India Sets Gold Standards: A New Era for Bullion Industry

India's gold industry has formed the Indian Association for Gold Excellence and Standards (IAGES) with support from the World Gold Council. The initiative seeks to enhance consumer trust through fair practices, regulatory compliance, and a strict audit framework. Industry bodies IBJA, GJC, and GJEPC will participate.

India's gold industry has taken a significant step towards building consumer confidence by establishing a self-regulatory organization, the Indian Association for Gold Excellence and Standards (IAGES), with the backing of the World Gold Council (WGC), announced on Tuesday.

As the world's second-largest gold consumer, India seeks to address trust issues stemming from poor practices within a segment of the industry. 'The association aims to provide accreditation through a rigorous audit process,' said Sachin Jain, CEO of WGC's Indian operations. 'Members will display the IAGES logo upon successful compliance.'

Major industry bodies, including the Indian Bullion and Jewellers Association, All India Gems and Jewellery Council of India, and Gem and Jewellery Export Promotion Council, will be integral to the IAGES framework. The WGC will drive consumer outreach and finance promotional campaigns. Despite a recent dip in gold demand, the market is expected to rebound due to price corrections.