Gold industry announces formation of self-regulatory body
Tue Aug 06 2024
The Indian gold industry has announced the formation of the Indian Association for Gold Excellence and Standards (IAGES), a self-regulatory organisation (SRO) which will be supported by the World Gold Council (WGC).
“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,” the SRO said in a statement.
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), would be the key stakeholders. It will be independently governed and professionally managed. However, the adoption of the Code of Conduct will be entirely voluntary. The SRO is expected to be operational in early 2025.
Sachin Jain, Regional CEO, India, World Gold Council, said, “Self-regulation will help empower stakeholders to build a sustainable and trusted gold market. The IAGES is an initiative that reflects the unified commitment of the Indian gold industry to advance shared goals and ensure a sustainable and robust future for it.”
Source: https://www.thehindu.com