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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. 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
The gold jewellery industry is advocating a 'One Nation, One Rate' policy, starting with a unified rate for Eastern India from August, an official said. All stakeholders have shown interest in the idea of a unified gold rate across the country, said Samar Kr De, President of the Swarna Silpa Bachao Committee. "We will begin with a single rate for Bengal and eastern India from August and have onboarded bullion sellers for this initiative," De said. Saiyam Mehra, Chairman of the All India Gem and Jewellery Domestic Council (GJC), said, "The idea is to create a level playing field for all stakeholders and prevent undercutting." De said that they aim to extend the 'One Gold Rate' policy nationwide within the next six months and are in discussions with large national jewellery retail chains. He also noted that the recent 9 per cent duty cut was unexpected by the industry. Union Finance Minister Nirmala Sitharaman in her budget proposals slashed import duties on gold and silver from 15