Anant Ganesh alias Dajikaka Gadgil
was born near Sangli in 1915.
He joined the family business of gold
trading and ornaments when he was
20. He decided to expand to the
relatively prosperous and bustling
town of Pune in 1958, with the
conviction that expansion into that
place would be the best route for
business development. He went on to
build up PNG, one of the foremost
brands in gold, jewellery and gems in
India.
Throughout his work, he has stuck to
the tenets of honesty in dealings, in
thought and deed. Think Pure is the
ruling principle he lives by.
At 93, he still mentors the PNG Group
that now has huge interests, besides
the original business of gold and
jewellery, in commodities, capital
services and investments, real estate
and hospitality.
www.ameyaprakashan.com
Think Pure
This is a remarkable story that traces the journey of a
boy born in a traditional, joint family of gold traders in a
small town, Sangli in the Indian state of Maharashtra.
He demonstrated how a family-owned business can be
Think
developed harnessing talent and skill available within
the clan and grooming it to bring it on par with any
Pure...
professionally managed organization striving towards
progressive growth.
Scoring high on all objective norms of business, the
PNG family fortress today stands as impregnable as it
was over a century ago.
The young boy who has in his blood the purity and
magnanimity of river Krishna on whose banks he was
born became the sheet anchor of the family and kept
DAJIKAKA GADGIL
the flock tightly together – professionally as well as
emotionally and in the process, set standards in
entrepreneurship in terms of its postulates of
innovation, courage, vision and customer satisfaction.
A must read for youngsters aspiring to win a place in
the business world through hard work, honesty and
integrity without compromising on values.
Ameya Prakashan
DAJIKAKA GADGIL
 © Dajikaka Gadgil

Publisher
Ulhas Latkar
Ameya Prakashan
207 Business Guild
Law College Road
Pune 411 004. India.
Tel: +91 20 25457571
E-mail: simba@vsnl.net
www.ameyaprakashan.com

First Edition: 12 October 2007

This book was published at a book release function
at the Frankfurt Book Fair 2007 in Germany.

ISBN 81-903514-7-8

Price:
US$ 9.99

All rights reserved.

No part of this book may be copied, reproduced, adapted, abridged, or
translated. stored in any retrieval system of other system or transmitted in
any form by any means without the prior written permission of the
copyright holder

ii
 To all my customers
Who gave me their trust
at times for three of their generations…
Who contributed to making
PNG synonymous with Pure Gold…
Whose co-operation and goodwill
sustained me for over 77 years…

This story is dedicated.

iii
iv
 OREWORD
By Philip Olden
Managing Director, Marketing and Jewellery
World Gold Council, London

When one meets Dajikaka Gadgil, one is struck by his

warmth, simplicity, honesty and charm. His popularity in all
the circles he comes into contact with is therefore readily un-
derstandable. With the formidable reputation he has built up
for honesty and his leadership of a very successful jewellery busi-
ness, "Think Pure" is a very appropriate title for his autobiogra-
phy.
Very few businesses have stayed with the same family for as
long as 175 years. In the field of gold, Dajikaka's business must
be a unique example of a business still being actively run by
family members, generation after generation.
The period of Dajikaka’s business career starting in the 1930s
has been a momentous age for India. The country won inde-
pendence and passed through a lengthy phase of rigidly con-
trolled development. This included a period of the Gold Con-
trol Order that severely restricted the scope of people in the
business. Then came liberalisation and the opening up of the
economy to world trade. India is now recognised as a leading
economic power and the world's leading market for gold.
Throughout this turbulent period, Dajikaka steered his busi-

v
ness steadily to greater heights, culminating in the wonderful
jewellery stores you can see in India today.
Even at his advanced age of 94 years he continues to lead the
business as a mentor and guide. The succeeding generations are
following in his footsteps to take the business forward, with a
chain of beautiful jewellery stores with a reputation for quality
and service, which is now poised to spread overseas.
Dajikaka has ably carried forward the tradition of trust that
is the hallmark of his business, and I consider myself privileged
to know him. I am confident that readers will find this chronicle
interesting and inspiring.
— Philip Olden

vi
 A Glance over the Shoulder

ine decades have gone by. A long time-span. I have

been witness to historic events and momentous change.
My ninety three-year life unrolled like a film-strip be-
fore my mind's eye while penning these memoirs.
Actually, the word ‘autobiography’ has a great aura around it.
We are accustomed to linking autobiographies with the lives of
great and eminent people. I therefore would not call this story
my autobiography. Besides, this book is not structured in the
traditional mould of an autobiography. I would present this to
readers as the story of my life.
I have always strived in my life to scrupulously follow my
convictions of honesty and transparency in thought and deed. I
used the principle of purity as the cornerstone of my core busi-
ness - gold. It is my conviction that a sound foundation of pu-
rity brings the desired sheen to one's life and work. Pure thoughts
give birth to pure deeds, that is the credo that I have lived to all
my life.
What runs through the following pages is my attempt to bring
before the new generation all that I learned, all the principles I
lived by.
The new generation will perhaps be reluctant to believe that
success can be achieved through the three-way formula of eth-
ics-transparency-honesty even in these days. In fact, the belief is

vii
taking root that today, a successful business has no place for
ethics, values and ideals. I would like to tell the sceptics who
propagate this, that even today the principle that ‘Honesty is
the Best Policy’ will certainly lead to success, even if slow. But
success on this solid grounding will be a lasting one, and one's
goodwill will not be a flash in the pan.
Life, in my opinion, has a simple solution: ‘Purity of
Thoughts.’ With purity of thought, no impurity of any sort
will infect you in any way. It is the secret of success at the per-
sonal, business, social and spiritual levels.
I entered the family business of gold jewellery at the age of
20. The business then had a glorious 103-year tradition, an en-
viable prestige in society. Since then to now, that is from the
103rd to the 175th year, I have served as one of the chief archi-
tects of our family business, PNG.
I decided to leave Sangli in 1958, to set up in Pune. For those
times, this was a bold decision. Leave a small town for a bus-
tling city … leave behind a set business in Sangli, a century-old
goodwill … make a new beginning in Pune … But I feel that in
the interests of business development it was the right decision.
PNG is now a big name on Pune's business horizon. This would
not have been possible at Sangli.
PNG must be one of the very few concerns in the world whose
ownership and day-to-day control has stayed with a single fam-
ily for 175 years.
Throughout, I have been equated with PNG and PNG with
me. Many people still feel that 'PNG' are my own initials. I
think it is an acknowledgement to my deep involvement in our
business.
The 72 years from 1935 to 2007 have seen great changes in
the social, political and economic scenario of India. Trade in

viii
gold was a tight-rope act through the British rule. Then came
Nehru's socialistic pattern, followed by Licence Raj and the
impractical and difficult-to-sustain Gold Control Order. There-
fore, any spectacular business growth was impossible till the
nineties. I was however, successful in sustaining the business
and building up a goodwill that made PNG synonymous with
‘purity.’
The goodwill that we enjoy all over Maharashtra for purity
and honesty cannot be valued in money terms.
The family kept expanding during this period. If a family
business is to sustain, one person has to officiate as head of the
family, as otherwise the business would drift like a rudderless
ship. With several members in a family, differences are bound
to arise. But with proper co-ordination, at times with hard de-
cisions, our family business ran smoothly.
To be honest, several things that should have been done were
not done. Expansion was not spectacular, diversification would
have been desirable. I was unable to take the business to the
level one would desire to, and I may not have taken the risks
that come with such an effort.
I regret these shortcomings, but the way the next generation
has infused new dynamism in the business in the last ten years,
it appears that these dreams are headed for fruition. The new
dynamism is actively changing the image of PNG. One can see
the changes that are directly responsible for the image
changeover: we have evolved from a family-managed to profes-
sionally managed business. Our name has changed from P. N.
Gadgil to the more corporate name and style of PNG. From a
single shop we have grown into a chain of stores. From
specialising in traditional jewellery, we have diversified into a
complete range of jewellery solutions.

ix
 The 175-year old legacy is being carried forward into a bright
future.
I would like to end with the note that this story of my life
and work may leave certain questions unanswered. But to be
frank, I am still waiting for answers. I am not a leading light, I
am just an honest, hard-working, positive-minded businessman.
I have not emerged as a trail-blazer or a power figure, but I have
achieved a respected status in society. I walked the tightrope of
a business such as gold on the conviction of honesty, clarity and
purity. I am putting before you all that this journey has taught
me.

(Dajikaka)

x
 NTRODUCTION
By Vasant Patwardhan
Former Chairman, Bank of Maharashtra

‘Think Pure,’ the autobiography of Dajikaka alias Mr. A. G.

Gadgil is a legend. On the face of it, it is a traditional story
dealing with his family, life, ancestors, events that let Dajikaka
to fame and success; but deep inside it, are the principles of
modern management and culture followed by Dajikaka. He did
not go to Harvard or read Peter Drucker or any of the manage-
ment gurus, but knew them through hard work and experi-
ence. He is a born entrepreneur.
The chapter on entrepreneurship therefore makes compul-
sive reading for the management students. It tells us the differ-
ence between an entrepreneur and others. An entrepreneur has
to be creative, innovative. He muse seize every opportunity, be
flexible and ahead of times and other competitors.
At the same time he must not have false pride and ego. He
has to be human. He creates a new need for the people and
convinces them how it is necessary to buy his products and
services.
Good human relations are essential for success of a business.
This was also the belief of the industrial doyen — Mr. JRD
Tata. The head of the family or the business must set his own
example before his colleagues, employees. Dajikaka did all these
things unwittingly and led from the front. He respected even
the artisans and treated them as family members. As he himself

xi
narrates, each error was an opportunity for learning and he was
not scared of making mistakes or admitting them.
In a family business, misunderstandings and differences of
opinion are inevitable. India has this unique peculiar tradition
of family business, not seen anywhere in the world. Still from
Tatas to Ambanis, those who succeed surmounted these situa-
tions and showed the world that family business has more to
offer to the world, and can digest all new philosophies.
Diversification and adaptation of new technologies is resisted
by family businesses but Dajikaka did not resist the changes
sought by future generations. He can be proud that he instilled
the sense of standing together even in his fourth generation and
the gold business has spread to equities and commodities.
Tatas, Kirloskars, Bajajs were already in the industries but
Dajikaka did something unique. He converted trading into an
industry. Who would have thought in the sixties that a gold-
smith will found an industry, aiming for a business of a hun-
dred billion rupees by 2020 AD?
He is confident that young entrepreneurs of India will be
counted at par with Henry Ford or Bill Gates.
Dajikaka has silently solved the succession issue, by persuad-
ing his grandsons and others to be in the ‘PNG’ than seeking
pastures elsewhere.
Without much ado, the ‘PNG’ led by Dajikaka has followed
the quantitative school of management, has absorbed the cor-
porate philosophy, the modern technique of quality control, six
sigma principles, and adapted to information management.
Without using the word ‘Outsourcing’ they get the work done
elsewhere.
His autobiography may not be as scintillating as other well-
known and oft-read autobiographies of Jack Welch, Lee Iacocoa,

xii
Richard Branson, Akio Morita or David Packard, but from the
Indian standpoint this book is a must for the coming genera-
tions, aspiring to be industrialists. It would imbibe in them the
virtues of modesty, social awareness and sharing one's own wealth
and wisdom with others.
— Vasant Patwardhan

xiii
xiv
 ONTENTS

Family Tree
1. Roots 1
2. Formative Years 7
3. The Pune Shift 19
4. Expansion, PNG Today and Tomorrow 29
5. Family Life 41
6. Beyond Business 59
7. The Entrepreneurial Journey 69
8. Think Pure 85
9. In Conclusion 95
Annexure: Management by Values 97

xv
xvi
If you don’t have integrity
you have nothing.
You can’t buy it.
You can have all the
money in the world
but if you are not
a moral and ethical person
you really have nothing.

— Henry Kravis

xvii
xviii
ONE
Roots

The secret of good life is to have the right loyalties

and hold them in the right scale of values.
— Norman Thomas

ndia during the British rule was an assembly of several

principalities, each ruled by a monarch. The principal-
ity largely reflected the character and disposition of the
sovereign. Rulers who were progressive and sensitive to the needs
of their subjects created territories that flourished. One such
prosperous principality was Sangli. It was ruled by the
Patwardhan clan since 1775. The Patwardhans, with their vi-
sionary outlook and philanthropic approach, created a vast and
wealthy kingdom, that enjoyed an enviable reputation in the
region.
It was thus natural for an enterprising Narayan Vasudev Gadgil
to migrate to Sangli from his small village in the Konkan1.
Narayan Vasudev and his son, Ganesh Narayan, took up jobs
with Modak, a prosperous jeweller and moneylender in Sangli.
They quickly learnt the ropes of the business and, in time, set
up on their own venture, calling it “Ganesh Narayan Gadgil:
Moneylenders and Jewellers.”
Their business grew in tandem with the town. Narayan
Ganesh bought a house on the main road. He had three sons,
but he did not wish all three to join the same trade. The eldest,
2
Ramchandra, therefore, went into the ghee business; the young-

Roots |19
est, into cloth. The second son, Narayan, alias Balnana came
into the jewellery business. It is from here that the family enter-
prise got well entrenched. Narayan's three sons, Purushottam
3
alias Aba, Ganesh alias Dada and Vasudev alias Bapukaka all
joined the family business, and built a firm foundation on which
PNG stands today.
The increasing prosperity of the Sangli principality was to a
large extent responsible for the rapid growth of the business set
up by Purushottam Gadgil and his brother. The king,
Chintamanrao Patwardhan II built the Sangli-Miraj railway, set
up the Sangli Bank and the Chamber of Commerce. He had
recognised the importance of business activity, and worked to-
wards promoting it. Thus, it was under Chintamanrao
Patwardhan II that Sangli became a centre for commerce and
culture, next only to Pune.
Today, PNG stands tall in the field of gold jewellery. It has
carved its own prestigious niche in the market and is counted
amongst the leaders. The brand-name has been fashioned out
of the initials of Purushottam Narayan Gadgil, the main archi-
tect of the enterprise who brought it fame and prestige. He was
a widely respected man. His younger brother looked upon him
more as a father-figure than as an elder brother.
Purushottam Narayan or Aba earned his image through his
honest, clean and religious nature. He had a firm grip on the
business he conducted. His word on gold or gemstones was taken
as absolute and final. He was good at his venture, and also highly
ethical in his dealings. Thus, in spite of the money lending busi-
ness that went with the core activity, his transactions with bor-
rowers of limited means were never exploitative. The best ex-
ample of his benevolence and social consciousness was when he
worked in the forefront for setting up of the Sangli Bank. No

20 | Think Pure
money lender would have taken such efforts to set up an insti-
tution that could seriously hamper his own business.
He began to enjoy tremendous faith of the Sangli populace.
In 1914, when large areas of town were submerged in floods,
people rushed to him to give over their valuables for safe-keep-
ing. Aba obliged everyone and returned the jewellery once the
water receded.
The people of Sangli soon began to deify him. They felt that
he was blessed with a Midas touch and if they bought gold from
him, it would automatically multiply. As a result his shop began
to flourish extraordinarily. Many people even believed that the
Sangli Bank was prospering because it was Aba who had per-
formed the first inauguration ritual. He later also saved the Bank
4
from bankruptcy: his Hundis were valid all over the country.
The royal household, too, had full confidence in Aba. The
potentate had given standing orders to his treasury that Aba
Gadgil was to be provided with whatever amount of money he
happened to ask for. Aba never took undue advantage of that
privilege; in fact, he stepped in to help out when the royal house-
hold felt the need for funds.
Aba was also extremely conscious of his social responsibili-
ties. Around 1932-33, the salaries of teachers of the city high
school had been held up since the royal household had not trans-
ferred the subsidy amount on time. Out of desperation, the
principal sent his son to the Gadgil shop to raise money after
mortgaging his wife's jewellery. At that time, Aba was at the
shop. When he got to know the real story and learnt about the
principal's plight, he sent the son off with the necessary funds,
and the jewellery. He also conveyed a message to the principal
saying that money was available whenever required, jewellery
would not be required.

Roots |21
 Aba had three daughters, but no sons. He married three times
in the hope of producing a male heir, but in vain. However, he
looked upon his two younger brothers as his successors since
both of them had displayed adequate potential to carry on the
business. So Aba went into retirement at the age of just 45, and
devoted himself thereafter to pilgrimages and the study of reli-
gious tracts.
Dada and my father Bapukaka, the two younger brothers,
had learnt the ropes of the business from their elder brother.
Besides business, Dada had also developed other interests like
farming and chess. He was a progressive farmer, and had bagged
several prizes at agricultural exhibitions. He had begun a na-
tional open chess tournament at Sangli. He was the president of
the peoples' body in the state. In contrast to Aba's mild man-
ner, Dada was rather firm. He was not as deeply religious as
Aba, but performed the customary rituals.
My father acquired 150 acres of land at Salgare on the Sangli-
Pandharpur road, where he cultivated several varieties of fruits
and vegetables. He sent home to Sangli camels loaded with all
fruits and vegetables required for celebrating traditional festi-
vals.
He tried his best to develop the backward village of Salgare.
He got the land broken up into plots, got a market set up, and
opened a post office. He even started a practice of selling gold
and silver ornaments every Monday. He had begun a flourish-
ing farm in an area that was actually severely drought-prone.
But he had to go through the trauma of seeing his farm ravaged
by anti-Brahmin mobs in the aftermath of Mahatma Gandhi's
assassination in 1948. The vandalism by people of everyday ac-
quaintance in the village saddened him no end. He then left
Salgare, never to return.

