Page 22 - Bullion World Volume 03 Issue 6 June 2023

Bullion World | Volume 3 | Issue 6 | June 2023

groups and committees globally, plus participation in leading trade events, signed with India and the relevance
those we aim to create in UAE and seminars, and exhibitions organised this has for the gold market across
Australia this year, we are working by the leading jewellery associations. the two countries.
with over 100 key stakeholders We have also tapped social media
and partners, and that number outreach to tap the industry. Let’s now focus on “Innovation”.
doesn’t include the expressions What role does WGC play in
of interest we have received As a result, we have received over promoting innovation in the gold
from jewellers across India to be 1,100 expressions of interest (EOIs) industry? Can you share some
part of the initiative. In Germany, from industry stakeholders across of the recent innovations that
the RGIP™ working group has the value chain that would like to are supported by WGC? Can
completed the drafting of their Code join this movement. This shows you detail the latest initiatives of
of Conduct which has been used that India's gold market is ready WGC on Technology and product
as the foundation for the publication for the next stage of evolution strategy/ Marketing/ Operations/
of a DIN SPEC by the German which is setting up a self-regulatory Government Relations and
national standards body, DIN. In organisation (SROs) to adopt Human Resources?
Singapore, we are working closely industry best practices and deliver Market structure and innovation are
with the Singapore Bullion Market high standards to customers. This a cornerstone of our work at the
Association and the local working will be first of its kind initiative in World Gold Council. Our strategic
group to finalise a regional Code of the global gold industry and India is vision ‘Gold247’ is a long-term
Conduct and integrate this into a taking the lead on it. initiative seeking to transform the
retail markets committee under the global gold market and is focused on
auspices of the SBMA. Similarly, Next few years, our focus would be three core pillars which are integrity,
the working groups in North America setting up India Gold industry SRO accessibility, and fungibility. This
and the UK are too progressing well. and successfully operationalise it. I initiative aims to enhance trust in and
believe adopting the move towards adoption of gold which should unlock
Swarna Adarsh Abhiyaan, is self-regulation will benefit the substantial demand. This programme
an Indian adaptation of RGIP. entire Indian gold industry; making is underpinned by the digitalisation of
When did it start? What has been their businesses sustainable, and gold and the digital transformation of
achieved so far? What has been trustworthy in turn driving demand the gold market’s infrastructure, and
the learning so far? What does for gold as a safe retail investment the latter is already well underway.
WGC propose to do over the next option. In 2022, The LBMA and the WGC
two to three years under SAA in brought together representatives
India? Is WGC planning RGIP like from the global gold supply chain
In consultation with the leading programmes for Middle East to pilot and implement a secure,
industry stakeholders Swarna Adarsh region, which is also a big confidential, digital supply chain
Abhiyaan (SAA) was launched in consumer of gold, especially in solution for the gold industry. Over
August 2021 in India. Since launch, physical forms? 30 participants took part in the pilot
we have rolled out comprehensive Yes, indeed, as mentioned earlier, across 13 locations around the world
codes of conduct to guide every the RGIPs is a global initiative, and the programme continues to gain
vertical across the gold industry and we are at the early stages momentum as more industry players
value chain on the best practices for of engagement with a number look to implement distributed ledger
their specific areas and how best to of regional markets including technology that will eventually assure
adopt them. You can read them here the Middle East. To date, this the integrity of a gold asset. This is
- https://swarnaadarsh.com/ includes high-level discussions an exciting start and an essential
Since launch, we have extensively with industry participants in the foundation that needs to be in place
marketed SAA pan-India through a UAE to understand how we can to create a trusted, transparent, and
multi-faceted industry awareness operationalise the RGIPs in the main digitalised gold asset that is relevant
and education campaign that market of Dubai, especially in light to more investors today, and in the
includes B2B advertising, and of the recent free trade agreement future.

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