Indian Gold Industry Forms Self-Regulatory Body to Boost Transparency

New Delhi, Aug 6 (KNN) In a significant move aimed at enhancing trust and transparency within the sector, the Indian gold industry announced on Tuesday the formation of the Indian Association for Gold Excellence and Standards (IAGES).

This self-regulatory organisation (SRO), backed by the World Gold Council, represents a collaborative effort among key industry stakeholders.

IAGES is set to become operational by late 2024 or early 2025, with its framework to be released soon. The organisation will be independently governed and professionally managed, according to Sachin Jain, Regional CEO of the World Gold Council in India.

The formation of IAGES brings together 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).

This united front aims to address the trust deficit in the sector and promote fair, transparent, and sustainable practices across the entire value chain.

Vipul Shah, chairman of GJEPC, hailed the formation of IAGES as a "landmark achievement," emphasising its role in establishing high standards of ethics and sustainability.

Saiyam Mehra, chairman of GJC, highlighted the organisation's goal to promote best practices and ensure the highest quality standards.

IAGES is expected to introduce a code of conduct and an audit framework for the industry, fostering regulatory compliance and building consumer and government confidence.

Prithviraj Kothari, National President of IBJA, expressed optimism about IAGES's potential to strengthen India's position as a global gold hub and drive innovation within the sector.

This initiative marks a significant step towards self-regulation and standardisation in India's gold industry, potentially reshaping its future landscape and global standing.

(KNN Bureau)