WGC Suggests ‘An SRO for India’s Gold Industry’

Somasundaram PR, Regional CEO, India, World Gold Council states that now’s the right time for the Indian gold industry to have its own SRO and publishes a report

Post By : IJ News Service On 02 August 2022 3:09 PM

The World Gold Council has launched a report titled SRO for India’s Gold Industry. In the foreword to the report, Somasundaram PR, Regional CEO, India, WGC noting the size of India’s market as one of the largest in the world adds that it is rich in heritage, tradition and a central part of our culture and customs. The gold industry serving the market includes thousands of participants, from manufacturers to retailers, from assayers to refiners and from hallmarkers to bullion traders. Many industry participants observe high standards, care about customers, act responsibly and follow industry best practice. "However," adds Somasundaram that 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.

Somasundaram PR, Regional CEO, India, WGC further said, “India’s gold market is now ready for the next stage for evolution, with the establishment of professionally run self-regulatory organisation (SRO). The organisation will build on the work of the Swarna Adarsh Abhiyan initiative – devising a 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. The organisation would serve as the conscience keeper of the industry. The first steps have already been taken in this process; multiple stakeholders have been consulted and further consultations are underway. 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.

The report features an overview the Indian gold industry which addresses pertinent issues like lack of trust, the unorganized sector, over reliance on international market for gold imports and the lack of infrastructure and financial support. Topics like tackling frequent changes in the industry and taxation issues, presence of multi industry bodies in the gold sector and limited influence in the global market are addressed. The second section deals with the pertinent question, why India’s gold market needs an SRO. 7 key principles are listed in the report that elaborate on the advantages of SRO. The third section has a plan of action that suggests how to best structure an SRO for India’s gold market.

The entire report could be downloaded by clicking on this link:https://www.gold.org/news-and-events/press-releases/sro-indias-gold-industry.

 

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