Indian Gold Industry Establishes Self-Regulatory Organization to Rebuild Trust
India’s gold industry, in partnership with the World Gold Council (WGC), has launched a self-regulatory body called the Indian Association for Gold Excellence and Standards (IAGES) to enhance consumer confidence and credibility. This move aims to address the trust deficit created by unethical practices within the sector.
Headed by WGC’s Indian operations CEO Sachin Jain, the IAGES is committed to promoting integrity, transparency, and sustainability in the bullion industry. It will enforce a code of conduct, regulatory compliance, and a rigorous audit framework to ensure accountability among its members.
Key industry associations such as the Indian Bullion and Jewellers Association, All India Gems and Jewellery Council of India, and Gem and Jewellery Export Promotion Council are joining forces with IAGES to uphold industry standards. The WGC will spearhead efforts to educate consumers about the initiative and provide financial support for the campaign.
Despite a slight decline in gold demand during the June quarter, the industry anticipates a rebound in consumption in the latter half of 2024. This positive outlook is attributed to changes in import taxes and lower local prices. By fostering responsible practices, IAGES aims to restore the reputation of India’s gold market.
Published 06 August 2024, 09:59 IST