Summary:

The Indian gold industry has established the Indian Association for Gold Excellence and Standards (IAGES) with support from the World Gold Council (WGC). This self-regulatory organization aims to boost consumer trust by promoting fair, transparent, and sustainable practices. Mr. Sachin Jain, WGC's CEO in India, stated that IAGES will focus on regulatory compliance, a code of conduct, and an audit system.

As the world's second-largest gold consumer, India faces trust issues due to poor practices. IAGES will address this by accrediting members through rigorous audits and allowing them to use the IAGES emblem. Industry associations such as IBJA, GJC, and GJEPC will be involved. The World Gold Council will help promote IAGES and support the campaign. Despite a 5% dip in gold demand in June, consumption is expected to rise by late 2024.

Source: IBEF 

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