Somasundaram PR of WGC to step down next year, set up regulatory body for bullion industry

The World Gold Council has said that he will retain his current role and responsibilities until his successor is appointed

Somasundaram PR, Regional Chief Executive Officer, World Gold Council (WGC), will step down from his current position next year and will take up a new role of setting up SRO (Self-Regulation Organisation) of the bullion industry.

Somasundaram joined the World Gold Council in January 2013 and during the last decade has played an instrumental part in supporting many of the India gold market’s structural reforms, from nurturing the growth of the organised retail jewellery market, to mandatory hallmarking. He also played a role in introduction and growth of digital gold buying channels to making hallmarking mandatory and the setting up of the India International Bullion Exchange in GIFT city (Gujarat International Finance Tec-City) among others.

He said these are exciting times for gold and the Indian gold industry that has undergone positive structural reforms.

“I will be involved in setting up of SRO next year, which I believe will be transformational for the Indian gold industry,” he said.

Somasundaram PR will retain his current role and responsibilities until his successor is appointed, said World Gold Council.

David Tait, Global CEO, said during his tenure he has successfully led and supported reforms and initiatives that led to the sustainable growth of the Indian gold market. He was instrumental in the establishment of the Self-Regulation Organisation for the Indian gold industry, which will very soon come to fruition and provide a step-change in consumer trust in gold, he added.

Courtesy: thehindubusinessline.com