India Launches Self-Regulatory Gold Industry Body

• 07 Aug 2024

On 5th August, 2024, India's gold sector, supported by the World Gold Council (WGC), has established the Indian Association for Gold Excellence and Standards (IAGES) to boost consumer trust and promote industry transparency.

• The newly-formed IAGES aims to enhance transparency and fairness in the gold industry by promoting sustainable practices and regulatory compliance.
• The IAGES logo will be awarded to members who pass the rigorous audit, signifying their adherence to the association's standards.
• Major industry bodies, including the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council (GJC), and Gem and Jewellery Export Promotion Council (GJEPC), will be involved in IAGES.
• The WGC will finance and drive the campaign to popularize IAGES among retail consumers, aiming to rebuild trust in the gold industry.
• Despite a 5% drop in gold demand during the June quarter, a recovery in consumption is anticipated in the latter half of 2024 due to a correction in local prices and reduced import taxes.
• The IAGES initiative is seen as a critical step in addressing the trust deficit within India's gold industry, which has been impacted by poor practices among some businesses.