22 | Think Pure
 His marital life was marred by tragedy. He lost five wives in
succession to illness or childbirth. He was left with three sons
and three daughters.
Bapukaka, the youngest brother of Aba and Dada preferred
travelling on business than in manning the shop counter. He
would go around collecting orders, delivering goods and deal-
ing with brokers in Mumbai. His travels spread the name of the
Gadgil business far and wide, and this stood in great stead when
the decision came to set up shop in Pune. He later became a
disciple of Gurudev Ranade. His three sons, Nanasaheb,
Visubhau and Haribau took up their responsibilities at the shop
in due course. The fourth, Ramachandra, was more into spir-
ituality, and spent his time in meditation.
I am the nephew of Aba, son of Dada. I am proud of my
family that has earned the respect of the public and the patron-
age of royalty. I take greatest pride in the aura of honesty that
my relatives have built up. There are many successful businesses
around, but there are very few like the Gadgils who have shaped
their success on the sound foundation of customer service and
honesty. The Gadgils of Sangli were not just selling gold orna-
ments; they were setting standards of pubic behaviour. All the
Gadgils, and Aba, in particular, were a great influence on the
populace. I, too, have been greatly influenced, in my formative
years and up to my forties, by the compassion, character, hon-
esty, social concern, magnanimity, mild manner and the firm
grip on the business that Aba had.
It was through the guidance that I got from Aba and others
in the family that I was able to achieve what I have. The story
follows …
•

Roots |23
1 Konkan: a narrow and long strip of the coast of western India. At the
time of this narrative, it was steeped in poverty.
2 Ghee: clarified butter. It is an important component of Indian diet and
also of Hindu rituals.
3 It was common to name grandsons after grandfathers, hence the repeti-
tion of given names.
4 Hundi: Bill of Exchange, serving the function of what a demand draft
does today.

24 | Think Pure
TWO
Formative Years

Wisdom is not to be obtained from the

text books, but must be coined out of
human experience in the flame of life.
— Morris R. Cohen

was born on 11th September 1915. The day before my

birth, the town of Sangli was hit by a massive flood
and the dreadful plague followed. Many Sangli resi-
dents evacuated the town to stay on farms at a distance. Our
Gadgil household, too, shifted to a farm at Budhgaon in the
vicinity. It was here, in Budhgaon, that I was born. However, I
consider myself a Sangli man, since that is where I was nur-
tured.
People say I was a plump child, and had thus earned the so-
briquet that translates to ‘Tomcat.’ Ours was a large household.
There was Dada, my father, his brother, their families and a
whole bunch of kids – all living together. The house was thus
always bustling. My mother died when I was barely four. A step-
mother came along, and another one followed when she died.
But I never suffered the traditional step-treatment. One reason
was that Dada kept a sharp eye on the upbringing of all the
children. He was always particular that no discrimination should
occur between own and step-children.
I began attending school when I was five. The school was
housed in a building opposite our shop at the saraf katta1 . Al-
though it was small, its discipline was exemplary. I still remem-

Formative Years |25

ber the three venerable teachers Mangalwedhekar, Sathe and
Kulkarni. Mr. Mangalwedhekar would carry a tightly knotted
kerchief in his hand, with which he would swat erring children.
I, too, have experienced quite a few of those awful smacks.
At school, much of our time was spent in writing (we used
the traditional reed pen) and memorising and reciting tables of
fractions. Later, the tables in particular came in very handy in
conducting my business. When gold was being measured out
in fractional weights I could compute dexterously. Or, I would
have a complex calculation ready in my mind even as people
struggled over calculators in the shop.
It was also in school that I began to wear the traditional black
cap. As I grew up, it gradually became a part of me and I wore it
all my life.
After the customary four years in that school, I was, as a mat-
ter of routine, promoted to the city high school which had classes
from the fifth standard to highschool graduation. There was
just one division for each class, and the student population to-
talled up to about three hundred.
I remember there was a flowering tree at the back of the school.
I would pick flowers and fill my pockets, handing out a few to
whoever I met. I was also fond of collecting matchbox labels, a
vast variety of which were available then. But my true love was
the school gymnasium. The wrestling bouts, the gymnastic ex-
ercises, the hututu2 games ... these were close to my heart. I had
become quite an expert on the flexible cane exercise pole. In
fact, I won several awards in tournaments held in school and
neighbouring towns.
Although ours was a wealthy and influential family in Sangli,
we children were never given any preferential treatment in school.
We were subject to the same discipline and authority as all oth-

26 | Think Pure
ers by the school Superintendent Mr. Tamhankar and the teach-
ers Messrs. Karandikar, Wakankar, Biniwale, Raste and Kelkar.
Those days, the cane was not used for hitting, instead it was
firmly squeezed between the fingers. I can still recall that excru-
ciating pain that ran through our hands. But there was no point
in complaining at home. The punishment meted out at school
was always justified.
My school also helped me develop a spectrum of interests. I
began to appreciate music and musical plays with the guidance
of Mr. Joglekar (from nearby Tasgaon) who taught me the har-
monium. The Scoutmaster inculcated in me a taste for the Scout
uniform and its trappings. The responsibility of officiating as
general secretary for a social function exposed me to the intrica-
cies of setting up a dramatic production. I also attended a
Vedashala3 where I learnt to recite the Vedas. To date, I still re-
member much of those tracts.
But my interests essentially lay more in activities other than
academic — the gym, the games, the musicals and the like.
Some studies did take place because of my siblings at home.
But I seldom got serious about it. Even the teachers were toler-
ant. After all, it was known that I would not need to hunt for a
job afterwards, since I would have a shop to manage.
I was rather a mischievous child and would frequently play
pranks. I remember there was a tradition followed in the house
whereby the meals were had separately by the men and women
of the house. The men would eat in the main living room while
the women would sit in the adjacent room. Girls were not even
expected to laugh out loud. I would peep into the girls’ dining
room while at meals, and make funny faces. They would be
vastly amused, but were restrained from laughing. It was fun
for us boys to see them suppressing their amusement in the

Formative Years |27

middle of their meals.
I remember in another instance we had rented out a back
room to a woman who worked with a circus. When she moved
out, she left behind a lot of stuff belonging to the circus, among
which there were costumes for the clown. One day a servant
had to be sent to the local school to deliver a message to one of
the girls from the household. I persuaded the servant to dress
up in a clown costume and go to school for the errand. Al-
though I was not there to witness the hilarious scene, the girl
was hugely embarrassed, while the other students were enter-
tained a great deal. However, I think my favourite and much-
indulged-in shenanigan as a child was offering someone a flower
and leaving a live cockroach on his palm instead.
Lessons learnt at school and home were an everlasting legacy.
Our mansion in the Sangli market area was steeped in tradi-
tion. It was always bustling with cousins, in-laws and relations,
who were welcome as and when they came.
Besides, the front garden was a haven for anyone who walked
in. And, the doors were always open for all, even strangers. Thus,
we would have farmers and traders from surrounding villages
who would come to town to conduct business, and would even-
tually land up in our garden for their mid-day meal and a rest.
Another attraction was the well in our courtyard which had a
year-round supply of water. To make the place more comfort-
able, the family elders built a little shed in the courtyard. People
rested, met, discussed business, and even arranged alliances in
the cool shade. At times, we children joined these people in
their meals. I remember on occasions insisting on eating their
type of rustic food even at home.
We also had mendicants frequenting our place. There were
students who worked in exchange for study, scholars from the

28 | Think Pure
holy places in the country — whenever they came to town they
would come to our house for their meals. Even beggars were
never turned away from our gates. There was a large cabinet
stocked with grain and measures placed at the front of the house.
Anyone who came along asking for alms got at least a measure
of grain. The giving was ungrudging, and would even be done
enthusiastically by us kids. Visitors were also treated to butter-
milk and were generously given flowers – both of which were
always available in abundance.
It was not just at home that charity was a way of life. Our
shop, besides selling gold and jewellery, was also a pawn-shop.
But there was never a spirit of usury. The poor were given soft
loans and that helped in bringing us in touch with the lowest
rungs of society. These kind deeds and gestures of our elders
taught us many valuable lessons in life.
The nature of our business and dealings inevitably resulted
in the festivals being celebrated on a large scale. During Diwali4,
for instance, the whole mansion and the shop would be glitter-
ing with lights. The goddess Lakshmi5 would be worshipped,
and visitors would be greeted with sweets, snacks and perfume.
The evening ceremony would be graced by the ruling king of
the Sangli princely state. And he would be gifted with a cer-
emonial puff of perfume and a garment. I still nostalgically re-
member the grandeur of those Lakshmipoojan rituals, and al-
ways make it a point to attend the poojan in each of our outlets
every year.
Our family was fairly traditional. We children had rigorous
rituals to go through every day. Meals were cooked, served and
eaten in traditional styles. Although there was no unwarranted
orthodoxy, one ritual was followed by all: there was a lamp lit
before our home deity that had to be kept burning all the time.

Formative Years |29

There was a vessel of oil kept nearby to feed the lamp, and eve-
ryone, including children, ensured that the flame was always
kept alight.
During those days, it was common practice for women not
to leave the house, except to visit a temple. They didn’t need to
step out even for shopping, since all necessities could be or-
dered home. The men, however, would congregate outdoors in
the evening for general comradeship and casual discussions, but
not women. They were restricted to the house. Yet, the women
did not look upon this as confinement, as all their needs were
taken care of.
Simplicity was the overriding trait of the family. There was
no unnecessary flaunting of ornaments, even though the family
business was of gold. Everyone enjoyed working at the shop
and followed a flexible routine. Business came first and all other
activities unrelated to the shop were looked upon as ‘extra-
curricular.’
But there was one family member whose interests lay else-
where, instead of the flourishing gold business. He was my cousin
Nanasaheb. His passion lay in politics. He entered active poli-
tics through the local branch of the Congress — the leading
national party. He had participated in the agitation in 1932
when the British government imposed a ban on the Congress
party. He went to prison and suffered police atrocities. His back-
ground of physical training in the gym helped him face these.
He was in the forefront in setting up the Sangli Congress Com-
mittee. I often followed him to the party conventions held at
Faizpur and Haripur. I was overwhelmed by the spirit of na-
tionalism that pervaded those occasions.
However, I was not as active in the nationalistic movement as
Nanasaheb. He had drive, leadership qualities and oratory tal-

30 | Think Pure
ent that I lacked. I could just help out financially if our Com-
mittee faced a crunch. I also participated to some extent in con-
ducting rehearsals for the songs for the conventions. The busi-
ness was increasingly taking up my time, and politics just could
not fit into my time or temperament.
Sangli was a wealthy state in those days. The Ganeshotsav6
festival was always celebrated in great style and pomp. The route
from the Ganesh temple to the palace was decked out with lights.
The majestic procession featured elephants, camels, horses and
mounted guards. The resident deity was widely revered, and
devotees came from far-flung places. Eminent artists like Abdul
Karim Khan would perform at the festival.
Hanuman7 Jayanti, too, was an important festival. Scores of
devotees would turn up, and each was given food and sugar
cane juice. These and other festivals kept the town buzzing with
activity all year round. In between, of course, there were the
pleasures of diving into the Krishna river (off the Irvin bridge),
swimming to the Krishnamai Ghat and the Vishu Ghat, and
leaping into a menacing river whirlpool and escaping from it
— these provided us with boundless adventure and thrill.
Most memorable among those times were the musicals wit-
nessed all night long. The residents of Sangli, in general, loved
watching plays. There was a theatre which staged plays featur-
ing well-known artists like Dinanath Mangesthkar and
Pendharkar. The theatre, however, was rather substandard, so
the eminent Balgandharva’s plays were always staged at nearby
Miraj. We siblings would cycle down to Miraj, watch the musi-
cal plays till the wee hours and cycle back, to the admonitions
of the seniors in the family, only to repeat the performance once
another musical play came up in Miraj. I have seen Balgandharva
being ‘once-more’d as many as six times in a row. I have heard

Formative Years |31

such greats as Abdul Karim Khansahib, Kesarbai Kerkar, Mas-
ter Dinanath and Master Krishnarao. I have enjoyed the Marathi
musical plays to the hilt — and I am possibly one of the only
living witnesses to those.
I can thus say that my childhood was very happy and full of
fun, except for a setback that marred my happiness a wee bit. I
developed a problem with my eyesight when young. Both my
mother and my elder sister suffered from weak eyesight, and so
did I. I would often suffer from eye infections, and the village
doctor would treat it with a swab of silver nitrate. It burnt like
the Devil, but had to be borne. I developed a cataract in one eye
just as I was due to appear for Matriculation. It was decided
that I would have to be treated in Mumbai and would be re-
quired to stay there for an extended period. My stay in Mumbai
meant missing three of the highschool graduation examination
papers. A friend, Vishnupant Puranik, accompanied me, and
we rented a flat in Goregaokar Chawl8. Dr Dugan, an eye spe-
cialist, treated me, but the results were not as desired.
On return to Sangli, the question of my continued education
arose. The consensus in the family was that the business was
doing well and more hands were needed, particularly from within
the household. Education was thus not a priority, and my
highschool graduation was postponed for ever thereafter.
So I formally joined business at the age of 20, in 1935. I still
remember my first day at the shop. Aba and Dada were there.
They welcomed me. I found this to be of great significance.
Aba had been my idol right from childhood. I had closely fol-
lowed his behaviour. He had inculcated in our minds the im-
portance of honesty and straight dealings through personal ex-
ample. Everyone in Sangli had full faith in him. I had seen his
willingness to go out of his way to help out people in difficulty.

32 | Think Pure
Aba was an excellent example of how compassion can go side
by side with business acumen. I always took him as the ideal of
how business should be conducted, how relationships should
be built up. It was therefore an honour for me to be welcomed
into the business by Aba and Nana.
They assigned to me for valuation a piece of jewellery that
had come in for being melted down. I was familiar with that
routine as we kids kept dropping in at the business even while
at school and were given odd jobs. But evaluating a gold orna-
ment was an important responsibility. There was no clear tech-
nology to estimate the extent of pure gold that could be ob-
tained from a given piece. To an extent, it was based on instinct
and experience.
Those were the days of blended jewellery. There was no clear
way of knowing the proportions of metals that made up a piece.
Experienced jewellers sometimes went wrong: novices were far
behind. But the seniors in the household never held a wrong
judgement against a junior, or even against a servant, if it did
happen. Their stand was: each error is a learning opportunity,
don’t be scared of making mistakes.
I did everything in the apprenticeship period in the shop,
except for the skilful art of binding gold beads into ornaments.
It gave me a vast store of experience. Our shop attracted people
from all classes. We had poor folk who came to buy trinkets,
and we had princes who ordered gold dishes and bowls. Once
the senior potentate of a state bought eighteen gold dishes from
us. He later came back to sell the same plates when the princely
states were dissolved. In another instance, a royal member was
drawn by the gold belongings of a British official. He borrowed
them and placed his orders. There were items of everyday use
like cigarette cases, flower vases and photo frames that stretched

Formative Years |33

the skills of our artisans to the limit.
When these princes and royal emissaries came shopping, they
would sit in their cars and we would have to cart out our wares
to them for approval. This could involve several trips back and
forth until they were satisfied. As for the noble women, we had
to carry our goods to the palace. The stuff that was approved of
would be accepted. A Purchase Order would then follow from
the palace. When the goods were delivered, our bill would be
approved ‘in due course.’ Payment then had to be collected from
the palace. All this involved a lot of formality and humility, but
I did it willingly.
In those days, only Mumbai had units for the purification of
gold. I had to carry gold to Mumbai, by the kilogram at times.
There would be pockets sewn inside my jacket where I would
tuck away the gold for security. I ably handled such hazardous
responsibilities.
However, the way youth is, one wishes to break out of rou-
tine, to take new directions. One has dreams. One has the con-
fidence to make those dreams come true, and the willingness to
take on the troubles and challenges that this would entail. The
dreams of expanding out of Sangli, once I had settled in, were
therefore quite natural. Sangli, no longer a feudal principality,
had slowed down in its development. Pune, on the other hand,
was prospering as a centre of industry. It is on this background
that Nanasaheb, Visubhau and I began to plan the expansion of
the business.
•
1 Saraf Katta: Jewellers’ Row.
2 Hututu: A traditional team game.
3 Vedashala: A school that teaches the recitation and interpretation of an-
cient verses, the Vedas.
4 Diwali: One of the main festivals in India, a festival of lights.

34 | Think Pure
5 Laskhmi: The goddess in the Hindu pantheon who symbolises wealth.
6 Ganeshotsav: A festival venerating the Lord Ganesh, the God of Wisdom
and of good fortune.
7 Hanuman: is a deity highly venerated for his devotion to Lord Ram, and
for physical strength. Jayanti means anniversary, here used in the sense of
‘festival.’
8 Chawl: a residential building, often of single-room tenements.

Formative Years |35

36 | Think Pure
THREE
The Pune Shift
Success cannot be achieved in ease and quiet.
Only through experience of trial and suffering,
can the soul be strengthened
and ambition inspired.
— Helen Keller

n the mid-fifties, there were several of us — Gadgils —

who were involved in the family business. There was
my elder brother, Appasaheb, my cousins Nanasaheb
and Visubhau and I. Actually, that many of us were not re-
quired at the shop, and some could be easily spared. It was when
this realisation of surplus hands dawned on us that we began to
think of expanding our business. Nanasaheb and I would hold
long discussions on this matter, particularly on our way home
after shutting shop.
As far as Sangli was concerned, ours was the only shop in town.
But it was large enough to serve the existing clientele. Hence
opening another branch in Sangli would be pointless. Besides,
the family also had other businesses dealing with garments, drug
and dairy products thriving in town. Sangli, thus, seemed totally
saturated and there seemed little prospects for growth for the
Gadgils there. It then struck us that we had a large number of
customers coming from Pune to purchase gold and ornaments
at our shop in Sangli. Wouldn’t it be wiser to take our goods to
customers in Pune instead of their travelling to Sangli? Therefore
the idea of opening a branch in Pune seemed most practical and
the proposition was immediately brought into effect.

