Sachin Jain, World Gold Council, unveils the logo of Indian gold industry’s self-regulatory future at IIJS Premiere 2024

Jain shared how the introduction of the Indian Association for Gold Excellence and Standards (IAGES) will transform the sector through self-regulatory practices

Mumbai: As the Indian gold industry continues to navigate the complexities of a rapidly evolving market, the sector is on the brink of a significant transformation. This shift is being driven by the introduction of a self-regulatory organisation (SRO) called the Indian Association for Gold Excellence and Standards (IAGES), a move that promises to redefine standards and practices within the industry. The recent session, titled ‘Dawn of a New Era for the Indian Gold Industry’, led by Sachin Jain, Regional CEO India at the World Gold Council, at the IIJS Premiere 2024, shed light on these pivotal developments.

Jain’s speech highlighted the transformative potential of the Indian gold industry in the face of rapid economic and societal changes. He emphasised India’s growing per capita income and its correlation with increased gold demand, painting a picture of a massive opportunity ahead. With India’s GDP projected to reach £30 trillion by 2047, Jain underscored the importance of innovation and trust in the gold industry to capitalise on this growth.

Central to his talk was the launch of the logo of IAGES, the first SRO for the gold value chain. Jain stressed that this initiative is crucial for enhancing trust, promoting self-regulation, and driving demand. The SRO aims to provide a code of conduct that fosters transparency, integrity, and fairness across the entire value chain, from bullion dealers to retailers.

“The self-regulatory organisation is not just a regulatory body; it is a commitment to excellence. It represents our industry’s collective desire to uphold the highest standards of quality and integrity,” said Jain during the session. His words underscore the importance of this initiative in elevating India’s gold industry on the global stage.

The introduction of the SRO is seen as a watershed moment for the industry. Historically, the gold sector in India has operated within a loosely regulated framework, which has often led to challenges in maintaining consistent standards across the board. With the establishment of the SRO, the industry is expected to see a more uniform approach to quality control, compliance, and ethical practices.

The IAGES will play a critical role in this new era. This body will be responsible for setting benchmarks that align with global best practices, ensuring that Indian gold products meet international quality standards. For an industry that has long been a cornerstone of India’s economy, this move towards self-regulation is both timely and necessary.

“With IAGES, we are not just meeting global standards; we are setting them. This initiative will enable us to compete at the highest levels, ensuring that our products are recognised for their quality worldwide,” Jain remarked, emphasising the association’s ambition to position India as a leader in the global gold market.

One of the key benefits of IAGES is the potential for enhanced consumer confidence. By adhering to stricter standards and promoting transparency, the industry can build greater trust among buyers, both domestically and internationally. This trust is crucial, especially in an era where consumers are increasingly conscious of the origins and ethical implications of their purchases.

“The consumer today is more informed and discerning than ever before. By embracing self-regulation, we are not only protecting our industry’s future but also empowering our customers to make informed choices,” Jain stated, highlighting the broader impact of these reforms.

As the Indian gold industry embarks on this journey of self-regulation, the focus will be on continuous improvement and adaptation to global trends. The creation of the IAGES marks the beginning of a new chapter, one that is characterised by a commitment to excellence, transparency, and ethical practices.

Jain also discussed the need to connect with the new generation of consumers, particularly millennials, who will soon dominate the Indian population. He introduced a forthcoming World Gold Council campaign designed to emotionally engage this demographic by aligning gold’s legacy with modern values and lifestyles. The campaign features relatable professions and activities, aiming to make gold relevant to millennials’ day-to-day lives.

In his closing remarks, Jain urged the industry to embrace change and innovate, drawing parallels to China’s economic surge from 2004 to 2014. He highlighted the unique opportunity before India, encouraging stakeholders to make small but significant changes to secure a prosperous future for the gold industry.

Written by Pooja Mujumdar

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