Indian gold industry forms self-regulatory body with WGC's support
This story was originally published at 14:23 IST on 6 August 2024
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MUMBAI – The Indian gold industry today announced the formation of the Indian Association for Gold Excellence and Standards, which is a self-regulatory organisation supported by the World Gold Council, the global body said in a release. The new organisation will be formed by national bullion industry associations, it added.
The associations will include the Indian Bullion and Jewellers Association, All India Gems and Jewellery Council of India, and the Gem and Jewellery Export Promotion Council, according to the release. The registrations for membership in the association will be announced "soon and the organisation will be operational by early 2025", it said.
According to the release, Sachin Jain, regional chief executive officer for India, World Gold Council said the launch of this association marks a pivotal step towards enhancing trust for the Indian gold industry, and this will help "...empower stakeholders to build a sustainable and trusted gold market".
"We at the World Gold Council are fully committed to supporting IAGES (Indian Association for Gold Excellence and Standards). It is a unique initiative and global gold industry will be watching it... It should help propel India's gold market to global prominence," according to the release.
The initiative to form this association will also align with Prime Minister Narendra Modi's vision of achieving "Vivas se Vishwas" with the Indian industry, Vipul Shah, chairman of the Gem and Jewellery Export Promotion Council, said. End
Reported by J. Navya Sruthi
Edited by Manisha Baxla
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