The Pune Shift |37

 It was decided that Nanasaheb, Visubhau and I would set up
operations in Pune and work for its growth. Nanasaheb had
anyway been pitching for Pune as a business venue for some
time now. So the three of us left Sangli at the end of 1957 and
set up shop in early 1958.
When the time came to bid farewell, my elder brother,
Appasaheb, got extremely sentimental. I, too, felt the emotional
strain of breaking lifelong ties with Sangli, but the opportunity
in Pune seemed too attractive to ignore. We took the bold step
with the full knowledge that there was secure backing in Sangli.
I chose the word ‘bold’ because setting up a venture in a new
place is fraught with risks, and failure would lead to losses in
finance and prestige. There was no precedent of this sort of
move in the jewellery business, although industrial houses such
as the Kirloskars and the Coopers had demonstrated the success
of small-town-to-big city migration. We thus faced the onus of
chalking out our own path. Success was not assured, but we
were fired with the will to work hard and with devotion.
Pune was prospering rapidly, and a fast growing market for
jewellery had been created. Customers from Pune routinely came
to Sangli to buy gold, jewellery and silverware. We, therefore,
already had a feel of the tastes and mindset of the Pune cus-
tomer. We carried out, in modern terms, a SWOT analysis, with-
out actually using the term, as it did not exist then. In fact, we
had no idea that business management could be learned in col-
leges. The only source of such knowledge for us then was expe-
rience and the guidance of seniors.
The first requirement was to identify a location in Pune where
business could be set up. The Saraf bazaar was then concen-
trated in the Ravivar Peth area, with all big and small jewellers
of the city located there. My father-in-law, Bapusaheb

38 | Think Pure
Abhyankar, proposed that we rent a shop on Lakshmi Road
opposite his own wada1, in a building belonging to Tokekar
Joshi. If expansion demanded it, we could later add a neigh-
bouring shop. The landlord Tokekar agreed, and we leased the
shop for Rs 250 a month.
I then rented rooms in Bapusaheb Abhyankar’s wada for my
own residence, a convenience in terms of proximity to the shop.
Visubhau rented a place at Chimanbag, while Nanasaheb spent
the first couple of years shunting between Pune and Sangli. Our
families joined us after the children’s academic year ended.
The name for the shop was not an issue since it was a branch
of the Sangli outlet and we had unanimously decided to retain
the same name — M/s Purushottam Narayan Gadgil & Co,
the only addition being ‘& Co.’ We then proceeded to divide
the business responsibilities. Nanasaheb would look after gems
and pearls, Visubhau would be in-charge of silver and the busi-
ness accounts and I would handle gold. Janardan (‘Hari’)
Nagopant Chitale was appointed to assist with the accounts.
The business in Pune was now ready for inauguration. It was
a foregone decision for all of us as to who would be invited to
do the honours. His Highness the King of Sangli was the best
choice, as the royal household of Sangli had always been great
patrons of the Gadgil household and business. Her Highness
the Queen accompanied him. The first invoice for one tola2
(worth Rs. 100) was made out at his hands, with the faith that
his touch would benefit the business. The function was attended
by several prominent members of society.
His Highness described the attributes of the Gadgil jewellery
business in his speech. He said that the success of the business
lay in the personalised service to clients without any differentia-
tion between classes, in the sound business practices and in the

The Pune Shift |39

guaranteed purity of the goods sold. This could be described as
a three-point formula for our success, and it remains as such
even today. It was thus His Highness’ good wishes ‘that we open
several such branches’ has turned out to ring true today.
One important difference that we noticed in the Pune envi-
ronment was that women took independent decisions for buy-
ing jewellery. In contrast, women in Sangli could not move out
so freely for their shopping. Another noticeable feature was that
the Pune customer was critical and discerning. But once they
were convinced of quality and service, they quickly became loyal
clients.
Our artisans, too, had to follow us to Pune from Sangli, as it
was through their skills that we were enjoying the fruits of suc-
cess. It was also essential that we had experienced artisans to
come over, as novices could have brought our chances of suc-
cess to risk. The artisans were hesitant at first to migrate, as
failure would involve shifting back. Besides, there was resist-
ance from their families who were satisfied with the status quo.
Fortunately, some trusted people such as Atmaram Potdar, Appa
Pedekar and Gangaram agreed to move. They initially lived with
us at the Abhyankar wada and later shifted together to the Nene
wada, near the Commonwealth Building on Lakshmi Road,
not far from the shop. We offered them financial and other
material assistance whenever required.
Those days, we kept limited stocks at the shop. There was a
sample of each piece of jewellery, and catalogues for selection.
Clients would order their choice, and collect from the shop when
their pieces were ready in the course of a week. Initially, we also
got some jewellery made in Sangli.
The first major festival that came along after we started busi-
ness was the Hindu New Year. Sale was brisk: 100 tolas were

40 | Think Pure
sold (at Rs. 100 a tola) on that day. Experience in Sangli had
taught us that business could be increased substantially by en-
couraging purchases on occasions other than weddings. We had
good sales on Gurupushya3 at Sangli, and we promoted the tra-
dition in Pune as well. Soon the concept of small purchase caught
on and people liked the idea of buying gold in small quantities.
Today, on Gurupushya, even if the customer is busy and unable
to come to the shop, he makes enquires about the gold price on
the phone and sends cash with a servant to collect a couple of
grams of raw gold.
The electronic scale has now made it easy to weigh out small
wires weighing one or two grams; earlier accurate weighing was
time-consuming, and on Gurupushya we often had to induct
extra manpower. Even then, we would spend fourteen hours
continuously at the counters. Now, we have created a special
counter for Gurupushya.
Nanasaheb had instilled good working practices at the shop
right from the beginning. Punctuality was of prime importance,
and the shop had to be opened exactly on the given time. Sales
personnel were prohibited from chewing tobacco just before
work hours. Artisans had to deliver on committed dates. This
rigorous discipline was greatly appreciated by customers and
helped us build steadfast patrons and abiding goodwill.
I was inclined to get work done through friendly interaction,
but at times that did not work. So a disciplinarian like Nanasaheb
was also required on the scene initially. The three of us worked
hard to establish the business on a sound footing.
Around four years after we went into business, the Gold Con-
trol Order came into effect in 1962. The country was facing a
foreign exchange crunch and was in dire financial straits. But
gold was being smuggled into the country in large quantities.

The Pune Shift |41

Hence gold was brought under control to curb smuggling and
to improve the country’s international credit standing.
Several strict regulations were introduced. Gold ornaments
could no longer be sold in purity above 14 carats. Primary gold
could only be bought or sold as ingots, not in smaller pieces.
Licensing was made obligatory for shops and accreditation for
each artisan. Detailed daily records were mandatory for all gold
transactions. The business of lending money with gold as secu-
rity needed a separate licence.
Inspectors were appointed to implement the regulations. What
followed was often arrogance and harassment. Paperwork in the
shop increased heavily. Inspectors would find fault even with
the most impeccably kept records. There was the threat of los-
ing one’s licence or imprisonment for three years. People in the
business were naturally under great stress, and no one was pre-
pared to enter the business afresh.
The Order did not really succeed in arresting smuggling. On
the contrary, there was customer dissatisfaction as pure gold
jewellery no longer being available. The artisans were unhappy
to work with 14 carat gold, as the additives made the metal
much tougher. Jewellers were unhappy as they felt they were
doing more clerical work than business.
For our shop, we consulted legal experts and maintained all
paperwork in conformity with regulations. We therefore did
not face many legal hassles. Mercifully, the Gold Control Order
was put on hold in 1987, and finally scrapped in 1990.
Even in the Control days, business at P. N. Gadgil was in-
creasing at a steady pace. We had to expand by adding a floor to
the building, but we still had capacity crowds. We were the only
jewellers on Lakshmi Road for a time, but another shop came
along soon. Some saw this as unwelcome competition, but we

42 | Think Pure
just felt that competition that was at some distance had just
moved closer, not at all a bad thing.
On February 9, 1976, the shop completed 18 years, and we
held a function presided over by former Maharashtra Chief
Minister, Vasantdada Patil. Speakers traced the progress of P. N.
Gadgil over these 18 years. Several speakers expressed the confi-
dence that the gold and silver weighed out at our shop was as
guaranteed as that counter-weighed at the government weigh-
ing centre.
Our progress was somewhat impeded by Visubhau develop-
ing Parkinson’s disease at a relatively young age. He was han-
dling the business accounts, and now his illness prevented him
from coming to the shop. For some time, accounts were carried
to his house every evening, but even that became difficult for
him later. He was taken to Chennai, where the eminent Dr.
Ramamurthy operated on him. But it was of no avail, and he
passed away on May 8, 1978. We sorely missed him after that.
His son Ajit, just 18 then, began to come to the shop. Earlier,
Nanasaheb’s son, Rajabhau, and my son, Vidyadhar, had already
taken up duties at the shop. We needed fresh blood by that
time. Around the time Ajit joined, a friend of his, Satish Kuber
also joined us, and is still with us. Shortly, he was followed by
his brother Shreekant. With Kuber4 present in the shop, it was
no wonder that the business prospered!
In keeping with universal human nature, our success was
greeted by the admiration of many and the envy of some. We
had to face harassment from some government departments,
some raids and such trials. The Sales Tax department raided our
shop in 1978 right on the occasion of Gurupushya, with accusa-
tions of sales tax evasion. Fortunately, our impeccable account-
ing records helped us convince them of our innocence.

The Pune Shift |43

 Another raid in 1984, when the Gold Control Order was in
effect, created quite a sensation. In that year, a well known com-
pany in Pune, Kirloskar Cummins Ltd., decided to gift its work-
ers gold chains for the festival of Diwali. We made 2600 chains,
collectively weighing 52 kilograms in gold. A huge cheque was
issued in the name of our shop from the company, and the Ex-
cise department used that as the excuse for a simultaneous raid
on the premises of Kirloskar Cummins and our shop.
We had all the proper records for the transaction, which ex-
plained everything. But the Excise people still confiscated gold
ornaments to the tune of 3 kilograms from our shop. It took us
three years to get it back, and litigation went on for years, but
eventually things were sorted out. But with the gold stuck with
the authorities for three years, we faced a severe resource crunch.
The litigation was also a mental strain. Nanasaheb had just passed
away that year, and I was facing the tribulations all by myself. It
was tough managing things, but tougher in that difficult pe-
riod.
I have always felt that one need have no worries so long as
one’s dealings were clear and above board. Two more raids fol-
lowed after the sensational Diwali raids, in 2005 and 2006, and
both occurred while I was abroad. I was not seriously worried,
but I just confirmed that our paperwork was all in order. I had
learned that such raids and controversies had little effect on
customer goodwill that is being honestly earned. I was confi-
dent that the Gadgil edifice, built on a firm foundation of me-
ticulousness, honesty and good human relations was immune
to the shocks of such storms, and will continue to stand firm.
•

1 Wada: A large ancestral mansion, usually housing several generations of

44 | Think Pure
 a joint family.
2 Tola: A traditional measure of weight, a little over 10 grams.
3 Gurupushya: The occasion when the moon enters the constellation of
Pushya on a Thursday.
4 Kuber: in the Hindu pantheon, the treasurer of the Gods, and thus the
God of wealth. It is also a Maharashtrian family name.

The Pune Shift |45

46 | Think Pure
FOUR
Expansion
To give real service, you must add something
which can not be bought or measured
with money, and that is
sincerity and integrity and loyalty.
— Donald A. Adams

ince we set up shop in Pune in 1958, our business wit-

nessed a constant growth, by the grace of God. We,
too, laboured tirelessly for its success. We worked con-
scientiously and made every effort to understand buyer prefer-
ences and build an excellent customer relationship. We also in-
novated continuously. An unusual requirement or request was
seen not as a problem, but an opportunity. Hence there were
several pioneering and ground-breaking jobs that we undertook.
An excellent example is the fame we earned as makers of jew-
ellery for Gods and Goddesses. It all began in 1988, when
Prataprao Godse, president of the Dagdusheth Halwai Ganapati
Trust1, gave me a call. The Trust proposed to make an ornate
necklace for the widely revered idol of the presiding deity on
the occasion of the annual Ganapati festival. But they were un-
able to complete their task because they were short of raw gold.
Would I be interested? they asked. I readily agreed. I said I would
make up for the gold deficit, and the Trust could pay me and
return my gold after the festival was over and the funds had
come in. The Trust agreed, and that’s how we were instrumen-
tal in offering an ornament, using 1½ kilograms of gold, for the
most venerated deity in Pune.

Expansion |47
 No public idol had ever been adorned with such a large neck-
lace (about 130 centimetres long) before. We hired a special
workshop in Raviwar Peth for the project. The fabrication of
the chains, the fitting in of the pendants, the embedding of
genuine large rubies and American diamonds was a job of great
skill. The necklace under manufacture attracted a lot of atten-
tion, particularly from other jewellers. Even our family mem-
bers periodically visited the workshop to see its progress. When
this outsized though phenomenal work of beauty and crafts-
manship was complete, it was named Vaibhavhar2 . It became
so popular and widely admired, that a lot of imitations sprung
up on other Ganapati idols. It marked the beginning of a stream
of contracts for us for making ornaments for the Gods. It earned
us the reputation of specialists in religious ornaments.
All other ornaments made thereafter for the Dagdusheth
Halwai Ganapati have been our creations. The ornate head-
dress, the ornament on the trunk, the elephant tooth coatings,
the coral necklace, rings and bangles, the 10½ kilogram gar-
ment, the symbolic modak3, the coconut that is placed in front
of the idol, the mouse that is traditionally the God’s vehicle and
is part of the ensemble of the idol — all have been crafted out
of gold by us.
On the first day of the festival, Ganesh Chaturthi, our artisans
bathe a good four hours before sunrise and proceed to dress up
the idol in His finery. It is only after that the idol is opened up
for worship and the visits of devotees. At the end of the ten-day
festival, on Ananta Chaturdashi, our artisans are called again to
remove the festival ornaments. We have even supplied the Trust
with special strong-boxes for storing the jewellery for the rest of
the year. Later we also made a ceremonial idol of the same
Ganapati out of 21 kilograms of silver.

48 | Think Pure
 We have made several sacred ornaments so far4. The list is
quite exhaustive but some of our prominent works are the gold
sword of Chatushringi devi5 in Pune, the gold footwear at
Gangapur, the 21 kilogram silver image of Dhanvantari at
Sangameshwar, the golden temple-steeple, crown, necklace and
silver seat for the Ganapati at Pali. There are some others that I
would like to mention, for instance, the silver palms of
Mahalaxmi at Mumbai, the canopy over the Morayagosawi at
Chinchwad, the crown, footwear and ceremonial container of
the presiding deity at Alandi, the 3 kilogram gold canopy of
Gajanan Maharaj at Sangvi. We have not restricted our work to
Maharashtra alone, our fame has spread all over the country.
We have made the face-masks, 12 palms, the symbolic marital
necklace, wrist and arm ornaments and feet of the images in
Varanasi, out of 80 kilograms of gold. We even get several devo-
tees coming to us for advice when they want to donate orna-
ments to deities and temples.
We started out dealing primarily in gold and silver initially,
since they were the most coveted metals. However, times
changed, tastes evolved, and with growing purchasing power,
the demand gradually also arose for diamonds. We responded
quickly to this phenomenon by starting a separate division for
diamonds and other gemstones at the Lakshmi Road shop. I
couldn’t pay much attention there due to my rather restricted
eyesight, but Nanasaheb’s son, Rajabhau, was a true
gemmologist. He handled the division ably until his untimely
death in 2001, which came as a shock to all of us.
Another trend for which there is great demand these days is
to wear rings with stones that are considered ‘lucky’ for you.
Personally, I don’t believe in the effectiveness of these, but I
don’t think it should be treated casually. I, therefore, never ad-

Expansion |49
vise anyone on those matters. We certainly stock and sell the
stones and make required rings to meet customer demand, but
all staff has been strictly told to abstain from advising or com-
menting on stones and their usefulness.
The craze, though, often gives us amusing experiences. The
blue sapphire, for instance, is linked to the planet Saturn. It is
often ‘tested’ for its effectiveness for a short period by the user
before it is finally accepted. If it is found ‘unsuited,’ we have to
take it back. In the case of one customer, the blue sapphire had
suited him so much that he was unwilling to let it out of his
sight. We therefore had to fabricate the ring first, and then fit in
the gem in his presence.
The shop in Pune grew phenomenally in four decades. We
earned plenty of fame and prestige and were compelled to ex-
pand by adding two more storeys. We hadn’t till then thought
of opening another outlet elsewhere. The six of us, my son
Vidyadhar, my nephews Abhay and Parag, Nanasaheb’s son
Rajabhau, Visubhau’s son Ajit and I were running the Lakshmi
Road showroom, and were quite content and satisfied with the
progress of our business.
Though the pressure of customers was continually building
up. There was so much of a rush in the shop that buyers would
complain of crowding and long waits. We were reluctant to farm
out the business to an outsider, or hand over our goodwill on a
platter to a franchisee. These thoughts constrained us. And any-
way, even with just one outlet, we still had an annual growth
rate of ten to fifteen per cent, so expansion was not a priority.
But other jewellers, even those who came in after our pio-
neering venture, were opening multiple branches. They were
thus providing access to customers even in far-flung areas of
the city. Although this was not affecting our business, it did

50 | Think Pure
reflect on our image.
Possibilities of expansion finally emerged as an attractive op-
tion after Saurabh, my grandson, joined us in 1999. Plans were
drawn up, ways of execution discussed and we worked together
to make our idea succeed. The upcoming generation took ad-
vantage of my long business experience, and the plans came to
fruition.
After detailed deliberations, we decided to open a branch on
Paud Road in Pune. A lot of city dwellers, our customers for
decades, had moved out of the central city areas to the outlying
suburbs. We, thus, felt that the location would be convenient
for them and would also benefit us. This time, rather than tak-
ing up rented premises, we decided to build a structure to our
own specifications. Thus a 250 square feet shop of our design
came up. We couldn’t help feeling that we could have saved a
lot of money if we had invested in land when we had cash to
spare. However, I am not one to nurse regrets about what might
have been, and I got fully involved in the construction of the
shop till it was complete.
The shop was formally inaugurated on October 22, 2001 by
the legendary Lata Mangeshkar. She bought a gold necklace on
the spot, and the first bill of the new business was thus made in
her name. We began by dealing only in gold and silver orna-
ments, but customer demand forced us to add gemstones as
well. In 2004, we started a separate outlet for diamonds, other
gemstones and pearls right opposite the Paud Road shop, mak-
ing it one of the biggest showrooms in the city dedicated exclu-
sively to gemstones.
We also had a large client base in Pimpri-Chinchwad, a town-
ship located on the outskirts of Pune, who came regularly to the
city for significant shopping. Another outlet was therefore

