WGC Introduces Code of Conduct for Jewellery Retailers

SEATTLE (Scrap Monster): The World Gold Council (WGC) announced its decision to introduce a code of conduct for jewellery retailers. The move is aimed at bring in more transparency in the sector. Also, the ‘Retail Gold Investment Principles’ will help to build confidence in buyers and bankers.

PR Somasundaram, Managing Director, WGC-India said that the set of global principles have already been uploaded on the Council’s official website, which is currently open to comments by stakeholders. The final standard for the country would be declared after considering the inputs, depending on the specific requirements and challenges of the domestic gold industry, he said.

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Although the principles are formulated on a global perspective, it will be locally tailored after consultation with all stakeholders. Several rounds of discussions have already taken place. The WGC intends to forma steering committee within a couple of months to look into the matter. Meantime, the Council will organize outreach campaigns among big and small jewellers across various cities in the country.

The strict adherence to the code of conduct will boost retailers’ reputation among bankers and customers.