The Indian Gold industry has always worked towards upholding quality business and ethical standards right from the standardization of weights and measures to the introduction of hallmarking.
And as its latest endeavour, here’s presenting, Swarna Adarsh Abhiyaan, a one-of-a-kind industry initiative offering best practices guidance to support the industry stakeholders in their business journey in a principled manner.
The Code of Conduct defines the best practices for different businesses under the Indian Gold Industry. These have been designed based on the Retail Gold Investment Principles to protect the interests of retail investors and buyers.
The Self-Assessment Guide consists of a comprehensive questionnaire, that helps businesses analyse their ways and identify areas of improvement.
The Swarna Adarsh Abhiyaan has been developed based on the Retail Gold Investment Principles set by the World Gold Council. Compliance with these principles will encourage best practices in the gold industry and ensure consumer trust.
Fairness And Integrity
All providers must treat consumers fairly and act with integrity; from information and service provision to settlement.
Fairness And Integrity
Transparency
All providers must be transparent with prices and key terms and disclose other material information such as safety features.
Transparency
Protection Of Client Assets
All providers must ensure adequate protection for customers’ gold holdings, or other assets held on behalf of customers.
Protection Of Client Assets
Responsible Gold Sourcing
All providers must source gold of high integrity from trustworthy suppliers, whilst considering Environmental, Social and Governance (ESG) criteria.
Responsible Gold Sourcing
Regulatory Compliance
All providers must adhere to any applicable regulations and local laws.
Regulatory Compliance
Commercial Prudence
Providers must not take excessive risks and should be prepared for various eventualities such as a wind-down.
Commercial Prudence
Operational Professionalism
All providers must conduct their business with due skill, care and diligence, and manage key risks.
Operational Professionalism
Here's what the top industry leaders have to say about the golden principles laid down by World Gold Council towards uplifting the industry in a fair yet profitable way.
“This India-led initiative will foster trust in retail gold and help us evolve globally.”
“These principles will bring a lot of transparency and credibility to the business.”
“To attract the millennials and rebuild trust in the industry, this initiative is a commendable step.”
“SAA will help in building a healthier gold industry in the future.”
“The RGIPs are a great strategic approach to rebuild consumer confidence.”
“All of us in this industry should join hands to make this initiative a success.”
“Swarna Adarsh Abhiyaan is a great step to improve the trust in the gold market.’’
“This initiative will reinstate confidence among consumers and help the industry.”
“RJC extends its full support towards implementing these principles.”
“Adhering to these gold standards will help our industry win back the trust.”
“Following the RGIPs will help us engage with the key industry stakeholders.”
The entire industry should adopt these self-regulation policies to bring its glory back.”
“Trading in a principled manner benefits the stakeholders and consumers too.”
“This initiative will help in introducing our “One Industry, One Voice” stand to the world.”
“The new set of RGIPs will change the dynamics of the Indian gold industry globally.”