Expansion |51
planned in Pimpri-Chinchwad. It opened on September 29,
2003. We couldn’t make a special auspicious ‘first bill,’ because
it was I who inaugurated it. But the business grew fast, never-
theless.
Our clientele had thus far been predominantly Maharashtrian,
but the need was felt to reach out to the cosmopolitan commu-
nity as well, and that meant having a presence in the Camp
area. We began in a small way with a modest outlet in a shop-
ping mall at the Pyramid Store. However, we soon located a
suitable site on East Street, and we opened up the next outlet
on May 9, 2005. It was inaugurated by Mr. D. N. Jadhav, then
Commissioner of Police.
There is a tenet that comes to my mind which I consider apt
to mention here. It is the trunk of a tree that sustains the
branches, and must not be neglected while nurturing the
branches. Thus in our desire to grow and have many outlets, we
kept a conscience watch on the Lakshmi Road shop. The mo-
ment we saw an opportunity of acquiring a building close to
the Lakshmi Road outlet, we snapped it up. Today the building
has become a landmark of the locality. On the ground floor,
we’ve kept bangles, traditional armbands and kangans and on
the upper floor we have rings, ear ornaments and fancy jewel-
lery. The shop was inaugurated by Hindi film star Preity Zinta.
She gave us a grand start by buying a particularly traditional
Maharashrian necklace. The old shop was renovated to accom-
modate silverware on the ground floor and gemstones on the
first.
Now that we had many branches, we shifted our focus to
strengthening brand image and brand building. Everybody felt
that we should first identify a short, catchy name with quick
recall value. So without sacrificing the original business name

52 | Think Pure
of P. N. Gadgil and Co., the initials PNG were selected for the
new brand, and the trademark was duly registered.
The new building on Lakshmi Road was named ‘PNG House.’
It now houses the corporate office, HR, Purchase, Marketing,
Publicity and other divisions of PNG. All branches are con-
nected to the corporate office through leased lines. The corpo-
rate office is thus in real-time touch with all branches. The policy
is that each branch should strive towards growth, but not com-
pete amongst themselves. Each branch is watched for undesir-
able practices such as unjustified discounts or temptations to
customers. We have weekly meetings of all branch managers so
that ideas and experiences can be shared.
I am no longer present full-time at the counter, but I visit all
branches in turn. Since 2004, all branches work throughout the
day and year. Traditionally shops would close for the daily ‘si-
esta’ between 1.30 and 4 in the afternoon, but that inconven-
ienced customers from outside the city. We also discontinued
the weekly holiday on Mondays. This was done primarily to
take advantage of the closed market that resulted in less rush
and more parking space. The move upped our turnover figures
immediately. Although it meant additional work for all the family
members, since the employees had the day off, we had to go to
update the accounts and look after housekeeping.
In the recent past, we have been asked by the police to keep
the shops closed on Mondays for security reasons. I hope the
situation will improve in the near future, and we shall be able to
resume week-round operations.
A major indication of changing times, according to me, is the
rising importance of advertising. Earlier, our business was mainly
promoted through word-of-mouth publicity through satisfied
customers. At the most, we advertised on special gold-buying

Expansion |53
occasions like Gurupushya, Dassara and Diwali in the local print
media. But these days, that is just not enough, and we have now
started our own ad agency, Aurum Concetta, a name that links
nicely with our business.
The PNG promotional ads now frequently appear through
the print and electronic media and hoardings. We organise
events, hold exhibitions and participate in fashion shows. Ac-
tor Mrunal Kulkarni, who for me is like a granddaughter, is
now our first brand ambassador. Her dazzling jewellery-bedecked
photograph on hoardings all over Pune attracts the attention of
the populace. Our website is also extremely useful, since our
customers abroad can now register orders through that medium,
giving us rich dividends. It all goes to show the benefits of ad-
vertising: our annual ad budget of Rs. 100,000 has now bal-
looned to over Rs. 15 million. Our burgeoning business figures
show that the expenditure is not wasted.
On April 1, 2007, we converted the business from a partner-
ship firm to a Private Limited company. So we have all now
metamorphosed from owners to directors. Of course, this was a
move to meet Reserve Bank regulations: you have to be incor-
porated if you look for business finance above a certain figure.
We are going to need high finance for future growth. But I am
confident that incorporation is not going to affect our basic
business traditions and image.
In 2000, we started Gadgil Capital Services and then in 2004,
Gadgil Metal & Commodities. Though not linked very closely
with our core jeweller’s business, the Gadgil goodwill is serving
these two companies well. I was new to these lines of business
but have now familiarised myself somewhat. Gadgil Capital Serv-
ices guides the average middle class investor. The company at-
tracted 3,000 retail investors in a couple of years since its incep-

54 | Think Pure
tion on August 14, 2000. Its prime mover Amit Modak, invest-
ment advisor to PNG, made good use of the national radio
channel for this endeavour. His five-minute talks on safe in-
vestment were broadcast by the channel for a year and a quar-
ter, and they encouraged a lot of middle-class people to invest
wisely. The customer base of Gadgil Capital Services is expected
to cross 10,000 shortly. I am confident that an endeavour is
bound to succeed when customer trust has been secured. Hence
I always caution against any action that could harm customer
trust. Financial losses can be recouped, but lost trust is lost for
ever.
Gadgil Metals & Commodities is a member of the
Multicommodity Exchange of India Limited (MEIL). The com-
mon man doesn’t normally dabble in commodities trading, but
now even the small investor can transact on this exchange. One
has to invest on forward deals on the basis of the estimates for
future prices, but with careful and patient transactions, one can
earn well. In just three years this company has crossed Rs. 30
billion in turnover.
Just as growth and expansion in business is desirable, the en-
vironment today calls for diversification. Goodwill in one busi-
ness can be helpful in others, and diversification helps in spread-
ing business risk over multiple segments. I have been fortunate
in having seen a long time-span, with the business environment
evolving continuously. During my time, my move to Pune from
a secure business in Sangli was seen as a gamble; today the new
generation is diversifying. It is using modern techniques in
management. It freely presents me with innovative business
propositions, without the worry of what this old fogey would
understand of the latest concepts. This is possibly because I have
clearly demonstrated to the younger ones for years my accept-

Expansion |55
ance of change and openness to new ideas.
I also feel that elders should give advice. They should point
out to ways and means. However, they should not insist on
being obeyed blindly. Such insistence constitutes interference. I
look upon discipline within a family business, in tune with each
one’s age, as important as following the rules of the business.
Members of the next generation should be trusted. They have
developed ambitious aspirations. They should be watched, but
not interfered with. The contribution of family members to a
business is valuable. I learned that it is necessary at times to
sacrifice, to compromise at times in order to maintain the unity
of the family in business, and I acted accordingly. I am content
that in bringing in new ideas and innovations, the new genera-
tion has not lost sight of ancient tradition and old values.

PNG Today
I always believed in expansion and diversification; be it our
product range or be it our business operations. Although PNG
is maturing in jewellery business in the cities of Sangli & Pune,
I have personally never been complacent about the fact. In my
view, a great visionary always hunts for opportunities.
Today PNG is serving its customers through four branches.
We have recently launched our store in Nashik. Apart from our
core business of jewellery, we boast of a presence in the fields of
Advertising (Aurum Concetta), Commodities (Gadgil Metals
& Commodities), Share Trading (Puneet Shares & Finance Pvt
Ltd) and Investments (Gadgil Capital Services).
Saurabh, being a young, qualified management graduate,
shows a lot of character by taking risk in venturing into diversi-
fied businesses, in addition to his day to day activities in our
jewellery business. He handles the Marketing, Finance, PR, In-

56 | Think Pure
ternational Business and Human Resource Management of
PNG.
My nephew and business partner, Govind, heads operations
like Procurement, Logistics, Stores and Quality Control.
Parag, who is adept at gold business, handles Sales quite effi-
ciently.
Veteran Kuber brothers, Satish and Shrikant, have been a part
of PNG for the last 28 years. While Satish is managing our
Nashik branch, Shrikant is handling administration and regu-
latory departments.

PNG - The Road Ahead

I feel that PNG has the capabilities of creating a global image
in the field of jewellery. Whether I am around to see that is an
open question, but I can certainly see the possibilities on the
basis of what we have done thus far. The business is now being
run by the sixth generation of the Gadgil clan, and the seventh
ready, with new aspirations and plans.
PNG will surely have more branches in India in coming years.
We have already incorporated PNG in California in the US.
That branch will soon be operational to cater to Indians based
in Silicon Valley as well as the existing cosmopolitan crowd.
And that is why the outlet has to be world-class.
All our expansion plans will have two goals in sight: maintain
the values that we have held so far and next, explore new terri-
tories in keeping with market demand. Jewellery will be at the
centre of our activities as our core competence, but we shall
expand into other fields as well.
We saw an opportunity in hospitality and have ventured into
the restaurant business. “Post 91” has been set up to serve cui-
sines from all over the world. This restaurant also specializes in

Expansion |57
banqueting and having a wine garden for wine connoisseurs.
With the real estate boom in Pune, PNG is also eyeing the
opportunity in the construction business. The plans of build-
ing a township on existing piece of land are already under way.
Wherever we go, we shall strive for leadership. Jack Welch
had a maxim that one should either be No.1, No.2 in one's
chosen field, or get out. Even the Tatas believe in staying on top
in any field they enter, or getting out of it. We would like to
remain on top.
We shall also pay attention to our duties towards society at
large. We are fully aware of Corporate Social Responsibility. We
believe that education is the major key to development, and so
we support several educational institutions. We contribute to
projects for senior citizens. We are planning to set up PNG
Foundation to better streamline our CSR efforts.
I expect our turnover to cross Rs. 100 billion by 2020. We
would have built a multi-industry conglomerate by then. But
however much we grow, the principles of honesty, clarity and
purity will remain sound as ever and will always serve as the
foundation of our endeavour.
•

1 Dagdusheth Halwai Ganapati Trust: A prestigious trust in Pune that

runs a major religious foundation, and several educational and charita-
ble institutions.
2 Vaibhavhar: Loosely translates as ‘Necklace of Prosperity.’
3 Modak: A sweet preparation in the form of a stylised ball. Apart from
what the God holds, its worldly version is an essential part of the festival
celebrations.
4 The list that follows indicates the names of a lot of deities and locations
in India.
5 Devi: The word indicates a female deity.

58 | Think Pure
FIVE
Family Life

It’s all about quality of life and finding a happy balance

between work and friends and family.
— Philip Green

nce the sons learned the ropes of the trade, they were
routinely given greater responsibilities in the business.
The earlier generation would gradually move in the
background, making room for the progenies to take charge. In
keeping with this practice, Aba had steadily withdrawn his in-
volvement in the shop. My father Dada, too, was busy prepar-
ing his sons for the business. My elder brother, Appasaheb, was
a regular at the shop even before I started taking it seriously.
When the children were considered mature for assuming
business responsibilities, the family considered it the right time
to get them married. Hence, when Appasaheb was firmly estab-
lished at work, he was married to Girija, the daughter of
Moreshwar Bapat of Belgaum. Similarly, my cousin, Nanasaheb,
was married to Sumati of the Joshi clan from Sangli.
Talks of my marriage started doing the rounds in 1935, the
year I began to work at the shop full-time and in all earnestness.
Of course, in keeping with tradition, neither was my opinion
sought nor was I even cursorily consulted. Those days alliances
were decided through acquaintances and relations.
I was recommended as bridegroom for Tara, the daughter of
Kashinathshastri alias Bapusaheb Abhyankar, granddaughter of

Family Life |59

Vasudevshastri Abhyankar, by eminent Sanskrit scholar and
mentor at the Sanskrit school at Sangli, Vyankatesh Shastri
Abhyankar. On being approached with the proposal, the elders
in my family turned it down. But, despite the rejection, the girl
was brought to our house and went through three rounds of
interviews — first with the elders, then the ladies and, finally,
the daughters-in-law of the house. She even had to go through
the process of having to read out passages from a newspaper.
The answer was still a terse ‘not interested right now.’
But her grandfather Vasudevshastri was a reputed astrologer,
with a knack for predicting future occurrences and happenings
accurately. He was convinced that the alliance would come
through within a year, and he warned the Abhyankar clan not
to look elsewhere for a bridegroom. The grandfather was soon
proved right.
There was the munja1 to take place of one of my cousins, and
it was decided that the occasion was also suitable for my mar-
riage. The Abhyankar family was informed accordingly. Things
moved speedily thereafter, and two very diverse but highly cul-
tured clans — one of Sanskrit scholars and the other of heredi-
tary jewellers — were united through holy wedlock.
Vasudevshastri was a highly acclaimed scholar in Sanskrit,
and was credited with the translation of complex Sanskrit tomes
into several languages. His son, Kashinathshastri, too was equally
accomplished and prominent, and was hailed as the modern
Panini6. He was a teacher at the Gujarat College in Ahmedabad.
It was in Ahmedabad that his daughter, Tara, was born. Later,
she was sent to Pune for her education where she lived with her
grandfather Vasudevshastri. She was a brilliant student of the
Sevasadan. She, too, like her father and grandfather, was a San-
skrit scholar. Of course, I learnt about Tara’s impressive qualifi-

60 | Think Pure
cations only after marriage. Prior to that, I had not even seen
her. She was apparently quite offended at the three refusals from
the Gadgil family, but was later happy that her education would
continue. Unfortunately for her, that was not to be.
We got married on June 6, 1939. The wedding was a grand
affair, given the prosperity of both houses. There was great pomp
and revelry and an enormous number of guests were invited all
of whom were housed at the grand palace of the emperor of
Sangli. The palace was not normally given out for such accom-
modation, but the royal couple were both pupils of
Vasudevshastri. Hence the emperor made an exception and
opened the palace gates for Vasudevshastri’s relations.
The Abhyankars spent four thousand rupees for the wedding
of their daughter. The Gadgils, in turn, gifted a ritual sari to the
bride, besides a large assortment of ornaments of gold, silver
and pearls. There were the ritual visits to the local temples a day
before the wedding. I was perturbed at not having even seen my
bride’s face, and tried to get a glimpse of her on the pretext of
visiting the local temple. But that did not work out. We finally
saw each other only after the last ritual was over and done with.
However, deep down in my heart I was convinced all along that
my parents’ choice would be the best.
On the wedding day, an incident which could have led to
some embarrassment took place. Some of the invitees came for
the ceremonial lunch high on Bhang (a preparation from can-
nabis that not only gives a ‘high’ but also promotes a voracious
appetite). Consequently, dishes that were being served began to
get over one after the other. What saved the day eventually was
the huge stock of laddus that kept everyone satisfied.
According to the Maharashtrian tradition, it is common for a
groom to select a name for his bride after marriage, irrespective

Family Life |61

of her given name. Thus at the Laxmipujan ritual, I named my
bride ‘Kamal.’
Kamal blended into the Gadgil household beautifully. She
was an educated, refined lady brought up in the urban city of
Pune. The atmosphere at Sangli, in contrast, was laid back, not
so progressive, in fact rather rustic. However, she adjusted to
the new surroundings with ease, and soon became the family’s
favourite ‘Kamalkaku’ (Aunt Kamal).
The months after the wedding were quite hectic. All festivals
that came along were celebrated with immense enthusiasm. But
our greatest joy came when our daughter was born on August 3,
1943. It was the tail end of World War II, and the ‘V’ for Vic-
tory finger sign could be commonly seen. We, therefore, de-
cided to name our daughter Vijaya, the Sanskrit word for ‘Vic-
tory,’ to begin with ‘V.’ Our second child, a son, Vidyadhar,
was born on October 18, 1947, and our second daughter,
Vasanti, came along on May 18, 1949. All our three children
were born in Sangli.
Business was now burgeoning, and it was difficult to spend
quality time with the children. But Kamal took care of their
upbringing admirably. In addition, she also looked after my sis-
ter, Warana, who had come back home after the untimely de-
mise of her husband.
Warana had lost her mother when she was barely a year old.
At 14, she was married to Madhusudan Kanitkar of Dhom,
near Wai. Just a few months later, while she was at Sangli for a
festival, her husband died suddenly. The Kanitkar household
was extremely orthodox, and Warana’s mother-in-law had em-
braced an ascetic life after she was widowed. We were worried
that Warana would be expected to lead a similar life if she was
sent back, so we retained her at our home. However, we re-

62 | Think Pure
turned all the jewellery that she had been given at her wedding.
Warana withstood the tragedy courageously. She threw her-
self into social service by working for the Rashtra Sewa Samiti in
Sangli. She would go from house to house encouraging girls to
join the organisation. The initiative of a woman from a noted
local family had its effect, and the Samiti made good progress.
Warana and I were especially close as siblings, and Kamal took
her into the bosom of the family. She gave her precedence in
family rituals, and used her counsel for domestic decisions.
Warana, on her part, became a parental figure in the family, and
was like a mother to my children.
In the course of our sixty-five years together, Kamal was at
my side at every step in life. She backed me to the hilt when I
decided to move from Sangli to Pune in 1957. The shift out of
the joint family and huge house at Sangli was a difficult one,
and the children felt it the most. But Kamal managed things
very efficiently.
My in-laws, the Abhyankars, provided great support when I
relocated from Sangli to Pune. The traditional gold market in
Pune in those days was Raviwar Peth. But the Wada of my fa-
ther-in-law Kashinathshastri Abhyankar was on Laxmi Road.
He advised us to stay there, and rent a shop in the Wada across
the road that was owned by one Tokekar Joshi.
Our stay at his place made life comfortable for Kamal and
the children. The proximity of the shop was convenient, and
Kamal’s parents got their daughter to live close by, as both their
sons lived away from Pune for business.
With the business just beginning to grow in Pune, Kamal
also had to chip in. She would help in sorting out and settling
bundles of paper with important records of purchases and gold-
smiths’ jobs. The work would increase manifold on festival days

Family Life |63

when there was a heavy turnover and all the papers had to be
arranged, a task that had to be completed before going to bed.
At other times, she would gladly cook meals for goldsmiths from
Sangli or for artisans or employees sent to buy raw materials
from Mumbai, who would come unannounced often late at
night. She would rustle up a quick meal without waking up the
servants and would make the visitors feel at home. With her
sincerity and efficiency, she endeared herself to one and all.
Kamal looked after Aba and Dada with devotion. She duti-
fully followed all the rituals usual in the Gadgil household. She
was a great devotee of the Goddess Jogeshwari, and made it a
point to visit that temple on Tuesdays and Fridays. I did not
have such strong religious leanings, but I never tried to curb or
curtail her devout beliefs and practices.
Kamal often had visions of the goddess Durga, and her pre-
monitions would come true. One such vision appeared when
we were visiting our younger daughter, Vasanti, in Minneapolis,
USA, in 1978. On the way, we halted at New York to spend
some time with the brother of our daughter-in-law, Dilip
Phadnis. It was the period of Navaratri3, and on the eighth day,
the goddess manifested herself to Kamal. As we were away from
Pune during the festival, Kamal paid obeisance to the image. I
am convinced that it was Kamal’s faith and the divine power
within her that was responsible for the material progress we have
made.
Along with all her other virtues, Kamal was also an excellent
writer and a very talented poet. Her topical poems written at
various ceremonies and recited by family members, brought alive
the gathering and contributed to the success of the functions.
Overall our lives together were very content and happy. Till
one day, an awfully cruel, heinous and dastardly act of a few

64 | Think Pure
misguided youths shattered our peace forever and left a deep
and permanent scar on our mind.
My brother-in-law, Gajananrao Abhyankar, had built a beau-
tiful house, ‘Smruti,’ at the far end of Bhandarkar Road.
Bapusaheb and my mother-in-law would at times go and stay
there. Gajananrao, his wife Hirabai, his grandson Dhananjay
and granddaughter Jai lived there. Bapusaheb liked the place
for its proximity to the Bhandarkar Research Institute. Towards
the end of November 1976, the two of them moved to ‘Smruti’
permanently. One night, on December 1, Gajananrao and his
wife had gone out for dinner to a friend’s place. My in-laws, the
grandchildren and a servant were in the house.
Suddenly, at about quarter past eight, the doorbell rang. There
were four ruffian-looking youth at the door and they asked for
Gajananrao. When they were told that he would be back late,
they pushed their way into the house. They first cut off the
telephone cable, and then they ruthlessly massacred the whole
family, including the servant.
When Gajananrao and Hirabai returned later at night, they
were mystified to see the lights switched on at home, but the
doorbell not being answered. They pushed the main door, found
it open, and were confronted by the horrifying sight.
Kamal and I learnt of the gruesome tragedy when Apte,
Hirabai’s brother telephoned us. We rushed over in an
autorickshaw4. The police who had cordoned the area stopped
us outside, but Kamal could not hold herself and dashed in.
The ghastly scene shook everyone to the core. What bigger
calamity could befall our family? Kamal was inconsolable. Even
eminent people such as Dr. H. V. Sardesai, Kamal’s uncle Ma-
jor-General Latay and Collector of Pune Dinesh Afzulpukar sat
around in a daze.

