Indian gold industry sets up self-regulatory body

The domestic gold industry has set up the Indian Association for Gold Excellence and Standards (IAGES), its first self-regulatory body that will aim to boost consumer confidence and enhance trust in the industry.

The organization, which will have board members from the Indian Bullion and Jewellers’ Association, the All India Gems and Jewellery Council of India, and the Gem and Jewellery Export Promotion Council, will be backed by the World Gold Council (WGC), a statement said.

IAGES, which will be independently governed and professionally managed, will soon make its code of conduct available publicly, but adoption will be voluntary, the statement added.

Registrations for IAGES membership is expected to be announced soon and the organization is scheduled to become operational by early next year.

Sachin Jain, regional chief executive for India at WGC, said: “The WGC has been promoting a need for creating a self-regulatory organization 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.”

“By creating a self-regulatory body, we are taking a proactive step to build trust and confidence among government, consumers, investors, and international stakeholders in the Indian gem and jewellery industry. IAGES will not only strengthen India’s position as a global gold hub but also drive innovation and growth within the industry,” Vipul Shah, chairman, Gem and Jewellery Export Promotion Council, said.

Saiyam Mehra, chairman of the All India Gems and Jewellery Council of India, said: “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.”

“Through the creation of a self-regulating entity, we are proactively fostering trust and confidence among” key stakeholders, Prithviraj Kothari, national president of the India Bullion and Jewellers Association, said, adding: “IAGES is poised to not just fortify India’s standing as a global gold hub but also catalyze innovation and progression within the sector.”