MUMBAI: The Indian gold industry announced the formation of the Indian Association for Gold Excellence and Standards (IAGES) on Tuesday. This new self-regulatory organisation (SRO) is supported by the World Gold Council (WGC) and aims to remove the trust deficit and enhance transparency within the sector.
The framework for IAGES will be independently governed and professionally managed, with its release expected soon, followed by the announcement of memberships. According to WGC Regional CEO, India, Sachin Jain, the organisation is expected to become operational by December this year or January 2025.
IAGES will be established by national industry associations, including the Indian Bullion and Jewellers Association (IBJA), the All India Gems and Jewellery Council of India (GJC), and the Gem and Jewellery Export Promotion Council (GJEPC).
"IAGES, created by the Indian gold industry, represents the coming together of various stakeholders in the sector. It aims to increase consumer and government confidence by enhancing trust in the Indian gold industry through the adoption of fair, transparent, and sustainable practices, regulatory compliance, establishing a code of conduct, and introducing an audit framework across the entire value chain," Jain added.
GJEPC Chairman Vipul Shah commented, "The formation of IAGES is a landmark achievement for the Indian gold industry. It underscores our collective commitment to establishing the highest standards of ethics, transparency, and sustainability."
GJC Chairman Saiyam Mehra stated, "Together, we aim to promote best practices, ensure the highest quality, and foster trust among consumers and industry stakeholders."
"IAGES is poised to not just fortify India's standing as a global gold hub but also catalyze innovation and progression within the sector," added IBJA National President Prithviraj Kothari.
The Indian gold industry is hopeful that IAGES will play a crucial role in enhancing the credibility and reliability of the sector, thereby benefiting all stakeholders involved.