Family Life |65

 Just that evening we had been to a wedding reception to a
nearby hall, and she had thought of dropping in at Smruti. I
hadn’t the time, so Kamal suggested that she would go on her
own after the function and would return home by autorickshaw.
But she had a fair amount of jewellery on her, and I was reluc-
tant to leave her alone so late in the evening. Besides, my in-
laws were expected to visit us the next day so Kamal’s plan was
cancelled.
After the tragic death of her parents, Kamal was overridden
with a sense of guilt. If only she had gone to visit her parents in
the evening, things would have turned out differently? If only
she had been at home, she could have probably saved them?
These thoughts haunted her for the rest of her life. I feel, on the
other hand, that if I hadn’t restrained her, she, too, would have
lost her life. The tragedy shook the whole city.
We all rallied around the surviving Abhyankars. We took them
along to the Abhyankar Wada. They stayed there for quite some
time, patiently facing the police, the Press, visitors who came to
enquire … and unsavoury rumours. Kamal’s other brother was
in the Air Force. A rumour took root that he would bring in
gold and we would hide it in the basement of ‘Smruti.’ We were
hard pressed to deny these rumours. We finally met the then
Income Tax Commissioner Mr Pradhan. He assured us that these
were baseless rumours, and that gave us some peace of mind
and solace.
We lived in the Wada for twelve years, until 1988, after that
incident in 1976. But Kamal missed her parents and the chil-
dren missed their grandparents. Kamal’s brother, too, was dis-
inclined to return to ‘Smruti.’ Eventually we decided to give up
the place. We were reluctant to move into cramped apartments,
and our business did not give us the time to build a bungalow.

66 | Think Pure
 Fortunately, we learned that, a spacious six-room bungalow
called ‘Kaustubh’ located nearby at Vijaynagar Colony, belong-
ing to Shridhar Godbole, was up for sale. We immediately
pitched for it and moved in there quickly.
A year later, in 1989, Kamal and I celebrated our fiftieth wed-
ding anniversary and my seventy-fifth birthday. Kamal was rather
reserved, and did not take to the idea of any grand birthday
celebrations. The celebration of her sixtieth birthday became a
big question-mark. She had categorically refused gifts or speeches
in eulogy. Eventually, she agreed for a family excursion, and we
all had a day out at Khanapur. None of her significant birth-
days thereafter were celebrated.
Our wedding anniversary, however, was done in style. A cer-
emonial hall was booked for two whole days. Friends, relatives,
co-workers at the shop and business associates were present in
great numbers. The function featured a vocal recital by promi-
nent singer Asha Khadilkar.
True to tradition, we were married all over again, and we gar-
landed each other (I was spared the expense of a fresh set of
jewellery, however!) Our grandson Sushant played the Happy
Birthday song on the flute, and our granddaughter Pallavi made
a small speech. Several prominent people spoke on the occa-
sion. Kamal, on her part, pronounced that, ‘I have never under-
stood him, and am still probing, but everyone else finds him a
nice man.’
My eightieth birthday, too, was celebrated with great pomp
by the family. A prominent music group presented a programme
of popular songs.
My ninetieth birthday was planned on a large scale at the Le
Meridien, a five-star hotel in town. Kamal was in delicate health
at that time, and the family was worried. But she had great

Family Life |67

inner strength. She assured us that the function would go
through without a hitch, and that is how it went.
When we enquired at the Le Meridien about catering for 1500
to 1800 guests, they were surprised. ‘That many invitees for the
ninetieth birthday of a Maharashtrian?’ they exclaimed. In fact,
we felt that the figure could even touch 2500. Eventually, we
had around 2200. There was a long queue to meet us both.
Somebody even remarked that one had to queue up to greet
them, just as one has to queue up to buy gold at their shop.
The visitors expressed their regard in various ways. I felt that
the regard that I got was even more valuable than the success
that I have earned. I have several times earlier experienced the
feelings of love from people, but never was it as overwhelming
as on my ninetieth birthday.
Three weeks after I turned ninety, my friend and life-long
companion, Kamal passed away. Our togetherness of sixty-five
years ended on September 29, 2004. She was granted her fond
wish that she should not be left a widow. I shall always feel her
loss, but the family around me helps to make up for the empti-
ness. However, I was in for another shock.
Warana was deeply saddened by Kamal’s death. She did her
best to fill the void in the household, but just months later, in
June 2005, she was diagnosed with cancer of the digestive tract,
and she passed away a month later. We made several endow-
ments to charity in the memory of Kamal and Warana. I am
certain that the two of them will forever remain in the memo-
ries of the Gadgil clan, and those of all who came they came in
contact with. The companionship of Kamal, the support of
Warana made my life worthwhile. The unconditional love and
regard that I got from my family and friends helped to make
my life a fulfilling one.

68 | Think Pure
 I have fond recollections of Sangli. The place, the people, my
family and friends, particularly the relatives in the Gadgil house-
hold are close to my heart. Even today I feel a special affinity for
anyone who comes over from Sangli-Miraj5. My style of speak-
ing and language still has the peculiar lilt of the Sangli lingo. I
felt for a time that I was not doing enough for my people back
home, but consoled myself with the thought that we were all
one clan.
My elder brother Appasaheb looked after the Sangli opera-
tion once we set up shop in Pune. His son, Babudada, took over
after him, and received a good bit of credit for having devel-
oped the Sangli end of the business. Though he was my nephew,
there was not much age difference between us and we shared a
close rapport. We regularly helped each other out of difficulties
and frequently met at family functions. His wife, Suman, had
deep respect and revered me as her father-in-law.
The relationship with Babudada and his family was further
cemented when their two sons moved to my place in Pune for
their education. One of them, Aniruddha, qualified as a physi-
cian, and the other, Parag, finished his diploma in engineering
and spent a brief period looking for a job. He then joined the
family business in Pune, in response to a need for family mem-
bers there. His skill in computers has helped us phenomenally.
Significantly, neither he nor his parents ever spoke of finan-
cial transactions within the family. I find this extremely gratify-
ing, underscoring the great inherent unity in the Gadgil clan. I
hope this tradition continues in the Gadgil generations that
follow. I have always stepped in when there have been signs of
discord, as I firmly believe, on the basis of years of experience,
that maintaining ties and bonds is paramount.
My links with home town were kept alive since my elder sis-

Family Life |69

ter Dwarka lived in Pune. I made it a point to visit her every
Monday, and that was the time for exchanging news of ‘home.’
She would always make some favourite dish of mine on Mon-
days. One of my few weaknesses is good food — eating and
feeding others. I am particularly fond of dairy products. I am
humoured, due to my health, and I too have made concessions
to my age, but it is still difficult to keep me away from tradi-
tional Maharashtrian sweets. The taste is obviously rooted in
the abundance of dairy products, fruits and vegetables that came
from our own farms during my childhood.
The people of my generation, very close to me in age and
thought processes, gave me invaluable support in my time of
struggles. To my great fortune, succeeding generations — my
children, grandchildren and great-grandchildren, too, contrib-
uted to my happiness. I am as proud of the way my descendents
have established themselves in their chosen fields and in soci-
ety, as I am, of having built up a successful business enterprise.

The Generations That Came Next

All our three children, Vijaya, Vidyadhar and Vasanti were
born in our native town, Sangli. When we shifted to Pune, the
children acutely missed the pleasures of a joint family set-up,
the companionship of their cousins, the sprawling ancestral
house and the allure of a country life.
Vijaya was at that time studying for high school graduation,
and the other two were close behind. Worries about continuity
of school and studies were soon allayed by Kamal and her par-
ents, and the children settled down in Pune with ease and com-
fort.
Vijaya, my eldest, was held to be my favourite child, but for

70 | Think Pure
parents, all children are equally close. She may have been pam-
pered and fussed over since she was my first-born, and her birth
was the gladdest moment in my life.
Soon after she graduated, we were informed by a family friend
of a suitable match for her. His name was Rajendra Acharya
and he was from Mumbai. Rajendra had five younger sisters.
Though we liked the boy immensely, our prime worry was that
his house was small compared to our spacious bungalow in Pune
and, we wondered, whether Vijaya would consent to the match.
But once she met Rajendra, learnt about his M.Sc., Ll. B., his
quiet and friendly disposition and visited his house, she gladly
gave her assent.
They were married on February 14, 1965 in Pune. Rajendra
was then working with the Trademark, Patent and Design De-
partment. Later, he earned a degree in International Patent Law
from the US, and became the Controller General while still
quite young.
Vijaya and Rajendra were soon blessed with a son, and named
him Sushant. Their domestic bliss was thus complete. Vijaya,
unfortunately, did not live long. She passed away on May 1,
2003 when she was just about sixty.
Death of a child is a traumatic experience for anyone. How-
ever, the strength to withstand that trauma varies from people
to people. I am endowed with the strength to withstand such
emotional shocks.
Just two days after Vijaya’s demise, I attended a meeting with
the then President of the House of Parliament, Manohar Joshi,
to discuss a Foundation plan for building a shelter for devotees
at Ambajogai. My colleagues in the Foundation, Bhausaheb
Chitale and Shripad Karmarkar had suggested that I could be
excused, in view of the bereavement. I, however, could not es-

Family Life |71

cape a responsibility. It would have hampered the work of the
other Foundation members, and I attended the meeting as sched-
uled.
Kamal, though, took the death of her daughter to heart, and
her own health began to deteriorate.
Our son-in-law, Rajendra, continues to maintain a close rela-
tionship with our family in the absence of Vijaya. Their son,
Sushant, is now well placed with a good job. He lives in Pune
with his wife, Nikita, and daughter, Sasha. All three are very
happy and in domestic bliss.
Our son, Vidyadhar, joined the family business after he did
his Masters in Economics in 1971. From the moment he stepped
in, he took over the crucial functions of keeping track of the
pure gold that was bought, the work outsourced to goldsmiths
and the jobs that came in from them.
In 1973, when Vidyadhar was well settled in his work, we got
a proposal for him. It was from the Phadnis family of Bhor for
their daughter, Manda. The proposal was quickly sealed with-
out much delay because the girl had once appeared in my fa-
ther-in-law’s dreams. In his vision, he had seen that Manda was
affectionately feeding him Kheer6. My in-laws were gifted with
some exceptional clairvoyant powers and their predictions had
come true in the past. My father-in-law was convinced thereaf-
ter that she was destined to come into the household as a daugh-
ter-in-law.
Thus, Manda joined the family as Mrs Vaishali Gadgil. We
had asked the two newlyweds if they would like to have a house
of their own, but they both refused emphatically and expressed
their desire to stay with us. So we built some more rooms into
the Gadgil home where we all live together.
Vaishali had been a clever pupil from her school days. She

72 | Think Pure
continued her studies after she got married, and completed her
Masters in Commerce. Prof Chirmule, then principal of the
Garware College, offered her a lecturership.
I began to think: why should she take up a job when we have
a flourishing business at home? Should I get her to work at the
family shop — but then, a daughter-in-law in the Gadgil fam-
ily had never worked at the shop. Vaishali decided that whether
at a college or at a shop, knowledge learned had to be utilised.
We finally opted for the shop. Her qualifications suited her to
be in charge of the accounts section, and with her at the helm of
affairs, I was happy that this important part of the business was
in the hands of a family member.
She looked after her domestic duties as well as the responsi-
bilities at the shop with great competence. In addition, she also
nurtured her earlier hobby of trekking and mountaineering. She
even went through the gruelling treks of Kailas-Mansarovar and
Amarnath7. Kamal, however, was not much in favour of these
treks, but I backed her wholeheartedly in those endeavours. She
took the two of us, and her own parents, to pilgrimages of
Vaishnodevi in 1997 and Shrishail8 in 1998.
Pallavi, our only grand-daughter, was born to Vidyadhar and
Vaishali on August 2, 1975. She, too, excelled in academics.
She stood fifth in the University of Pune for her graduation in
science and first at her Masters in Health Science. Thereafter,
she did a dietician’s course in Mumbai. Kamal went along to
stay with her till her studies were over. There, too, Pallavi stood
second in the course.
One of her classmates was Kedar, the son of the then Vice-
Chancellor of Pune University, Arun Nigvekar. The two fell in
love and decided to get married.
Kedar wanted to familiarise himself with the Gadgil house-

Family Life |73

hold before committing himself to an alliance. He came to our
place on the pretext of making a survey for his MBA studies.
He spoke to all of us at home. I had, however, guessed the real
reason for the visit. The two got married in 1999. Kedar is now
with Abbots in Mumbai, and Pallavi is an established dietician.
Pallavi’s younger brother Saurabh was born on May 9, 1977.
His pet name was Raju. He was very popular with one and all,
both at home as well at school. He was an expert in the game of
chess. He played it with great skill and dedication. There was
time when he was ranked second in chess, just after the legen-
dary topper Abhijit Kunte.
He completed his graduation in commerce and, thereafter,
enrolled for a master’s in management in foreign trade. Half-
way through, he wondered why he was pursuing a management
degree, since eventually he would not be able to take up a career
in foreign trade. He contemplated dropping out. I pointed out
that once he came into the family business, he would not be
able to complete his master’s or go back to his studies. Fortu-
nately, he saw sense in what I said, relented and went on to
finish his MBA.
As part of his MBA training, he did a two-month stint at the
Reserve Bank where he met several highly accomplished and
well-placed people. He also got many attractive job offers and
was tempted to take up a lucrative assignment for a couple of
years. However, he was tactfully dissuaded, and was given the
option to wield the family business with full freedom. He fi-
nally conceded to family desires and plunged wholeheartedly
into the Gadgil business. And so, as ancestral businesses ad-
vance, ours too was now in the hands of the sixth generation
Gadgil.
Along with business came marital responsibilities. Saurabh,

74 | Think Pure
too, found his life-mate at college. Her name was Radhika
Vaidya. Radhika Gadgil, is now fully involved in the family
business. Their son Aditya is our first great-grandson, and Kamal
wrote a lovely poem after the ritual of the meeting of the great-
grandparents with the new arrival. We were ecstatic at the ar-
rival of the great-grandchild, which neatly rounded off our family
life. We were fully contented both on the domestic and busi-
ness fronts.
Let me now speak of my youngest child, Vasanti. Vasanti was
born on May 18, 1949. She was fondly addressed as Ilu (pro-
nounced Ee-luo). She was a favourite with her grandfather. At
age two, she won a ‘healthy child’ contest organised by the
Kirloskar magazine, which also featured her photograph in their
next issue. When she was slightly older, Ilu would frequently
horse around with her older brother, Vidyadhar, and cousin,
Prakash.
Ilu was a bright student and stood first in her graduation in
science. In 1971, she was married to Shreeniwas Kolhatkar.
Shreeniwas was a highly qualified boy, having completed his
B.Com, Ll. B and Chartered Accountancy. Although he was
from Pune, he had grown up and completed his education in
Mumbai staying with his aunt there. After their marriage, the
two moved to Minneapolis in the USA to pursue their careers.
In America, Shreeniwas qualified for C.P.A, and worked his way
up to Controller of a private organisation. Ilu continued her
education there, and qualified as Doctor in Pharmacy. She then
made a career as Chief Pharmacist with a local company.
Their son Nikhil was our first grand-child. He was born in
1973, but I first met him when he came to India at age four, in
1977 with his mother. He was rather delicate as a child, but
grew up a healthy lad. He bagged the US President’s Award at

Family Life |75

high school graduation and did his Masters in Endocrinology
and then joined Glaxo in the US.
He was followed in 1980 by his younger brother Neel. He
had qualified as a lawyer and is now thinking of studying for an
MBA. As both these grandsons were away in the US, I had very
little of their company, but we grew close when I began to make
frequent trips to the US. I was in the US when Neel moved out
to a condo, and I helped him to furnish the place, an exercise
that brought us closer.
I am proud of my children and grandchildren, the way they
are running their lives smoothly. All are not just educated, but
also cultured, something that gives me special satisfaction. I feel
proud of their achievements, and I freely share my content-
ment and pride with other people. Ilu, Pallavi and Saurabh are
at times embarrassed by the open praise I lavish on them, and
protest at times. But I respond that I am traditionally qualified
and experienced to praise what I feel is praiseworthy.
I had my wife’s companionship till I was ninety. I got plenty
of love and affection from all my children and their spouses. I
saw my grandchildren grow up and settle down in comfortable
lives. All these things give me a deep satisfaction, perhaps even
more than my success in business.
•
1 Munja: An initiation ritual for boys in preparation for formal education.
2 Panini: The composer of the accepted ancient Sanskrit grammar.
3 Navratri: A nine-day festival devoted to Durga, a major female deity in
Hindu tradition.
4 Autorickshaw: A motorised, three-wheeled mode of public transport in
several parts of India.
5 Sangli and Miraj, though distinct, are twin cities due to close proximity.
6 Kheer: a heavy sweet dish made out of milk and grain.
7 Pilgrimages that involve extremely strenuous treks in the Himalayas.
8 Two more equally strenuous pilgrimages.

