While Indians have a strong affinity for gold, consumers seeking to purchase gold face few challenges with regard to price transparency, quality assurance, etc. As the industry is fragmented, there is no overarching supervisory body. So an industry-defined Code of Conduct along with Self-Assessment Guides (SAGS) deems to be an effective mechanism for protecting the interest of gold consumers and achieving sustainable growth of the industry.
The self-assessment guide (SAG) will help organisations identify areas of improvement through a comprehensive questionnaire and are applicable to all organisations regardless of their size. Effective adoption of these Codes of Conduct will enhance the trust of consumers in gold. This, in turn, will benefit both consumers and the industry alike. These documents are a step in that direction, as it lays out the self-regulated code of conduct and helps organisations to assess their current performance and practices deployed by them across the gold value chain.