IAGES, World Gold Council: The Indian gold industry has announced the formation of the Indian Association for Gold Excellence and Standards (IAGES – pronounced as I-AAY-GES), a self-regulatory organization (SRO) created by and for the Indian gold industry, with support from the World Gold Council.
IAGES aims to increase consumer confidence and enhance trust in the Indian gold industry by promoting fair, transparent, and sustainable practices, regulatory compliance, a code of conduct, and an audit framework. Inspired by the World Gold Council’s Retail Gold Investment Principles, IAGES will provide gold providers with best practices and a roadmap for implementation.
Formed by national industry associations including the Indian Bullion and Jewellers Association (IBJA), the All India Gems and Jewellery Council (GJC), and the Gem and Jewellery Export Promotion Council (GJEPC), and supported by the World Gold Council, IAGES is a unified effort to elevate industry standards.
The IAGES logo symbolizes the coming together of various industry stakeholders for the greater good, with the color red representing purity, commitment, and India’s warm, diverse culture. Independently governed and professionally managed, IAGES will offer a voluntary Code of Conduct accessible to the entire industry. Membership registration will be announced soon, and the organization is expected to be operational by early 2025.
Key Statements from Industry Leaders:
Sachin Jain, Regional CEO, India, World Gold Council:
“The gold industry is integral to the Indian economy, contributing approximately 2% to Indian GDP and 3-5 million jobs. As India aims to become a developed country by 2047, IAGES marks a turning point for the Indian gold industry. Self-regulation will empower stakeholders to build a sustainable and trusted gold market. The IAGES initiative reflects the unified commitment of the Indian gold industry to advance shared goals and ensure a sustainable and robust future. The World Gold Council is fully committed to supporting IAGES, which has the potential to propel India’s gold market to global prominence.”
Vipul Shah, Chairman, GJEPC:
“The formation of IAGES is a landmark achievement for the Indian gold industry. It underscores our commitment to establishing the highest standards of ethics, transparency, and sustainability. By creating a self-regulatory body, we are taking proactive steps to build trust and confidence among the government, consumers, investors, and international stakeholders. IAGES will strengthen India’s position as a global gold hub and drive innovation and growth within the industry. This initiative aligns with Prime Minister Modi’s vision of achieving ‘Vivad se Vishwas’ with Indian industry.”
Saiyam Mehra, Chairman, GJC:
“All India Gem & Jewellery Domestic Council is honored to be associated with IAGES. This collaboration represents a significant step towards advancing standards of excellence and transparency within the Indian gold industry. Together, we aim to promote best practices, ensure the highest quality, and foster trust among consumers and industry stakeholders. Our long-term objective is to make this industry more transparent, compliant, and play a larger role in our nation’s GDP.”
Prithviraj Kothari, National President, IBJA:
“The establishment of IAGES marks a significant milestone for the Indian gold sector, showcasing our united dedication to upholding the highest standards of integrity, transparency, and sustainability. Through the creation of a self-regulating entity, we are proactively fostering trust and confidence among governmental bodies, consumers, investors, and international partners within the Indian gem and jewellery domain. IAGES is poised to fortify India’s standing as a global gold hub and catalyze innovation and progression within the sector. This historic moment will shape the path of gold in India for years to come.”