An Exclusive Conversation with Ashish Pethe, Partner – Waman Hari Pethe Jewellers
Interviewed by Nikhil Ballal, Managing Editor, Thane Vaibhav, at Open Minds – A Business Conclave
Q: Waman Hari Pethe Jewellers is a name synonymous with trust in India. How would you describe the legacy of the brand?
Ashish Pethe: Waman Hari Pethe Jewellers has a legacy spanning 116 years, built on trust, quality, and craftsmanship. Founded in 1909 by my grandfather late Waman Hari Pethe, and his brother late Ganesh Pethe, the journey began with pearl trading and later evolved into jewellery manufacturing. One of our proudest moments was when the Government of Maharashtra presented Queen Elizabeth II with traditional Maharashtrian jewellery crafted by WHP during her visit to Mumbai. That moment truly reflects our heritage and credibility.
Q: What has been the key success formula behind WHP’s sustained growth over more than a century?
Ashish Pethe: Our success lies in adapting to changing customer preferences, staying relevant with design trends, and delivering the best customer experience. We believe in taking calculated risks, maintaining strong synergy among family partners, and following effective communication strategies. Together, these factors have helped us grow while preserving our core values.
Q: Why do you believe gold should be a part of every investor’s portfolio?
Ashish Pethe: Gold has multiple dimensions. It acts as a hedge against inflation, serves as financial insurance during health or business crises, and is deeply valued as jewellery in India. It is easy to store, highly liquid, and has delivered consistent returns over the last five decades, with an average annual return of around 17%. That makes it both an emotional and rational investment.
Q: Gold prices have surged sharply in the last 12 months. Do you see further upside?
Ashish Pethe: The last year has been extremely volatile due to global security concerns and geopolitical tensions. During such times, countries repatriate gold reserves and individuals increase gold investments. Since gold supply is finite, rising demand naturally pushes prices up. Prices will continue to rise, but not at the same pace as in the past year. Interestingly, when prices rise, gold owners feel reassured rather than anxious, as their assets appreciate.
Q: How did WHP evolve into a large retail brand?
Ashish Pethe: Initially, we operated from a single store in South Mumbai for nearly three decades, later expanding to Dadar. In the early 2000s, after exploring US and Japanese markets, we chose to focus on Indian retail as the economy opened up and organised retail gained acceptance. Today, we have over 30 stores, including locations in Goa and Madhya Pradesh.
Q: How has WHP maintained its reputation over generations?
Ashish Pethe: We have seen every possible business cycle, but our commitment to quality and trust never changed. From pearls to gold, diamonds, silver, and bespoke jewellery, we evolved into a one-stop destination while retaining our heritage. Our patronage includes distinguished names like Krishna Kapoor, Pandit Jasraj, and Shobha De, which further motivates us to uphold excellence every single day.
