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World Gold Council to introduce code of conduct for Indian jewellery retailers

Retail Jeweller India

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PR Somasundaram, Managing Director India, World Gold Council

The World Gold Council (WGC) is looking to put in place a prescribed set of principles, or a code of conduct, called the Retail Gold Investment Principles, for the retail jewellery sector in India. The move is expected to bring in much needed transparency in the sector, which has been facing severe perception issues following reported incidents of fraud by some companies.

According to PR Somasundaram, Managing Director India, WGC, the global principles have already been put up on the Council’s website, inviting comments from all the stakeholders. The comments will be interpreted and implemented based on the requirements and challenges of the domestic gold industry.

Global exercise

“We are working on bringing the industry together on the Retail Gold Investment Principles, which is a global exercise. We are doing this to improve transparency in the retail industry,” Somasundaram told BusinessLine on the sidelines of a gem and jewellery summit organised by the Indian Chamber of Commerce here recently.

Courtesy: HINDUBUSINESSLINE

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