Indian gold industry forms self-regulatory body
The new Indian Association for Gold Excellence and Standards (IAGS) is supported by the World Gold Council.
The aim is to increase consumer confidence and enhance trust in the Indian gold industry through adoption of fair, transparent and sustainable practices, regulatory compliance, establishing code of conduct and introducing an audit framework.
It will be inspired by the World Gold Council’s Retail Gold Investment Principles. IAGES will aim to give gold providers a detailed set of best practices and a road map for implementing them.
IAGES will be formed by national industry associations including the Indian Bullion and Jewellers Association, the All India Gems and Jewellery Council of India, and the Gem and Jewellery Export Promotion Council (GJEPC).
IAGES will be independently governed and managed. The Code of Conduct created by it will be available for everyone from the industry, however, its adoption will be entirely voluntary.
The registrations for IAGES membership will be announced soon and the organisation will be operational by early 2025.
Sachin Jain, Regional CEO, India, World Gold Council, says, 'The gold industry is integral to the Indian economy, contributing approx. 2% to Indian GDP and 3-5mln in employment. As India embarks on the journey of being a Viksit (developed) country by 2047, IAGES marks a turning point for the Indian gold industry.
'The World Gold Council has been promoting a need for creating a self-regulatory organisation to promote adoption of best practices. The launch of IAGES marks a pivotal step towards enhancing trust for the Indian gold industry. Self-regulation will help empower stakeholders to build a sustainable and trusted gold market. The IAGES is an initiative that reflects the unified commitment of the Indian gold industry to advance shared goals and ensure a sustainable and robust future for it.
'We at the World Gold Council are fully committed to supporting IAGES. It is a unique initiative and the global gold industry will be watching it. It should help propel India's gold market to global prominence.'