76 | Think Pure
SIX
Beyond Business

Good human relations not only bring great personal

rewards, but are essential for success of any person.
- J.R.D. Tata

am an addict. I am strongly addicted to my business.

From the time I began working at our shop, I have
been passionately driven by the family gold business. I
would break into a talk about our new products and services
whenever I got an opportunity, even at social occasions. The
thought of our business and its development occupied my mind
at all times. It was because of this obsession that the steward-
ship of the Saraf1 Association was handed over to me after the
demise of Nanasaheb.
Nanasaheb was a very disciplined man, with immense leader-
ship qualities, extensive knowledge of the gold business and
enormous experience of Congress work. He was therefore re-
spected by the sarafs of his time. After he passed away, I was
considered the best candidate to take over his interests in the
Association.
The jewellery business in Pune is run by people from Rajasthan
and Gujarat to the extent of thirty per cent, by the Sonar caste
to the extent of around sixty to sixty five per cent, with other
castes making up the remaining five to ten per cent. Brahmins
form a minority in the business. It was therefore an honour for
me that I, a Brahmin, was asked to lead the Association. I feel

Beyond Business|77
that this was the result of the reputation that we had built up
for scrupulous conduct and dealings, coupled with my age, ex-
perience and networking skills.
The Pune Saraf Association was established in 1952 and func-
tioned smoothly till 1960. It then appeared to have gone into a
downslide, with members failing to be present even for internal
elections. I took over as president in 1987, and there was
Fattehchand Ranka as Secretary to help me. Together the two
of us made great efforts to muster the members again. The mis-
conduct and misunderstandings that had arisen earlier were
gradually sorted out. We worked towards introducing fair trade
practices, uniform pricing and elimination of unhealthy com-
petition amongst ourselves. We started publishing a periodical,
Suvarnapatra, to keep members up to date on relevant laws and
the changes in them that affected us. The positive effects of our
efforts soon became evident: when Ranka and I came in, there
were 185 members. Within five years the membership swelled
to over 350.
We also worked towards strengthening other associations scat-
tered around the state. We tried to inculcate the value of unity
among sarafs in various districts. Government action has often
resulted in trouble for the business, and a united opposition
helps sort things out, as we had often seen in several fields. For
example, sales tax on gold was precipitately increased from one-
half per cent to two per cent during my tenure as president.
Turnover tax and surcharge, too, were imposed. We jointly op-
posed the measures and they were eventually dropped: sales tax
was reduced to one-half per cent.
Each village had associations of sarafs. They eventually formed
a state-level federation of associations. The leadership of the
federation was traditionally held in Mumbai, but it came to me

78 | Think Pure
in 1995. An unfortunate incident took place that year in Solapur.
An artisan named Shahane was accused of stealing a 60-gram
gold bundle, and was arrested on suspicion on his employer's
complaint. The police took him into custody, tried to extract a
bribe from him and beat him up mercilessly as he couldn't pay.
Shahane died of police violence in jail.
We began a campaign against police atrocities under the ae-
gis of the Maharashtra State Saraf Federation. One part of the
agitation was a fast unto death by around four thousand mem-
bers. We succeeded, and five police officers connected with the
Shahane episode were suspended. Four of them faced criminal
charges, and two went into rigorous imprisonment.
Not only was the memory of Shahane given justice, but a
clear message was sent across that artisans had to be treated well
and protected from police harassment.
With the aim of taking the business forward, the Gold Council
was set up in Pune in 2000 by sixty five sarafs. In the first year,
we announced a massive lucky draw. Any buyer of goods worth
Rs. 3000 or more at any of the 65 establishments was given a
lucky draw coupon. The first prize was 4 kg of gold, while other
prizes included two cars, sixty lots of 100 grams of gold and a
whole lot of rewards. All in all it was an attractive scheme. The
Grahak Panchayat2 opposed the scheme on the grounds that it
promoted gambling. The opposition had no effect on our
scheme, though, and it went through its course. The lots were
drawn in the presence of fifteen thousand people, and all the
committed prizes were given away.
The Saraf Association took the lead in raising funds for the
devastated victims of the Latur-Killari earthquake in 1993. Be-
sides making a substantial contribution, I joined the group in a
door-to-door campaign in which we raised Rs. 500,000. We

Beyond Business|79
sent the money to the Janaseva Foundation at Latur for build-
ing a school.
I gave up the presidency of the Association when I touched
ninety. There was pressure to continue, but I felt it in the fitness
of things to leave with respect a position that had been conferred
to me in honour. The Association still functions very smoothly.
I was able to vacate my position at peace as its office at Lakshmi
Road had become a source of strength to its members.
The Association work gave me prestige and happiness. It also
gained me many friends and associates. I had the company of
much younger people like Fattehchand Ranka, Vallabh Nagarkar
and Nitin Ashtekar and together we would organise picnic trips.
And, I must mention that they took good care of me, giving me
medicines on time. My wife would be totally at ease about my
safety. She would in fact pack home-made goodies for my young
companions. I would abandon my traditional dhoti-coat-cap
garb in favour of jaunty shirts and trousers. I even joined in
boisterous song-and-dance sequences that my business had kept
me away from thus far.
A common cause brought together the residents and traders
on Lakshmi Road: a pay-and-park scheme. Lakshmi Road is a
favoured shopping venue for the residents of Pune, and natu-
rally attracts crowds and traffic. The then Commissioner saw it
fit to introduce a scheme for making people pay to park, in-
stead of taking proper regulatory measures. Traders on the street
were naturally apprehensive: people would think twice before
coming here if it were to cost money to park. The move would
have affected the residents of the street as much as it would the
traders. Everyone got together and staged an agitation on the
street, where I was an active participant. The move was with-
drawn as a result, and a rational scheme of parking on alternate

80 | Think Pure
days on the two sides was implemented.
My business did not allow me to act much of a role in social
activities. But I made it a point to attend social functions where
I had been invited. I felt that such invitations were an acknowl-
edgement of my age and social standing, and were to be hon-
oured.
In 1991 I became a member of the Rotary Club of Pune
Midtown, and thus got actively involved in social work. I am
accustomed to strictly adhering to commitments I make, and
so I reserved Wednesday evening for the Rotary meeting. I par-
ticipated in the Club activities to the best of my abilities. Kamal
and I were both on the Welcome Committee at the District
Conference of the Club, and we gladly carried out our roles.
In time I began to take an interest in the activities of the
Senior Citizens' Organisation. FESCOM (Federation of Senior
Citizens of Maharashtra) commissioned us to fashion the tro-
phy for Adarsh Pita3, which we did: in addition, we sponsored a
trophy for Adarsh Mata4. I gradually got involved in the activi-
ties of the Kothrud Cultural Club, the Pune Vedpathshala, the
Gandharva Mahavidyalaya and other such worthy organisations.
Such organisations need, apart from volunteers, money, space
and celebrity presence. I willingly contribute from my shop, my
phones, my manpower and my contacts. I have developed a
large circle of close acquaintances who wield influence, and I
always use my good offices when needed.
Aba and Dada inculcated in me, through personal example,
the principle that wealth is to be created not just for one's own
pleasure and prestige: it should also be used to repay one's debt
to society. I have thus done as much as I could in that direction.
I am also associated with organisations and activities outside
Pune. An example is the Bhaktaniwas5 project at Ambajogai6. A

Beyond Business|81
trust was set up for this project in 1999, of which I became
president and Bhausaheb Chitale officiated as vice-president.
The ‘picnic-spot’ reservation on the proposed plot had to be
changed before construction of the Bhaktaniwas could begin. A
trustee, Mr Shreepad Karmarkar and I went to meet Mr.
Manohar Joshi, then Speaker of the Lok Sabha7. The visit was
fruitful, and things went well thereafter.
I have maintained the annual routine of going to Sangli for
Dada's death anniversary, and squeezing out with my own hands
the juice of ripe mangoes, something he was very fond of. We
support a lot of chess tournaments in his memory. It is through
our support of various social activities in Sangli that I try to pay
back some of the debt that I owe to the place.
As the city grew, the City High School began to run out of
space for classes. All of us Gadgils, from Pune and from Sangli,
came together to add a new wing to the building, with the six
new classrooms, each named after an ancestor of ours. We also
added an extension to the gymnasium. We built a community
hall in memory of Gurudev Ranade, mentor of my uncle Vasudev
Narayan Gadgil. I am happy that I was part of the efforts to
renovate the Thaneshwar temple and the erection of a new
Deepmala8 in its premises.
We also made extensive donations to worthy causes on my
90th birthday. However, all that I do can never be enough to
pay the debt that I owe to my ancestors, my place of origin and
my people.
I believe that good work always earns recognition. It has been
that way in my case. I have been decorated with the
Brahmanvyavasayik Puraskar9, the Civic Honour from the Mu-
nicipal Corporation of Pune, the Rotary Award for Voca-
tional Excellence and many others from several organisations.

82 | Think Pure
 Social activities have given me breaks from my business, to-
gether with a lot of satisfaction, as have my travels. Three cou-
ples, the Rankas, the Ashtekars and the two of us once took a
trip to Tirupati10. My daughter-in-law organised a pilgrimage
to Vaishnodevi. The two of us made a trip to Kashmir in our
seventies, and even got ourselves photographed in Kashmiri garb.
The travel managers would organise entertainment in the eve-
nings on such trips. On one such occasion the two of us were
voted ‘made for each other,’ couple — a tribute to our long lives
together.
Trips abroad, too, were memorable. Our youngest, Vasanti
was a resident in the US and had been persuading us for a long
time to visit America. It finally worked out in 1978. The two of
us, Kamal and I, first reached New York, where Dilip Phandnis,
the brother of our daughter-in-law Vaishali was living. Pandit
Bhimsen Joshi was to perform that evening at NY and we went
to the venue straight from the airport. Next we moved to our
daughter's place at Minneapolis, where we camped for a good
two months.
Our next trip came about almost quarter of a century later.
We happened to land in the US on my birthday. My daughter
and son-in-law had arranged for a lavish birthday party. They
had even arranged for a limousine to take me to the hotel for
the bash. The day was unforgettable — in more ways than one.
It was a grand occasion for me on the personal level, but it also
turned out to be a day of great tragedy for humankind. It was
the 11th of September, and on that very day in 2001, while I
was in the middle of my birthday celebrations, the US and the
world was devastated by the attacks on the World Trade Centre
twin towers.
But I learnt a lesson from that tragedy — that life goes on

Beyond Business|83
irrespective of whatever happens around. One has to keep
moving on ahead.
I then attended the New York convention of the
Brihanmaharashtra Mandal11. That was the time when I took
in a ten-day tour of Alaska, Disneyland and Niagara. I also in-
dulged in a bit of gambling at Las Vegas and enjoyed an ice
hockey match live at the stadium. These, of course, were sights
that all tourists see; I was particularly drawn to the jewellery
shops in that country. In all, I made four trips to the US.
When Kamal passed away, my family took me to Switzerland
for a change of scene. I was reluctant, but the children insisted.
Once there, however, I thoroughly enjoyed myself: the gambol-
ling in the snow, the ‘Top of Europe’ trip … everything.
I went with Saurabh to the US in 2006 to look at business
prospects. It was he who was in the lead; I was just giving guid-
ance as needed. I visited the UK the same year, and gratified a
long-held wish to see the famous Koh-i-Noor diamond. A 4000-
year old diamond that had passed through the hands of several
potentates and was now with the British. A stupendous 108-
carat gemstone! It was rather saddening to see this originally
Indian possession now in British custody.
I am extremely content with what I have seen in my life.
Now I am in my nineties, but fortunately I am still in good
health and able to travel regularly. I am happy that I am able to
guide Saurabh and his young associates at the shop in the intri-
cacies of the business. I have the love of my family, the respect
of society, the trust of my clientele and the regard of my co-
workers. I enjoy excellent health, I am happy with what I have
and hold no grudge for what I don’t. That is the secret of my
happiness, and I am confident that my remaining years will
pass in equal contentment. •

84 | Think Pure
1 Saraf: The traditional term for jeweller and moneylender.
2 Grahak Panchayat: a worthy consumer action movement based in Pune
and with a widespread organisation.
3 Adarsh Pita: 'Model Father.'
4 Adarsh Mata: 'Model Mother.'
5 Bhaktaniwas: A shelter for pilgrims.
6 Ambajogai: a prominent pilgrimage centre in Maharashtra.
7 Lok Sabha: the elected house of the Parliament of India.
8 Deepmala: a column for the mounting of devotional lamps.
9 Brahmanvyavasayik Puraskar: A recognition of entrepreneurship in the
Brahmin community.
10 Some pilgrimage destinations are mentioned in what follows.
11 Brihanmaharashtra Mandal: A worldwide organisation of Maharashtrians
who reside outside Maharashtra.

Beyond Business|85
86 | Think Pure
SEVEN
The Entrepreneurial Journey

We're all working together, that's the secret.

- Sam Walton

e set up shop in Pune in 1958, on Lakshmi Road. The

shop prospered considerably. In a short time we be-
came renowned for special Maharashtrian jewellery. Our
real strength was in the purity of our gold. Customers were con-
fident that the gold they purchased from the Gadgil outlet would
be 100 per cent pure. Besides, there were also other crucial mat-
ters such as accurate weights, courteous customer service and
trustworthy artisans, which contributed to the growth of the
business and pushed up turnover.
However, with growing patronage and increasing customers,
there came a time when complaints of crowding and long queues
in our shop started pouring in. Also, demand for different types
of jewellery came up as customers’ tastes changed. Both the com-
plaints and the demands were justified, and the only way we
could cope would be to either expand the premises or add a
new shop. We had detailed discussions on the matter. But this
had been a family business thus far. Could a family member
devote time for a new shop? Could a franchisee, for example,
do justice to the trust that we had built up, could one wrong
step on his part destroy our image, our reputation?
The opportunity for expansion came about when the new

On Entrepeneurship|87
generation of the Gadgil clan came into the business in 1998-
99. They were equipped with degrees in management and were
proficient in technology, they had a new vision for the business
and possessed skills to mix the old and the new into a fresh
business philosophy. With all this manpower and expertise
present at home, the time seemed just ripe to open a new shop.
Around that period, one of our artisans was toying with the
idea of leaving us and starting up on his own. We felt it would
be a good idea to offer him a shop to manage, making use of his
expertise and presenting him with both an opportunity and a
challenge.
The next step was to identify a location for the branch. Though
we had computerised our operations in 1998, our database was
still rather raw. Since our clientele was primarily Maharashtrian
Brahmins, who were resettling in large numbers in the Paud-
Kothrud area, that region seemed like the most logical location.
Now the dilemma was whether to choose Paud Road or Karve
Road. We had to depend on experience and gut feeling. Paud
Road was not as commercialised as it is today and people said
we were making a mistake. But space on the busy Karve Road
would have probably been difficult to get, and a shop there
would again entail problems of vehicle parking. So finally we
decided on Paud Road, despite criticism that the area was sparsely
populated and we could face security problems. There was an
element of risk, but intuition and conviction won out. We set
up shop at Paud Road, and it was a success.
That unexpectedly positive response encouraged us to set up
new branches. The first experiment had shown us how to select
people, how a branch can work even when no family member is
present to supervise. Finance was not a problem: when an en-
terprise is successful, a brand is established, then finance is al-

88 | Think Pure
ways available. What was more crucial was human resources.
We looked around, and our manager at Paud road volunteered
to head a new branch, as the Paud staff was now well trained
and reliable.
We planned our third branch at Chinchwad, as a good num-
ber of our clients lived there. We got a property at a reasonable
price, since the area was not heavily commercialised. In fact, we
have seen that the opening of our shops, both at Paud Road and
at Chinchwad, pushed up property prices in those areas!
We then took a counter at the Pyramid Mall in the Camp
area, so that we could cater to cosmopolitan, multicultural con-
sumers. We were exposed to varying tastes, and the customers
became aware of our jewellery and ornaments. Once again we
received excellent results and were spurred to open a full-fledged
branch on East Street.
Alongside our expansion endeavours, we were also working
on plans for diversification. We had a stockbroker's firm as a
neighbour at Paud Road. They approached us for a foray into
trading. We had a large and trustworthy database of clients. We
therefore started Gadgil Capital Services, with a focus on cus-
tomer service and trust. The Ketan Parekh scandal had just bro-
ken, and people in the middle class were mistrustful of brokers
or the market. Once we entered the field, the customers were
assured of a trustworthy firm for investment, and our business
took off wonderfully. We then moved into mutual fund bonds,
broking in life and other insurance. Once commodities were
opened out in the country, we entered the commodities mar-
ket. PNG thus truly diversified.
The gold jewellery business, too, was fast evolving. Peoples’
tastes changed every few months. There was a need to adapt to
market trends, and so we began to sell D'dmas jewellery in Pune.

