Indian gold industry forms new body to foster consumer, govt confidence

The Indian gold industry on Tuesday announced the formation of the Indian Association for Gold Excellence and Standards (IAGES), a self-regulatory organisation (SRO) supported by the World Gold Council.

The organisation aims to remove the trust deficit and enhance transparency within the sector.

The framework for IAGES will be independently governed and professionally managed. It will be released soon, after which memberships will be announced. The organisation is expected to become operational by December this year or January 2025, WGC Regional CEO, India, Sachin Jain told PTI.

IAGES will be formed by national industry associations, including the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC) and Gem and Jewellery Export Promotion Council (GJEPC).

"IAGES, created by the Indian gold industry, represents the coming together of various stakeholders in the sector. It aims to increase consumer and government confidence by enhancing