Chennai: The Indian gold industry has created a self-regulatory body to increase consumer confidence by adopting transparent and sustainable practices.
Indian Association for Gold Excellence and Standards (IAGES), the self-regulatory organisation (SRO), was created by the Indian gold industry and supported by the World Gold Council.
IAGES will aim at increasing consumer confidence and enhancing trust in the Indian gold industry by encouraging the adoption of fair, transparent, and sustainable practices, regulatory compliance, establishing a code of conduct, and introducing an audit framework. IAGES will aim at giving gold providers a detailed set of best practices and a road map for implementing them.
National industry associations including the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC), and Gem and Jewellery Export Promotion Council (GJEPC) have formed IAGES.
IAGES will be independently governed and professionally managed. The Code of Conduct created by it will be available to 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.
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, Sachin Jain, Regional CEO, India, World Gold Council, said. It should help propel India's gold market to global prominence.
