Indian gold sector launches Indian Association For Gold Excellence And Standards (IAGES)

India’s gold industry has launched the Indian Association For Gold Excellence And Standards (IAGES) as a new self-regulatory organisation with support from the World Gold Council. IAGES is designed to boost consumer trust, strengthen regulatory compliance, and promote transparent and sustainable practices in the industry.

“The gold industry is integral to the Indian economy, contributing approximately 2% to Indian GDP and three to five million in employment,” said the World Gold Council’s regional CEO for India Sachin Jain, the Gem and Jewellery Export Promotion Council reported on its website. “As India embarks on the journey of being a Viksit (developed) country by 2047, IAGES marks a turning point for the Indian gold industry. The World Gold Council has been promoting a need for creating a self-regulatory organisation to promote adoption of best practices. The launch of IAGES marks a pivotal step towards enhancing trust for the Indian gold industry.”
 
For its guidance, the IAGES will be based off the World Gold Council’s Retail Gold Investment Principles. National industry organisations including the GJEPC, Indian Bullion and Jewellers Association, and All India Gems and Jewellery Council of India will form IAGES and it will be independently governed, set to be operational by early 2025.
 
“The formation of IAGES is a landmark achievement for the Indian gold industry,” said GJEPC chairman Vipul Shah. “It underscores our collective commitment to establishing the highest standards of ethics, transparency, and sustainability. By creating a self-regulatory body, we are taking a proactive step to build trust and confidence among government, consumers, investors, and international stakeholders in the Indian gem and jewellery industry. IAGES will not only strengthen India’s position as a global gold hub but also drive innovation and growth within the industry…The GJEPC is proud to support this initiative and looks forward to the positive impact it will have on the entire value chain of the gold industry.”