The Indian gold sector has taken a significant step to enhance consumer confidence and promote sustainable practices by establishing its first self-regulatory body. Named the Indian Association for Gold Excellence and Standards (IAGS), the organization is set to become operational by early next year.
Key Objectives of IAGS
- Enhancing Transparency: The primary goal of IAGS is to address the trust deficit among consumers. By introducing a standard of business integrity, the organization aims to increase transparency across the gold industry.
- Self-Regulation: The concept of self-regulation, supported by the Indian government and already common in other industries, is a driving force behind IAGS. Sachin Jain, CEO of India at the World Gold Council, highlighted that this initiative is a response to extensive research showing a need for greater consumer trust.
- Comprehensive Coverage: IAGS will cover the entire gold industry value chain, including bullion trade, refining, trading, manufacturing, retailing, and digital platforms. The presence of the IAGS logo will signify adherence to high standards and ethical practices.
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Relationship with Existing Associations
- Complementing Existing Bodies: IAGS is not intended to replace or supersede existing industry associations such as the Indian Bullion and Jewellers Association (IBJA) or the Gem and Jewellery Export Promotion Council (GJEPC). Instead, IAGS aims to complement these organizations by offering a unified voice for the industry.
The establishment of IAGS represents a significant advancement in the gold sector, promising to foster greater trust and adherence to high standards within the industry.