First announced in August 2024 and fully operational now, the Indian Association for Gold Excellence and Standards (IAGES) aims to establish a transparent, accountable and globally benchmarked compliance framework
Mumbai: Earlier this year, India’s rapidly expanding gold industry took a decisive step towards self-governance with launch of the Indian Association for Gold Excellence and Standards (IAGES), a sector-led Self-Regulatory Organization (SRO) designed to streamline and elevate ethical practices across the country’s gold value chain. First announced in August 2024 and fully operational now, IAGES aims to establish a transparent, accountable and globally benchmarked compliance framework for a market long characterized by fragmentation and informality.
In an exclusive interaction with The Retail Jeweller, Kaushlendra Sinha, Chief Executive Officer, IAGES, elaborated on the platform’s mandate of certifying responsible conduct and building market-wide confidence. “The industry remains largely unorganized,” Sinha noted. “IAGES is about encouraging fair, transparent and responsible practices. This directly strengthens consumer trust and enhances business accountability.”
As part of its initial rollout, IAGES opened registrations for accreditation for Mumbai-based gold entities. The accreditation architecture spans the entire value chain—from refining and bullion trading to manufacturing, assaying, hallmarking, retailing and even digital gold platforms.
Waman Hari Pethe Jewellers became the first retailer to join the programme, signalling early acceptance from established players. Delhi-based N. M. Karel & Sons, a recognized gold manufacturer, had registered even before WHP, becoming the first company to sign up for IAGES accreditation.
Sinha emphasized that participation is voluntary but the vetting process for accreditation is rigorous. Applicants must complete a self-assessment on the IAGES portal, after which the Institute of Chartered Accountants of India (ICAI), IAGES’s external assessment partner, independently verifies compliance. Only after this evaluation does a business receive the IAGES accreditation.
“We built the model to ensure scalability and reliability,” Sinha said. “This is not policing; it is enabling. Businesses will recognize the value in compliance, efficiency and trust as competitive advantages.”
IAGES has the backing of two of the sector’s most influential institutions—the India Bullion and Jewellers Association (IBJA) and the All India Gem and Jewellery Domestic Council (GJC). Their support reinforces IAGES’s credibility as an industry-led mechanism rather than a government-imposed authority.
For retailers and manufacturers, accreditation serves not just as a compliance badge but as a differentiator in an intensely competitive market. With consumer scrutiny rising and gold purchases spiking during the festive and wedding seasons, IAGES-certified businesses can position themselves as transparent, reliable and quality-focused.
“Many jewellers have built trust over decades,” Sinha said. “What IAGES offers is a standardized system that strengthens and institutionalizes that trust across the sector.”
Beyond seasonal business uplift, IAGES aims to create lasting value by promoting uniformity, predictability and accountability in the Indian gold ecosystem. The long-term ambition is to reduce reliance on external regulatory interventions and instead build a culture of internal discipline similar to global market-led regulatory models.
According to Sinha, the association’s broader mission is to act as a unifying platform for the entire ecosystem. “From refiners and bullion traders to manufacturers, retailers and digital gold platforms—we envision one continuous chain of trust,” he said. “Accreditation is the entry point, but the objective is to create a shared value system across all industry participants.”
Sinha added that as more entities join the framework, IAGES hopes to evolve “from a market enforcer to a market unifier and ultimately a market multiplier”, amplifying growth while maintaining integrity.
IAGES positions itself not merely as a compliance mechanism but as a long-term movement dedicated to strengthening India’s gold industry from within. By encouraging voluntary participation and fostering a networked approach to responsible trade, the model aims to create resilient structures that can support growth without compromising ethical standards.
With its broad institutional backing, phased accreditation rollout and industry-led governance model, IAGES marks a significant shift in how India’s gold sector approaches responsibility, transparency and market development—setting the stage for a more organized and trusted ecosystem in the years ahead.
Written by Achal Chaubey
Retail Jeweller India Exclusive
