Page 12 - Bullion World Volume 4 Issue 9 September 2024

Bullion World | Volume 4 | Issue 9 | September 2024

Launch of SRO for

Indian Gold Industry at IGC 2024

Mr Sachin Jain, Regional CEO – India, World Gold Council

Introduction of the Self-Regulatory Organization organization will act as a bridge between industry
for the Indian Gold Industry by Mr Sachin Jain, players and government regulations, making it easier for
Regional CEO, World Gold Council businesses to comply while providing consumers with
greater confidence in the products they purchase.
At the India Gold Conference, Mr Sachin Jain, Regional The creation of IAGES is not merely another industry
CEO of the World Gold Council (WGC), introduced association but a structural change aimed at elevating
the Self-Regulatory Organization (SRO) for the Indian the Indian gold industry. Mr Sachin Jain explained
gold industry. The SRO, named "IAGES" (Indian that IAGES will reward businesses that comply with its
Association for Gold Excellence and Standards), is a standards, showcasing them as leaders in the industry.
ground-breaking initiative aimed at bringing greater Additionally, the SRO will work closely with small-scale
transparency, accountability, and trust to the gold value businesses to help them improve their practices and
chain in India. This initiative has been in development for become more competitive in the global market. IAGES is
over three years, with the World Gold Council working expected to not only enhance the credibility of the Indian
closely with industry stakeholders and government gold market but also foster a more sustainable and
regulators to ensure a comprehensive framework that ethical approach to gold trading and manufacturing.
covers the entire gold sector, from bullion and refining FOR OVER A CENTURY WE HAVE
to trading and retail. He emphasized the importance In concluding his presentation, he unveiled the logo
of IAGES in addressing the "trust deficit" that exists of IAGES and highlighted the extensive research and RESHAPED VALUE RESPONSIBLY
between consumers, the government, and the gold planning that went into its creation. The name "IAGES"
industry. Despite India's long-standing cultural and symbolizes the longevity and excellence that the gold
financial relationship with gold, there has been a growing industry represents. The initiative has received positive
sense of doubt about the authenticity, quality, and responses from government ministries and regulators,
ethical sourcing of gold products. The IAGES initiative who view it as a critical step toward formalizing and
is designed to mitigate these concerns by setting clear enhancing the gold trade in India. With IAGES, the World
standards for ethical business practices, conducting Gold Council aims to create a future-ready gold industry
regular audits, and ensuring that companies across that aligns with global best practices while maintaining
the gold value chain adhere to these standards. The India’s leadership position in the global gold market. www.randrefinery.com

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