The newly formed self-regulatory organization, the Indian Association for Gold Excellence and Standards (IAGES), has begun registering gold producing companies and entities in Mumbai. Its current mission is to develop an industry code of conduct covering the entire gold value chain.
The IAGES accreditation system covers refining, bullion trading, manufacturing, assaying and hallmarking, retail, and digital gold. Accredited members will be recognized for their fair, transparent, and responsible practices, which is noted to be particularly important given the surge in gold demand during the festive and wedding seasons.
According to IAGES CEO Kaushlendra Sinha, "the gold industry in India is still largely unorganized and fragmented."
"With IAGES, the gold sector is collectively striving to encourage fair, transparent and responsible practices among retailers across their value chain thereby enabling them to incorporate the highest standards in their businesses," he said. "This will not only enhance the sense of responsibility among them but also directly impact the trust among consumers. Many retailers already enjoy consumer trust built over decades, and IAGES aims to help further strengthen and standardize that trust across the industry."
In addition to meeting requirements, IAGES accreditation is designed to ensure retailers' market leadership, consumer loyalty, and opportunities for collaboration through a network of trusted partners.
Hélène Tarin, Editor-in-Chief of the Asian Bureau, Rough&Polished
