News Bureau

 
 
August 03, 2022

An SRO for India’s gold industry!

Recently, World Gold Council (WGC) published; An SRO (self-regulatory organisation) for India’s gold industry. In the forward, Somasundaram PR, Regional CEO, India-WGC said, “The Indian gold market is one of the largest in the world, rich in heritage, steeped in tradition and a central part of our culture and customs. The gold industry which serves that market includes thousands of participants, from manufacturers to retailers, from assayers to refiners and from hallmarkers to bullion traders.”

Many – indeed most – of these participants observe high standards. They care about their customers, they act responsibly and they follow industry best practice. But their efforts are neither standardised nor codified. As such, these efforts are not recognised and they do not deliver the value that they should.

The World Gold Council believes that this must change. We have already developed a set of Retail Gold Investment Principles, to build trust across the industry and drive demand for gold as a safe and rewarding retail investment.

We have also adapted those principles to the Indian market, through the Swarna Adarsh Abhiyan initiative (SAA), which helps organisations across the gold value chain to assess current performance and strive towards best practices. Now, India’s gold market is ready for the next stage in its evolution, the establishment of professionally run self-regulatory organisation.

The SRO will promote Swarna Adarsh Abhiyan as an umbrella brand of industry’s best practices. This organisation will build on the work of the Swarna Adarsh Abhiyan initiative – devising code of conduct for every industry vertical, providing certification for members who adopt these codes, engaging with stakeholders across the gold value chain and advocating for best practice.

This organisation would be the conscience keeper of the industry, yet fiercely independent, and membership would be voluntary. However, those businesses which do choose to be members will be sending a powerful message to all their stakeholders: that they are following the high standards set by the SRO, that they have been audited to that effect and that, crucially, they, their goods and their services can be trusted by customers both in India and all over the world.

The first steps have already been taken in this process; multiple stakeholders have been consulted and further consultations are underway. But we believe that the time is right for the Indian gold industry to have its own SRO – an organisation that will allow members to demonstrate their credentials, attract customers, grow their businesses and drive trust across the gold market.

 

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