Indian Gold Industry Launches IAGES to Boost Transparency and Trust

The Indian gold industry has taken a significant step towards enhancing consumer confidence and industry integrity with the formation of the Indian Association for Gold Excellence and Standards (IAGES). This self-regulatory organization (SRO), backed by the World Gold Council, aims to address trust deficits and promote transparency within the sector.

Indian gold industry Building Trust and Confidence

The gold industry has long been associated with concerns about purity and ethical sourcing.Indian Association for Gold Excellence and Standards (IAGES) seeks to address these issues by establishing a robust framework for industry practices. By promoting fair, transparent, and sustainable operations, the organization aims to restore consumer trust and strengthen the industry's reputation.

Collaborative Effort

The formation of IAGES is a collaborative effort involving key 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). This united front underscores the industry's commitment to self-regulation and improvement.

A Framework for Excellence

The IAGES framework, which is currently under development, will outline the standards and guidelines that industry members must adhere to. It will encompass a comprehensive audit system to ensure compliance and maintain transparency.

IAGES Expected Impact

The establishment of IAGES is expected to have a positive impact on the Indian gold industry in several ways:

• Enhanced consumer trust: By addressing concerns about purity and ethical sourcing, IAGES can restore consumer confidence in the industry.

• Strengthened industry reputation: The adoption of best practices and adherence to global standards will enhance the reputation of the Indian gold industry.

• Facilitated regulatory compliance: The framework will help industry players comply with relevant regulations and avoid legal issues.

• Promotion of sustainability: By emphasizing sustainable practices, IAGES can contribute to environmental protection and social responsibility.

The Road Ahead

IAGES is poised to become operational by the end of 2024 or early 2025. The success of this initiative will depend on the active participation of industry members and their commitment to upholding the organization's standards.

Conclusion

The formation of the Indian Association for Gold Excellence and Standards (IAGES) marks a significant milestone for the Indian gold industry. By establishing a self-regulatory organization supported by the World Gold Council, IAGES is set to address long-standing issues of trust and transparency within the sector. The initiative reflects a united effort by major industry associations to enhance practices, ensure regulatory compliance, and foster confidence among consumers and government bodies alike.

With its commitment to upholding high standards of ethics and sustainability, IAGES is poised to strengthen India’s position as a leading global gold hub. By promoting best practices and introducing an audit framework across the value chain, the organization aims to drive innovation and progress in the industry. The anticipated launch of IAGES by the end of this year or early next year is expected to usher in a new era of accountability and excellence in the Indian gold sector.