Indian Gold Sector Established 1st Self-Regulatory Body to Boost Consumer Trust

Current Context: On 5th August, The Indian gold sector has recently established its first self-regulatory body, known as the Indian Association for Gold Excellence and Standards (IAGES).

• This initiative, supported by the World Gold Council, aims to enhance consumer confidence and trust in the industry by promoting fair, transparent, and sustainable practices.
• IAGES will focus on regulatory compliance, establishing a code of conduct, and introducing an audit framework.
• The organization is expected to become operational by early 2025.
• This move is seen as a significant step towards ensuring a more trustworthy and robust gold market in India.

Question:

1 What is the name of the first self-regulatory body established for the Indian gold sector?

• A) Indian Association for Gold Excellence and Standards (IAGES)
• B) Indian Gold Regulatory Authority (IGRA)
• C) Gold Council of India (GCI)
• D) Indian Gold and Silver Council (IGSC)

Answer: A) The Indian gold sector has established its first self-regulatory body known as the Indian Association for Gold Excellence and Standards (IAGES) to enhance consumer confidence and trust in the industry.