World Gold Council, RGIP, IAGES: The Retail Gold Investment Principles (RGIPs) established by the World Gold Council are the cornerstone of IAGES’ operational framework. Designed to build trust, these principles provide professional guidelines for gold investment providers and offer valuable insights for investors. The RGIPs aim to foster confidence in the gold market, encourage the development of diverse investment products, and lower barriers to gold ownership.
IAGES, the world’s first self-regulatory organization (SRO) in the gold industry, has been established in India. It aims to enhance transparency, fairness, and trust in the Indian gold market. S
Sachin Jain, Regional CEO, India, World Gold Council, said, “The gold industry is integral to the Indian economy, contributing approx. 2% to Indian GDP and 3-5mn in employment. 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. Self-regulation will help empower stakeholders to build a sustainable and trusted gold market. The IAGES is an initiative that reflects the unified commitment of the Indian gold industry to advance shared goals and ensure a sustainable and robust future for it. We at the World Gold Council are fully committed to supporting IAGES. It is a unique initiative and global gold industry will be watching it, it should help propel India’s gold market to global prominence.”
RGIP -The 7 Principles
Principle #1
Fairness and integrity
A provider must treat customers fairly and act with integrity, from information and service provision through to transaction completion.
Principle #2
Transparency
A provider must be transparent about prices and key terms and disclose other material information related to product features.
Principle #3
Protection of client assets
A provider must ensure adequate protection of customers’ gold holdings and other assets including cash held on behalf of customers.
Principle #4
Responsible gold sourcing
A provider must source gold of high integrity from trustworthy suppliers, whilst considering Environmental, Social and Governance (ESG) criteria
Principle #5
Regulatory compliance
A provider must adhere to all applicable regulations and local laws.
Principle #6
Commercial prudence
A provider must not take excessive risks and should be prepared for various eventualities, including a company wind-down.
Principle #7
Operational professionalism
A provider must conduct their business with due skill, care and diligence, and manage key risks.