Indian gold industry forms self-regulatory body with WGC backing

With support from the World Gold Council (WGC), India's gold industry has established a self-regulatory organization to boost consumer confidence and restore trust. The newly formed Indian Association for Gold Excellence and Standards (IAGES) aims to promote fair, transparent, and sustainable practices in the bullion industry, focusing on regulatory compliance, a code of conduct, and an audit framework, according to the CEO of WGC's Indian operations to Mr. Sachin Jain.

As the world's second-largest gold consumer after China, India faces a trust deficit in its gold industry due to poor practices by a small business segment. He explained that IAGES will provide accreditation based on a rigorous audit, allowing members to display the IAGES logo. Industry bodies such as the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council (GJC), and Gem and Jewellery Export Promotion Council (GJEPC) will be part of IAGES. The WGC will spearhead efforts to popularise IAGES among retail consumers and finance the associated campaign. Despite a 5% decline in gold demand during the June quarter, consumption is expected to improve in the latter half of 2024, driven by a correction in local prices following a significant reduction in import taxes.

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