Indian gold industry announces the formation of Indian Association for Gold Excellence and Standards 

The formation of IAGES involves major national industry associations, including IBJA, GJC, and GJEPC, with backing from the World Gold Council. The organization will soon announce membership registration, with plans to become operational by early 2025 

Mumbai – The Indian gold industry has announced the establishment of the Indian Association for Gold Excellence and Standards (IAGES), a new self-regulatory organisation (SRO) created by and for the industry, with support from the World Gold Council. 

IAGES aims to enhance consumer confidence and trust in the Indian gold sector by promoting fair, transparent, and sustainable practices. It will establish a code of conduct and introduce an audit framework inspired by the World Gold Council’s Retail Gold Investment Principles. The initiative seeks to offer gold providers a comprehensive set of best practices and guidelines for implementation across the industry’s value chain. 

The formation of IAGES involves major 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), with backing from the World Gold Council. The IAGES logo symbolizes the collaboration of various industry stakeholders, with its red color representing purity, commitment, and India’s rich cultural heritage. 

IAGES will operate independently and be professionally managed. While adherence to the Code of Conduct will be voluntary, the organization will soon announce membership registration, with plans to become operational by early 2025. 

Sachin Jain, Regional CEO of the World Gold Council, remarked, “The Indian gold industry is crucial to the country’s economy, contributing approximately 2% to GDP and employing 3-5 million people. The formation of IAGES represents a significant milestone in our journey towards becoming a developed nation by 2047. This self-regulatory body will help build a sustainable and trusted gold market, aligning with the World Gold Council’s push for best practices. We are committed to supporting IAGES and believe it will elevate India’s gold market to a global stage.” 

Vipul Shah, Chairman of the GJEPC, described the establishment of IAGES as a landmark achievement. “IAGES underscores our collective commitment to the highest standards of ethics, transparency, and sustainability. This initiative will enhance trust among government bodies, consumers, investors, and international stakeholders, strengthening India’s position as a global gold hub and fostering industry innovation. It also aligns with Prime Minister Narendra Modi’s vision of ‘Vivad se Vishwas’ (Resolving Disputes with Trust),” he said. 

Saiyam Mehra, Chairman of the GJC, expressed pride in the association with IAGES, calling it a crucial step toward advancing industry standards. “IAGES represents a significant move towards promoting best practices and ensuring quality within the gold sector. By uniting our efforts, we aim to enhance transparency, compliance, and the industry’s contribution to the nation’s GDP,” Mehra added. 

Prithviraj Kothari, National President of the IBJA, emphasised the milestone represented by IAGES. “The creation of IAGES showcases our dedication to integrity, transparency, and sustainability. This self-regulating body will foster trust among stakeholders and enhance India’s role as a global gold hub. The initiative aligns with Prime Minister Modi’s vision for industry trust and resolution, and we eagerly anticipate its positive impact on the gold sector.” 

IAGES is expected to play a transformative role in the Indian gold industry, shaping its future with enhanced standards and practices. 
 

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