Representative image showing gold biscuits.
Credit: Reuters File Photo
Mumbai: In a unique initiative, the Indian gold industry has formed the Indian Association for Gold Excellence and Standards (IAGES), a self-regulatory organisation (SRO) of the industry which has the support of the World Gold Council.
IAGES will aim at increasing consumer confidence and enhancing trust in the Indian gold industry through encouraging adoption of fair, transparent and sustainable practices, regulatory compliance, establishing code of conduct and introducing an audit framework – created by the Indian gold industry, for the Indian gold industry across the entire industry value chain.
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, according to a press statement on Wednesday.
IAGES will be formed by national industry associations including Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC) and Gem and Jewellery Export Promotion Council (GJEPC) and supported by the World Gold Council.
AGES will be independently governed and professionally 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, said, “The gold industry is integral to the Indian economy, contributing approx. 2% to Indian GDP and 3-5mn 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 SRO 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.”
Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC), said, “The formation of IAGES is a landmark achievement for the Indian gold industry. It underscores our collective commitment to establishing the highest standards of ethics, transparency, and sustainability. By creating a self-regulatory body, we are taking a proactive step to build trust and confidence among Govt., consumers, investors, and international stakeholders in the Indian gem and jewellery industry.
Saiyam Mehra, Chairman, All India Gems and Jewellery Council of India (GJC); “All India Gem & Jewellery Domestic Council is honoured to be associated with the Indian Association for Gold Excellence and Standards (IAGES). IAGES is surely the need of the hour, and this collaboration represents a significant step towards advancing the standards of excellence and transparency within the gold industry in India. Together, we aim to promote best practices, ensure the highest quality, and foster trust among consumers and industry stakeholders.
Prithviraj Kothari, National President, India Bullion and Jewellers Association (IBJA); "The establishment of IAGES marks a significant milestone for the Indian gold sector, showcasing our united dedication to upholding the highest standards of integrity, transparency, and sustainability. Through the creation of a self-regulating entity, we are proactively fostering trust and confidence among governmental bodies, consumers, investors, and international partners within the Indian gem and jewellery domain.