On Entrepeneurship|89
These were Italian pattern woven jewels, sold on MRP, as against
the traditional method of selling gold jewellery by weight. We
were ahead of the times then, and people saw the modern trends
that PNG was following.
We brought in the “I, Me, Myself ” range into the market for
the modern woman. Chunky silver jewellery came next. We
strengthened the back office and set up an independent HR
department. Recruitment and training were therefore stream-
lined. We began modern marketing methods such as e-mail
marketing and SMS marketing. We eventually set up our in-
house advertising agency, Aurum Concetta, which initially only
looked after the Gadgil affairs, but is now a full-fledged, inde-
pendent advertising agency that is also into marketing and event
management.
This journey has involved learning the market, moving in
accordance and taking a little bit of risk. These things have
helped. But the biggest advantage we had was the image that we
built up of PNG for purity. Think Pure is not just a corporate
slogan: it is a way of life for us. Several generations experienced
the purity of dealings of the Gadgil clan over its 175-year his-
tory. It is now the era of Hallmarking, and we get our jewellery
hallmarked, although we are confident of our quality and of the
trust of our clients. It takes time and costs money, but the trust
of our customers is paramount. Our in-house Quality Control
department checks each piece of jewellery in any case.
Times change, and so do tastes, technology and methods.
What does not change is values. Trust and faith remain as they
were 175 years ago. I am positive that purity as a value will
remain supreme for all time to come.

90 | Think Pure
Reflections on Entrepreneurship
I would therefore like to put entrepreneurship in a wider per-
spective and go beyond the PNG success story. The reason is,
though I am proud of PNG's achievements, I wouldn't call our
success absolutely outstanding. There are some aspects of entre-
preneurship that may not present themselves only through
PNG's history. They may soon be implemented by us. Some
may not be applicable to our business. If someone wants a proper
insight into entrepreneurship, it is only proper to discuss it in
its entirety. The PNG analogy will of course be used from time
to time in this discourse.

Who is an entrepreneur?
It is someone who has the ability and willingness to intro-
duce new products or services that sell, to a market where those
products or services were previously either not available or not
demanded. In our case moving from a small place like Sangli to
a bigger city like Pune was an adventure. There was consider-
able difference between the business in these two cities. We not
only decided to enter a new market, we also took a bold deci-
sion to open our shop on Lakshmi Road, in an area not tradi-
tionally known for jewellery business. Thus we made our ser-
vices available in an area which was more accessible to our tar-
get clientele then which was primarily Maharashtrian Brahmins.
They lived in areas close to Lakshmi Road, and they frequented
Lakshmi Road to shop for clothes and other supplies.
We also employed a novel method of increasing our sales. We
introduced a concept totally new to Puneites: the concept was
buying gold on the auspicious occasion of Gurupushya. That
practice was prevalent in Sangli but Pune was not familiar with
it. We sensed it and as soon as we came to Pune we started

On Entrepeneurship|91
telling our customers how convenient and profitable it was to
go on buying gold at regular intervals and how Gurupushyamrut
was an auspicious day to make purchases. People liked the idea
because it satisfied their need to save, invest at a steady pace.
Today Gurupushyamrut days in our shops are extremely busy.
And that's peculiar to our shops. Customers of other jewellers
do not experience this passion about buying gold on
Gurupushyamrut days. A good entrepreneur provides his cus-
tomers a good reason to buy his product.
Today the World Gold Council is promoting the concept of
‘Speak Gold.’ The campaign states that gold expresses emotions,
so speak through gold i.e. gift gold. Once people start associat-
ing expression of emotions with gifting of the gold, the sales
will receive a major boost.
Isn't that what Walmart did? They started publicizing a spe-
cial day almost every month. Like Father's Day, Mother's Day,
Friendship day. They started a new culture of celebrating such
days and also made special merchandise available for those days.
That ensured that customers visited Walmart at least once a
month. It is also said that Coca Cola gave Santa his red robes.
Before that nobody knew how Santa would look. But Coca Cola
put him in red clothes because that was the colour of their cor-
porate identity. They created a new association.
Now the question that might crop up is does it take an entre-
preneur to sense and implement all this? Can't good managers
do that for him? Well there is a difference between entrepre-
neurs and managers. While entrepreneurs try to create what
isn't by a lot of guess work, improvisation and learning from
mistakes, managers manipulate things and information to pro-
duce a result that is clearly specifiable in advance. In simple
terms, an entrepreneur creates a scenario, a picture in his mind

92 | Think Pure
and a manager translates it into reality. That's what we had to
do when we started in Pune. My partners and I knew what we
wanted to achieve and we shared our vision with our salespeople,
artisans and everyone else involved in it. We also told them how
it can be achieved and guided them whenever they needed guid-
ance. At times the guidance was not only verbal, but I actually
had to show them how certain things were done. If the entre-
preneur has the ability to lead by example he is more effective.
After we set up the shop in Pune we – the partners – had to be
involved in day to day functions to a large extent. But after
some time the managers were able to run the show by them-
selves. Like today our various shops are completely supervised
by managers. We are not involved in day to day shop activities.
We, the partners, can instead concentrate on the organisation
as a whole. We concentrate on policy making, expansion, diver-
sification and other similar activities. Introduction of new tech-
nology has also helped to a great extent in delegating responsi-
bility.
Keen observation, keeping one’s eyes and ears open, learning
positive things from your competitors also helps. We had seen
that big jewellers in Mumbai never manned the shop them-
selves. Their systems were so well in place that they could afford
to leave the shop for several days at a stretch in search of new
markets. We learnt a lot from them and tried to implement
good systems in our business.
However it's not only by observation and improvisation of
existing practices that one can build up one’s business. An en-
trepreneur often goes by his gut feeling. He may think of a new
practise which has no precedent. He may not depend on mar-
ket surveys either. Take the example of Apple’s iPod. When Steve
Jobs thought of launching the iPod, the idea was not supported

On Entrepeneurship|93
by market surveys. The reservation was why would anyone want
to use an iPod when Walkmans were there. But Steve Jobs felt
that because the iPod facility or convenience is not there people
are not using it. The entrepreneur sees the proverbial half empty
glass in a positive sense, and that the empty half could be filled,
with imagination.
Invent something that people could use, and you have a mar-
ket, even if it did not exist before. The market did not exist
because the product just wasn’t there to buy. Hawaii slippers
were felt to be unnecessary when they were introduced, but the
manufacturer had seen a vast, untapped market for an innova-
tive product.
The entrepreneur’s gut feeling is so strong that he is willing
to take some risks others may see in his venture. His associates,
bankers may feel that the cost-benefit ratio is not favourable, it
is not practical etc. But he stands firm on his position.
This intuition that he relies on so extensively is not a product
of day dreaming. It is based on his experiences, observations
and also the informal analyses he might be conducting from
time to time. It is not necessary to appoint market researchers
to carry out the survey for you. Such surveys, though useful,
may not yield accurate and objective data every time. Research
companies may present conclusions that they think the entre-
preneur wants to hear.
My emphasis was always on talking to people. I talked to
them not only in my shop, but even on social occasions which
I would attend aplenty. There I used to speak about the new
products, new schemes in our shop. That did not only publicise
our shop, it also gave me an insight into my customers' think-
ing. Say for example, if I told someone about a new range of
jewellery that we were introducing and instead of showing curi-

94 | Think Pure
osity about it the person started complaining about the rush in
our shop, the long wait there, lack of parking space, no choice
beyond Maharashtrian designs etc. I realised where we needed
to improve. Such informal talk with the artisans, salesmen also
brought to the fore plenty of valuable information. That is how
we were able to improve our services and also plan large scale
expansion. But, I think, readiness and the ability to take risks is
the fundamental quality that a good entrepreneur must have.
It's like that axiom: ‘no pain, no gain.’ Bigger success involves
bigger risks. Stories of Henry Ford, Dhirubhai Ambani, etc.
bear testimony to it.
In fact some entrepreneurs thrive on risks and challenges. They
envision a venture, put all their creative energy and leadership
skills into it. They accept the risks as a challenge, establish the
venture and, once it starts rolling, either sell it or hand it over to
someone and move on to another challenge. They get bored
just running a business. They derive pleasure only in setting up
a business. Look at Richard Branson of Virgin Airlines. At one
point in life he went to jail when his music company went bank-
rupt. But he rose from it like a phoenix.
Along with risks, a business venture is ridden with a lot of
uncertainties. With changes in political, cultural, economic con-
ditions, with advancements in technology customers’ needs,
usage patterns, purchasing capacity, tastes change. Changes lead
to uncertainty in volume and nature of business. A good entre-
preneur is one who can foresee the change and also one who has
the ability to adapt to the changing situation. In India, there
were some huge textile empires during the license era. They
have now been overtaken by newer companies, because they
did not foresee that the economy would open up. They did not
know how to operate in an open economy. Whereas the Ambanis

On Entrepeneurship|95
are adept at adapting to any business environment. Bajaj Auto,
though it was in losses for some time after liberalisation, soon
grasped what had to be done and rose once again.
Sometimes there is no major change in economic policy or
cultural environment, but a competitor’s unexpected moves and
success make you sit up and review your strategy. Like Microsoft,
which had not expected Google to capture the Internet market
or Sony and others to be the leaders in gaming industry. Bill
Gates himself acknowledges that they were late entrants in these
two segments. But with vision an entrepreneur can still be a
strong contender in the race in spite of a late start.
In India an entrepreneur has to remember that he can not
blindly copy a successful western business model and hope to
succeed. He has to know the pulse of the market that he serves.
‘Think Global, Act Local’ is the mantra for that. Take the case
of Zee and Subhash Chandra. He did not have much success
with Essel World which was modelled on Disney World, but
his idea of starting an Indian satellite channel was pioneering in
Indian context. There were risks in it. But by giving it a total
Indian look he wrote a success story.
Also, in our business we cannot imitate western practices. To
give an example, in US customers do not really require to look
at a lot of designs before they buy jewellery. They get confused
if there is too much choice. They want a few but quality, de-
signer items to choose from. In India, it is the exact opposite.
Here, customers look at a hundred designs before they buy one
piece. They are not so keen on knowing how a product is posi-
tioned. In the US, we have seen, they promote a line of jewellery
for a particular target – say young people, middle-aged women,
etc. Those who are not targeted don’t consider the product in
that case. But in India, no such targeting is yet effective. Cus-

96 | Think Pure
tomers like to look at everything that is available in the shop
and they buy what they like. In Western countries, they do not
expect special customer service. They know that everybody is
given equal treatment, no matter what position he enjoys in the
society, whereas in India you win over a customer by giving him
special treatment.
So when we make an entry on the world stage (which will be
very soon) it won’t do to treat our new outlet as just another
branch of PNG. We will have to get an insight into the local
customs and ways and then change our practices accordingly.
To give an example, in India, black jewellery boxes are a strict
no-no. Not even white. While in many parts of the world,
jewellery boxes are primarily either black or white. So we may
have to make special boxes for overseas market. But such differ-
ences are not an entirely new phenomenon to us. We experi-
enced that when we came to Pune from Sangli. There was so
much difference in their buying pattern, their aesthetic sense
etc. But we quickly got to know what Puneites wanted. My
habit of talking to people about our shop helped a lot in getting
to know people’s true feedback.
An entrepreneur also creates a need if there is none already.
Coke and Pepsi did that. Was a cola drink a necessity in peoples’
life? Hardly. But with aggressive marketing they created a style-
need for a cola drink more than for quenching thirst. In our
jewellery earlier there was no demand for silver jewellery be-
cause customers thought they didn't need it. We sensed it. We
tapped the market that could not afford gold jewellery and cre-
ated a need for it also among young girls. Young girls today
prefer white gold to yellow gold. Silver jewellery was a lucrative
choice for them. We made it more trendy.
An entrepreneur is more flexible in his ways. He focuses on

On Entrepeneurship|97
results than processes, unlike a manager who wants things done
in a particular way. An entrepreneur may not necessarily do
everything that needs to be done himself. He hires the right
people to do it. His skill also lies in identifying the right people
for a job and hiring them. At times he may offer, what looks
like, exorbitant salaries. But he knows who can deliver and acts
accordingly. Sometimes it may not make much sense financially,
but then again his gut feeling can guide him in it. All his deci-
sions are also guided by his long-term vision. He may sense that
a person's association, though coming at a high cost, will boost
the company's image, may be useful in the long run.
An entrepreneur has no false pride or misconceptions about
his ability. He knows what he is better at and what he is not so
good at. So he can without any ego problems delegate some
responsibilities to others who are good at them. That's what we
did and still do at PNG.
One thing as important as delegating responsibility is toler-
ance towards mistakes. An entrepreneur does not write off some-
one who makes a mistake. On the other hand he thinks that
only those who work can make mistakes. He thinks that those
who are afraid of making mistakes won't be able to do anything
in life. He believes in trying and improving with every experi-
ence.
For an entrepreneur the time between conception of an idea
and its execution is very crucial. The faster he is able to translate
his idea into reality the better for him to capture the market. So
an entrepreneur knows that if he does not do it and do it fast
someone else will. The first entrant always gets an advantage.
Xerox, for example. It entered the Indian market first and it still
enjoys the edge and gets its fair market share.
An entrepreneur is never stuck in any one business or activ-

98 | Think Pure
ity. He keeps yearning to break out into new fields. Even when
a product has been doing well in the market for several years, he
still does not want to stick with it, but wants to innovate. One
can see the example of Toyota: it keeps bringing something new
into the market: cars that run on biofuels, cars that park auto-
matically.
Innovation is the key, but not just for its own sake — it is a
response to market need. An entrepreneur revels in innovation.
He would probably opt out of a business that no longer has
scope for innovation: he no longer has money-making as the
primary goal. He knows that any innovation is bound to bring
in wealth in any case.
He is willing to learn from everyone around and therefore
favours a loose organisation structure. He is not finicky about
who he interacts with. Google, it is said, conducts a weekly
meeting to collect opinions from all levels of the people who
work there.
We apply those principles in our shop. The salesman at the
counter is in the closest touch with the clientele, and therefore
the best source of feedback on customer response. I made it a
point to keep in close touch with the counter staff. I also regu-
larly interacted with the artisans: they were always in touch with
market trends in terms of orders going around, new pieces of
jewellery making an appearance and new techniques in finish-
ing.
The interaction with artisans gives us two advantages: first, it
gives us fresh insights into the business and second, it generates
in them a feeling that they are contributing significantly to the
enterprise. Human resources are the most valuable components
of a business. Success at business depends heavily on how one
nurtures that resource. One has to build up the proper atmo-

On Entrepeneurship|99
sphere to create and maintain that resource.
Managers tend to think that talent and skills can be bought
with money. But an entrepreneur knows that money can’t buy
really good manpower. He maintains close relations with cus-
tomers, suppliers and colleagues. He makes use of the inputs he
gathers from these relations in planning his policies.

What makes an entrepreneur?

Basically, a proper attitude is essential in order to succeed as
an entrepreneur. This consists of the readiness to take risks, to
battle with uncertainty. One who prefers a set routine, who can-
not stomach uncertainty can never make an entrepreneur. The
right attitude is essential for identifying business opportunity.
The man with the right attitude can then see how the opportu-
nity can be capitalised on, and then plan accordingly. One can
thus say that attitude, opportunity, idea and planning are the
four pillars on which entrepreneurship stands. I feel that atti-
tude is the most important of these four.
Creation of the business then rests on these four pillars, and
an entrepreneur does that in the shortest possible time. It thus
allows him to be the first on the scene in the marketplace. Growth
is the next important stage. An enterprise cannot stand still, it
has to grow, and market share is an important parameter to be
watched. Growth cannot be measured purely by increase in turn-
over. There are enterprises that refuse to grow despite efforts by
the entrepreneur. He then exits, and looks for new ways.
We achieved growth in turnover right from the start of busi-
ness in Pune, but that did not satisfy us. The city was growing,
and natural growth in business was not surprising. We, how-
ever, were intent on increasing our market share. We therefore
added branches: Paud, Camp and then Chinchwad, we cap-

100 | Think Pure

tured a varied clientele and that is how true growth took place.
Once an entrepreneur succeeds at a venture, he develops self-
confidence and begins to look into other fields, into diversifica-
tion. Take the example of Azim Premji: he began with vegetable
oils, diversified into computer hardware and zoomed to the top.
He then went into software, and is a leader even there.
Diversification brings the entrepreneur back to the first four
steps: attitude, opportunity, idea, planning. There is, normally,
one major difference: in his first foray, he is not very well en-
dowed with capital. But when he thinks of diversification, he
normally has a solid financial base.
Diversification is also a method of spreading risk: an enter-
prise restricted to one line of business is at risk in business un-
certainties, while diversification helps spread the risk a bit.
A true entrepreneur, of course, is not afraid of setbacks. Sev-
eral prominent successes have seen major setbacks: Steve Jobs
of Apple, Richard Branson of Virgin Airlines, Amitabh
Bachchan. They used their sixth sense to pull out. Keshub
Mahindra used his sixth sense to begin imports of Jeep. That
vehicle was till then used only by the army. But Mahindra rea-
soned that if it could be popular abroad, it should succeed here,
and its success is there for all to see.
Capital is an important component of any enterprise. When
an entrepreneur first begins, he has no outside sources of capi-
tal, and so he invests money of his own, his family or friends.
Once the enterprise succeeds, he is able to plough back some of
the profits for development. But there are limits to such devel-
opment, and a time comes when for large expansion, he has to
take recourse to banks and other lending agencies.
The gap between internal accruals and commercial finance is
crucial for business development. Some can't bridge it, and they

On Entrepeneurship|101
shut shop or sell out. But one who can jump the gap can take
massive strides. He can expand fast, and a time comes when a
public issue becomes practical, from which he can raise massive
funds for even bigger expansion.
I quite realise that entrepreneurship is easier described than
practiced. But the fact remains that it is not impossible. I sin-
cerely feel that the younger generation should come into the
field, should succeed and benefit themselves, society and the
nation at the same time. Today’s youth has several opportuni-
ties, it has the world marketplace and has all necessary expertise
for entrepreneurship available. The upcoming generation will
produce a lot of entrepreneurs, some start ups and some carry-
ing forward family enterprises. I am confident that young en-
trepreneurs from India will emerge who will be counted at par
with Henry Ford or Bill Gates.
The entreprneur must remember that human resources are
the most important assets that lead to growth of the organisation
and success in business. The following four points should be
noted:
· While strategy is important, nurturing of human resources
and developing the right leaders in the organisation is para-
mount.
· Creating an informal atmosphere in the organisation can
be a major competitive advantage.
· A mechanism of performance-linked rewards is a great con-
tributor to effectiveness of the human resources.
· It is important to nurture a feeling of ownership in the minds
of all who work in the organisation. It is then that they will
perform at their best, and the organisation will prosper, and
so will the employees.
•

102 | Think Pure

EIGHT
Think Pure

have lived a long and fulfilling life. Everything I did,

all that I experienced has taught me a lot. Life has shaped
my convictions, and I live strictly by them. I am
summarising these convictions, which have appeared elsewhere
in this chronicle.

