimated to be a Rs. 12,000-crore strong market for silver ornaments, Pune-based PN Gadgil Jewellers is foraying into branded silver jewellery. The 183-year-old jewellery company, which has tied up with fashion designer Tarun Tahiliani to design the ornaments, plans to grow this business under the Silvostyle brand. PNG is also investing around Rs 250 crore to expand the gold and diamond business, which includes the setting up of a factory to make diamond jewellery in Mumbai last month. The funds will be raised through internal accruals and debt. By September 2015, the company will add nine stores for gold and diamond jewellery including a second one in the US and one in Dubai. After the expansion in Maharashtra and new stores in Indore, Hubbali and Goa, the Company will have 20 stores and a presence in four States. Expansion of PNG Jewellers stores will bring in a fresh business opportunity for the signage firms engaging in in-shop designs, displays and related activities.
