The leading associations of the gold industry have come together to form the much-awaited self-regulatory organization, the Indian Association for Gold Excellence and Standards (IAGES).
The SRO will have board members from the Indian Bullion and Jewellers’ Association, the All India Gems and Jewelery Council of India, and the Gem and Jewelery Export Promotion Council and supported by the World Gold Council.
The SRO will frame good practices to be followed by the entire value chain of the gold industry, including bullion, jewelery manufacturers and retailers.
Players from the industry can become members of IAGES by paying a nominal fee and will get to use the SRO logo in their products and communications.
Registrations for IAGES membership will be announced soon and the organization will be operational by early 2025.
IAGES will deploy third-party audits to ensure that its members follow regulations in letter and spirit. Members will be rated from 1 to 5 stars, based on their compliance. IAGES will be independently governed and professionally managed.
Sachin Jain, Regional CEO (India), World Gold Council, said the launch of IAGES marks a pivotal step towards enhancing trust for the gold industry. Self-regulation will help empower stakeholders to build a sustainable and trusted gold market, he said.
Vipul Shah, Chairman, Gem and Jewelery Export Promotion Council, said by creating a self-regulatory body, the industry is taking a proactive step to build trust and confidence among government, consumers, investors and international stakeholders in the gem and jewelery industry.
IAGES will not only strengthen India’s position as a global gold hub, but also drive innovation and growth within the industry, he added.
Saiyam Mehra, Chairman, All India Gems and Jewelery Council of India, said the collaboration for SRO is the need of the hour and represents a significant step towards advancing the standards of excellence and transparency in the gold industry.
Prithviraj Kothari, National President, India Bullion and Jewellers’ Association, said by creating a self-regulating entity, the industry is fostering trust and confidence among governmental bodies, consumers, investors and international partners in the Indian gems and jewelery domain.