The Indian gold industry on Tuesday announced the formation of the Indian Association for Gold Excellence and Standards (IAGES), a self-regulatory organisation (SRO) supported by the World Gold Council.

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The organisation aims to remove the trust deficit and enhance transparency within the sector.

The framework for IAGES will be independently governed and professionally managed. It will be released soon, after which memberships will be announced. The organisation is expected to become operational by December this year or January 2025, WGC Regional CEO, India, Sachin Jain told PTI.

IAGES will be formed by national industry associations, including the Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC) and Gem and Jewellery Export Promotion Council (GJEPC).

"IAGES, created by the Indian gold industry, represents the coming together of various stakeholders in the sector. It aims to increase consumer and government confidence by enhancing trust in the Indian gold industry by encouraging adoption of fair, transparent and sustainable practices, regulatory compliance, establishing code of conduct and introducing an audit framework across the entire value chain," Jain added.

Gem and Jewellery Export Promotion Council (GJEPC) chairman Vipul Shah said, "The formation of IAGES is a landmark achievement for the Indian gold industry. It underscores our collective commitment to establishing the highest standards of ethics, transparency, and sustainability."

All India Gems and Jewellery Council of India (GJC) chairman Saiyam Mehra said, "Together, we aim to promote best practices, ensure the highest quality, and foster trust among consumers and industry stakeholders."

"IAGES is poised to not just fortify India's standing as a global gold hub but also catalyze innovation and progression within the sector," India Bullion and Jewellers Association (IBJA) National President Prithviraj Kothari added.