India’s gold industry requires a self-regulatory organization

India’s gold industry has evolved and matured over recent years. Initiatives have been taken to create greater cohesion and consistency, improve compliance and foster confidence. That is why the time is right to establish a self-regulatory organisation (SRO) for India’s gold industry, suggests the World Gold Council. 
According to the report, an SRO will raise industry standards; will drive best practices and will allow participants across the value chain to prove that they have adopted those standards and abide by those best practices. 
The SRO will offer participants a clear, well-regarded and independently audited brand – a sign that they can and should be trusted. As recognition spreads of the SRO’s standards and certification, consumers will be able to see at a glance which businesses are most worthy of their trust and their custom. They will gravitate towards these businesses, knowing that they can transact with these firms in confidence. Over time, more and more businesses will want to reap the benefits of certification. Consumer trust will grow, and the industry will finally be able to fulfil its potential. 

Aruna Gaitonde, Editor in Chief of the Asian Bureau, Rough&Polished