‘Think Pure’
Purity is of paramount importance in the business of gold. Our
transactions must therefore be fully transparent. One's customer
has to be convinced of the purity of the gold he is buying.
Customers who come to us to take delivery of ordered goods
often just pay and carry away the case. They don't even feel the
need to open the case to verify that it contained what they or-
dered, they are sure that it would. It is our responsibility to see
that we generate such faith and trust.
I often say at our Association meetings that just one jeweller
sending a customer away with substandard gold can bring dis-
repute to the whole business. The honest route in business is
tough, as against the get-rich-quick route. Lasting success can
only be gained through genuine goods, good service and promp-
titude.

Think Pure|103
On Faith
I have faith in the Almighty, but it’s not blind faith. I am
religious, but I do not make a spectacle of my religiousness. I
bow to the Lord ritually twice a day, since it is He who has
given everything. For anything to be done in connection with
religion, I have no objection – in fact, I participate with enthu-
siasm.
I regularly perform religious rituals that are traditionally per-
formed in the household. But I don't make it into a showman’s
performance.

On Inspiration in Life
I grew up in the care of my father and my uncle. My inspira-
tion came from my uncle, Purushottam Lakshman Gadgil, or
Aba to the family. He was a saintly person. His lifestyle was
simple, his dealings were straight. He never made any vulgar
display of wealth. He never interfered in the lives of others.
He was held in great reverence by the relatives, acquaintances
and friends and by others in the business. Aba was greatly re-
spected all around, a man perceived as one who had no en-
emies. He was always soft-spoken, never even raised his voice,
but he was held in awe. His readiness to help the needy at all
times without making a song-and-dance about it was respected
by all.
I had this ideal in front of me as I grew up in the presence of
Aba, and I resolved to live by his values.

On Business
Every business is subject to cycles. The secret of success in
business is to hold oneself steady over these cycles. One must
not get carried away by the ups, or depressed by the downs.

104 | Think Pure

 Money is not everything; it comes and goes. What must re-
main everlastingly is one’s reputation, which can only be built
on the foundation of sincerity, honesty and hard work.
For success in business, one must have a talent for talking to
people, the drive for respectful service, the conviction about the
importance of the customer. Every customer that walks in should
feel welcome, be it a small-bit buyer or a wedding trousseau
customer. Both should be given good service. Each customer
should be made to feel like coming again. Traditionally, a per-
son, once satisfied with service does not change his physician or
his jeweller. It is up to the jeweller to see that he satisfies the
customer on his first visit, and creates customer loyalty.
Every businessman is in it for profit. No one would like to
sustain losses. Consistency and honesty are the best methods to
ensure business sustains and is profitable.

On Money
I was brought up in a wealthy household, so money was never
a problem. But the lifestyle was never wasteful — money was to
be earned through integrity and probity, and spent in proper
moderation — that was the principle on which we were brought
up. Money earned through the right principles would last, and
multiply. Money earned through wrong means would come fast
and go faster — through undesirable spending habits that get
acquired on the way.
Money is essential for life, and should be earned. But it must
not be flaunted. The modern generation seems to be trapped in
a ‘show-off' mode: buy houses, buy vehicles through easily avail-
able loans. The outcome is an increase in stress.
I would repeat an old adage: ‘Cut your coat according to the
cloth.’ Money comes and goes, one has to keep one’s feet firmly

Think Pure|105
on the ground. Ill earned wealth never benefits anyone.

People over Profit

Although profit is the prime aim in business, there are times
when one needs to go out of the way. Generally, it takes ten to
fifteen days to deliver jewellery made to order. But there are
times when a marriage is fixed in the morning, and the engage-
ment ceremony is planned for the same evening. We have ably
stood by the customer on such occasions, stretching ourselves
to deliver on time, either by making a new piece or modifying
one from stock. Here the person is put ahead of profit. Such
small things get talked about, and in our business, such word-
of-mouth publicity is invaluable.
When a man sells or pawns his mother’s or wife’s jewellery for
raising capital for business, the woman concerned is saddened.
Will the business succeed, or do we stand to lose what we have?
I make it a practice to point out to the man that he is selling the
woman's jewellery, and he should make good use of the capital.
He should set a goal of buying back the jewellery piece by piece
till everything is restored to the woman. The women are heart-
ened by my encouragement. The men are made more conscious
of their responsibility, and the action builds lasting ties with
customers.
Competition exists in every business. Every businessman
strives to attract customers to himself. It is wrong to attract
business through false promises, through prices depressed by
compromising on quality. I am proud to say that I am on excel-
lent terms with all my competitors. Many of them look upon
me as a father-figure. This cannot be earned overnight, it takes
a lifetime of honest hard work. All my competitors are thus my
friends.

106 | Think Pure

 I was president of the Saraf Association for eight years. Dur-
ing my tenure, I was able to increase the membership strength
threefold. Through united action, we successfully mounted cam-
paigns against unfair levies such as octroi and sales tax.

Policy & Goodwill

I strictly follow the business practices set out for PNG by my
uncle.
‘Always formalise all money transactions in writing.’ It may
take some time, but it is worth it. A verbal transaction could be
forgotten in the rush of work. A written record will eliminate
this risk.
‘Never stand guarantee for anyone.’ You may be approached
by a relative or a friend to sign as guarantor for a loan. He may
say it is just a formality, you will not be affected, I shall be re-
paying in so-and-so way. But remember, one never knows what
may befall whom, and if things go wrong, one could suffer for
the signature. Recently it happened with an acquaintance of
mine. He stood guarantee for someone for a loan of Rs. 600,000.
The borrower defaulted, his guarantor was held liable, and stood
the prospect of his house being forfeited. The amount due with
interest, had swollen to Rs. 7 million.
Business in honesty leads to success. Dishonesty never pays.
If you cheat someone once, you have lost him for ever. Wealth
raised through dishonest means never lasts. But wealth created
through honest toil is long-lasting.
That is how our business has flourished for 175 years, evolv-
ing from a roadside stall to a multi-location chain, spreading far
and wide in the country and abroad. This is our true goodwill.

Think Pure|107
On Family Relationships
Family relationships are important if a man has to maintain
his focus on business. One therefore has to maintain communi-
cation with relatives.
It is this principle that has kept us a close-knit family. The
others look upon me as a father-figure, and I reciprocate with
guidance when needed.
Seniors should give advice when asked, but should not foist
it unasked. The young do need to be looked after, but it is un-
desirable to interfere in minor matters of their day-to-day life.
My household now is of four generations living together. It
has all come about through the understanding between genera-
tions. Understand the differences, give in when desirable, make
up when necessary, make compromises when desirable.

‘Unity is Strength’
Since our business is within the family, we have to have unity
among ourselves. We all follow the rules of business laid down
by our ancestors. If one does not agree with a certain policy or
decision, one should register one’s disagreement, but must not
insist on one’s being right. One should acknowledge that the
seniors are experienced, and a decision they take would there-
fore be beneficial.
The British took advantage of our disunity, and ruled us
through the ‘Divide and Rule’ strategy. If we are united, we
cannot be affected by outside influences. We must not succumb
to rumour that arises outside.

On Inspiring Others
The generation gap brings in a distance between generations.
Nevertheless, I have maintained good relations right across gen-

108 | Think Pure

erations. I have managed this by treating each one according to
his age — I am young with the young and old with the old.
Never interfere in the affairs of the younger generation. Never
foist unsolicited advice. Children do not like interference in
their lives, and we could feel resentful of our advice not taken.
So keep your counsel.
Treat everyone as equal. I make it a point to answer to every
invitation, whether from a rich man or poor. His utility to me is
immaterial, what matters to me is the contact with a man.
Friendship should hold no expectations. Friendship should
look just for joy in companionship. It thus can never have rich-
poor equations.
With our business of gold jewellery, we were a natural choice
at weddings, beginning with the engagement. I am regularly
invited to weddings and I make it a point to attend. There I am
quite often introduced as instrumental in the resplendence of
the bride’s jewellery. This, then, is the true ‘word of mouth’
publicity that we get.
When I go out for my constitutional, I meet several people,
men and women, some in their thirties and forties and some
like me in their nineties. Many like my company, some address-
ing me as a father-figure, some as a brotherly figure. These rela-
tionships need no money to make: they are acquired purely
through friendly interaction.
One feels a sense of regret that no one seems to have the time
these days to build relationships. Money is necessary to make a
living, true, but it is only through the relationships one has
built up with friends and relatives that one can get true happi-
ness and peace.
If you are satisfied with life, you will inspire others to satis-
faction and happiness.

Think Pure|109
 I make it a point to reiterate at my addresses at the Senior
Citizens' Meet: Let us not be obstinate at this age. Let us act
with love to all, let us give ninety per cent from our side in
terms of adjustment, so that the younger generations are in-
spired to give the remaining ten per cent.
Today, my daughter-in-law is more of a daughter, as far as
relationships are concerned, and so I feel I have the authority to
speak on this. It is because of this relationship that four genera-
tions of my family live together in absolute amity.
I regularly enquire after the well-being of my domestic ser-
vants and their families. I advise the maid servants to educate
their children, to save them from the yoke of domestic service.
I ask after the health and well-being of my driver and his family.
I offer to help in times of need, since I believe that self-respect
transcends the rich-poor divide, and anyone who works for you
is entitled to it.
I believe in easy accessibility. I always make it a habit to give
the earliest possible appointment for anyone who asks for it. I
feel that it is something that helps in cementing relationships,
and delays could lead to misunderstanding.

On Lifestyle
I was blessed with excellent, nutritious food in Sangli, a small
place then with no pretensions of any sort. We were trained
from childhood to clean our plates of all that was served. There
was no ‘fast food’ culture then.
In this age, however, I eat just as much as I need for proper
health. I am fond of good, nutritious vegetarian food.
Food habits must also be accompanied by regular exercise.
Young people often get into unhealthy habits and then face the
consequences of hypertension, diabetes or obesity.

110 | Think Pure

 I live by the maxim, ‘Eat to live, don’t live to eat.’ It is through
this and through a regular exercise regime that I enjoy excellent
health in my 93rd year.

On Human Relations
Feel love towards all. Give freely of what you have. Never
speak ill of others. Give encouragement to good work. Build
relationships with all. Help the needy as far as possible. Repay
social obligations through social activity. That is what goes to
make up a truly good person.
•

Think Pure|111
112 | Think Pure
NINE
In Conclusion

od has been kind to me in all I could hope for. I pray to

Him that I shall be able to work till my last breath.

Throughout my life I have been conscious of my social re-

sponsibility. I shall continue to do all I can towards repaying
my debt to society that has given me so much.

I have been fortunate that my successors have all emerged as

capable, honest and hard working people. I am therefore at peace
with the conviction that the organisation will be in proper hands
when I withdraw from the scene.
•

In Conclusion|113
114 | Think Pure
ANNEXURE
Management by Values

By Dr. Prachee Javadekar

Director, Indira Institute of Management

Dajikaka is a glowing example of Management by Values. In

today’s business environment where deception and corruption
are seen to be common, Dajikaka stuck by his values, and in-
culcated them in his family and the entire PNG organisation.
Researcher in Management that I am, I am fascinated when I
see Dajikaka Gadgil and the PNG empire that he has built up.
Just a few meetings with Dajikaka are enough to make one realise
how he has ably managed a business with a 175-year history.
A resident of Pune, I have been familiar with the Gadgil shop
for several years now. I have enjoyed Dajikaka's elderly and yet
friendly company several times. He exudes the philosophy of
purity that has been the hallmark of the Gadgil business: purity
in business dealings, purity in thought and deed, purity in in-
teraction with customers, employees and all those around. This
is of course an outcome of communication which connects with
people. I have seen his emphasis on the communication with
people. He interacts easily with people of all ages and wins their
confidence through his concern. Each one feels that Dajikaka is
speaking to him out of genuine interest, not just being formal.
This would apply equally to a bride who is looking for a bridal
necklace, a lady who has come to invest in gold, one of his own
artisans or one of the salesgirls.

Annexure |115
 I feel that this easy and friendly interaction, this genuine con-
cern and the charisma that it gives his personality stems from
his natural courtesy, his intrinsic honesty in thought and deed.
The PNG slogan, Think Pure, conveys the spirit of matching
deed to word. That is why Dajikaka’s leadership is readily ac-
cepted. Dajikaka’s leadership is not the flashy type: it is more of
the ‘dynamic and steady’ kind.
His leadership is brilliantly demonstrated in his success in
bringing about a blend of a joint Hindu family and a sole pro-
prietary concern. Although PNG is not formally a joint Hindu
family business, Dajikaka has ably spotted the talent of each
individual in the family and brought it to play in consolidating
his business in Pune. He could persuade his relatives to join the
business, though they were not owners. The sense of belonging
was nurtured. The affinity was then felt by each one of them.
He rightly recognised the qualities of his daughter-in-law
Vaishali, and her entry into the business gave it new strengths.
It demonstrates Dajikaka’s progressive outlook. I also feel that
at an emotional level, Vaishali’s entry may have partly compen-
sated Dajikaka’s regret that he was not able to induct his smart
and educated wife, Kamal into the business in earlier days.
A businessman has to keep with the times, keep himself a
step ahead of change. Dajikaka is seen to have done that several
times. He had invited the Prince of Sangli to inaugurate his
Pune shop. In these days of celebrity and star events, this would
not be new, but it was unknown way back then. I feel it is worth
noting that Dajikaka had the foresight to think of such a thing
and then proceed accordingly. He is a perfect strategist balanc-
ing out the entire marketing mix without reading about it —
he practiced it. That is the vision, that is the true role of a leader.
Dajikaka had fully though out the aspects of Product, Price

116 | Think Pure

and Place, before he went on to Promotion. He had fully stud-
ied the implications of setting up a shop at Lakshmi Road, in
what way the products that sold here were different from those
that were sold in Sangli, the varying modes of gold acquisition
in this town.
Total Customer Satisfaction is paramount. He focussed on
understanding customer needs. Customers need an assurance
of the purity of gold, a guarantee of accuracy in weight and the
best price. They want their favoured designs to take shape in
gold. Dajikaka takes full efforts to satisfy all the three desires.
He has put in place strict Quality Management systems for this
purpose.
Dajikaka enthusiastically discusses new products and pro-
cesses, the advent of KDM, the establishment of hallmarking
and such matters even at social events such as weddings. But it
is done in a way that holds the listener’s interest, does not emerge
as pushiness. He interacts with customers at the shop with genu-
ine friendly interest. It often happens through the interaction
that a customer walks out with something different from what
he had in mind, another leaves with two pieces instead of the
one he had planned. Far from resenting this, the customer is
happy that he has been sensibly advised. Few can manage busi-
ness promotion so smoothly.
Dajikaka has seen a grand time-span of seventy three years in
business. During the period, he has seen several transitions. In-
flexibility is often the bane of a sole proprietary concern. But
Dajikaka actively encouraged transitions, and was instrumental
in bringing them about. He freely accepted modern techno-
logical innovation, useful techniques such as data mining and
organisational structuring into front, middle and top manage-
ment levels.

Annexure |117
 In the beginning, the front office and customer care were
looked after by the family members themselves. Dajikaka laid
great stress on close relations with the artisans, on whom the
business relied to a large extent. As a result, he was able to meet
exactly the customers’ needs in terms of jewellery design.
Personalised service thus became the USP of the Gadgil shop.
This USP helps today in the competition with other brands.
Dajikaka has successfully built up something that is extremely
difficult to: Trust and Loyalty. The philosophy of Trust and Loy-
alty thus emerges as the USP of his business.
The sole proprietary concern evolved into a private incorpo-
rated company. Partners became directors. The firm will soon
go public. The company will change its character further. What
is remarkable is that Dajikaka understood the necessity of this
evolution for development. He had the vision and the leader-
ship qualities that it takes, and the transitions went through
without conflict.
Some conflict is inevitable when a new generation enters the
business, and it takes ability to manage it. Here, the strengths
of the joint Hindu family system in India become evident. To
cite the example of the Ambanis, when conflict arose between
the two brothers, it was the intervention of their mother
Kokilaben that was instrumental in bringing about an amicable
settlement. Such conflict resolution examples are unique to In-
dia. The example of Reliance demonstrates the strength of the
family system in India. Dajikaka has used this traditional strength
to excel in the making of PNG.
PNG has had spectacular growth. The jewellery business has
already broken out of the confines of Pune and expanded else-
where in Maharashtra, and is now poised to cross the bound-
aries of the country to prove its mettle abroad. It is also expand-

118 | Think Pure

ing into stocks, commodities, construction and hospitality. The
Gadgil saga is unique in its long history of 175 years. Much
research has authenticated that most family enterprises either
die out after two or three generations, or the family ownership
gets diluted or lost, for various reasons. The reasons are many:
not being united, not being progressive, not being clear in own-
ership patterns or not being alive to new technology.
The Gadgil clan, however, is unique in having retained its
ownership for six consecutive generations. Of these, Dajikaka
has been at the helm for around seventy three years and remains
a guiding force. He has built up on the rich tradition and cul-
ture that he inherited, and has brought the Group to an envi-
able position in business circles and in society. I am sure that
this story of the nurturing and development of a successful busi-
ness on the basis of an underlying philosophy of ‘Think Pure’
will be found to be highly educative and inspiring.
•

Annexure |119
120 | Think Pure