India is the world’s second-biggest gold client after China, however the trade has a belief deficit with shoppers and even the federal government on account of poor practices by a small part of the enterprise, he stated.
“The aim of this affiliation is to offer accreditation based mostly on a really strict audit. After the audit, the member will earn the IAGES emblem, which they will show,” Jain instructed Reuters, with out specifying particulars of the audit framework.
Business our bodies akin to Indian Bullion and Jewellers Affiliation (IBJA), All India Gems and Jewelry Council of India (GJC) and Gem and Jewelry Export Promotion Council (GJEPC) can be a part of the IAGES, Jain stated.
The WGC would take the initiative to popularize IAGES amongst retail shoppers and would additionally finance the marketing campaign, he added.
India’s gold demand within the June quarter fell 5% from a yr in the past, however consumption within the second half of 2024 is about to enhance on account of a correction in native costs following a steep discount in import taxes, the WGC stated final month.
(By Rajendra Jadhav; Enhancing by Varun H Ok)