JB Insights
Indian Gold Industry announces ‘Indian Association for Gold Excellence and Standards’ (IAGES)
IAGES is self-regulatory organization (SRO) for the Indian gold industry, by the Indian gold industry that is supported by the WGC
The Indian gold industry has today announced the formation of the Indian Association for Gold Excellence and Standards (IAGES – pronounced as I-AAY-GES), a self regulatory organisation (SRO) created by the Indian gold industry, for the Indian gold industry and supported by the World Gold Council.
IAGES will aim at increasing consumer confidence and enhancing trust in the Indian gold industry through encouraging adoption of fair, transparent and sustainable practices, regulatory compliance, establishing code of conduct and introducing an audit framework – created by the Indian gold industry, for the Indian gold industry across the entire industry value chain. It will be inspired by the World Gold Council’s Retail Gold Investment Principles IAGES will aim to give gold providers a detailed set of best practices and a road map for implementing them.
IAGES will be formed by national industry associations including Indian Bullion and Jewellers Association (IBJA), All India Gems and Jewellery Council of India (GJC) and Gem and Jewellery Export Promotion Council (GJEPC) and supported by the World Gold Council.
IAGES logo represents coming together of various stakeholders of the Indian industry for the greater good of the gold industry and colour red denotes purity, commitment and represents India’s warm diversified culture.
IAGES will be independently governed and professionally managed. The Code of Conduct created by it will be available for everyone from the industry, however, its adoption will be entirely voluntary. The registrations for IAGES membership will be announced soon and the organisation will be operational by early 2025.

Sachin Jain, Regional CEO, India, World Gold Council, said, “The gold industry is integral to the Indian economy, contributing approx. 2% to Indian GDP and 3-5mn in employment. The World Gold Council has been promoting a need for creating a Self-regulatory organisation to promote adoption of best practices. The launch of IAGES marks a pivotal step towards enhancing trust for the Indian gold industry. Self-regulation will help empower stakeholders to build a sustainable and trusted gold market. We at the World Gold Council are fully committed to supporting IAGES. It is a unique initiative and global gold industry will be watching it, it should help propel India’s gold market to global prominence.”
Vipul Shah, Chairman, Gem and Jewellery Export Promotion Council (GJEPC), said, “The formation of IAGES is a landmark achievement for the Indian gold industry. It underscores our collective commitment to establishing the highest standards of ethics, transparency, and sustainability. By creating a self-regulatory body, we are taking a proactive step to build trust and confidence among Govt., consumers, investors, and international stakeholders in the Indian gem & jewellery industry. IAGES will not only strengthen India’s position as a global gold hub but also drive innovation and growth within the industry.


Saiyam Mehra, Chairman, All India Gems and Jewellery Council of India (GJC); “All India Gem & Jewellery Domestic Council is honoured to be associated with the IAGES. IAGES is surely the need of the hour, and this collaboration represents a significant step towards advancing the standards of excellence and transparency within the gold industry in India.
Prithviraj Kothari, National President, India Bullion and Jewellers Association (IBJA); “The establishment of IAGES marks a significant milestone for the Indian gold sector, showcasing our united dedication to upholding the highest standards of integrity, transparency, and sustainability. Through the creation of a self-regulating entity, we are proactively fostering trust and confidence among governmental bodies, consumers, investors, and international partners within the Indian gem and jewellery domain.

JB Insights
The Woman Wearing The Diamond Was Never The One The Ad Was Talking To
Disha Shah, Founder & Designer, DiAi Designs Says That The Brands That Shift From “She Deserves It” to “She Chose It” Won’t Just Win Cultural Relevance – They’ll Own The Future Of Jewellery Marketing.
Indian jewellery advertising has always centred the woman. She has been the face of every campaign, draped in gold, luminous at the occasion, receiving the gift with practised grace. What she rarely was, until recently, was the intended audience.
The creative language of the category was built around a genuine economic reality. For decades, the buyer in Indian fine jewellery was the patriarch, the husband, the father, the family elder making a financial decision on behalf of a woman whose purchasing autonomy was limited. Advertising followed the money. The gift reveal, the bridal close-up, the family approval shot: these were not arbitrary creative choices. They reflected who held the purse strings, and they became so embedded in the category’s visual grammar that they outlasted the conditions that created them by an entire generation.
That structural reality has now reversed. Jewellery purchases now extend beyond weddings and festivals to daily wear, driven by financially independent working women. The self-purchasing woman is no longer an emerging segment; she is the category’s fastest-growing buyer, approaching the decision differently from the buyer the industry originally designed itself around. She is not waiting for an occasion. She is not waiting for someone to present a box. She researched the piece, chose it, and bought it because she wanted it.
The advertising, for the most part, has not caught up.
Some brands are beginning to recognise this. CaratLane’s #WearYourWins movement and Tanishq’s sustained push toward the “woman as decision-maker” are meaningful steps. But what makes these campaigns commercially smart is not just cultural alignment. Research from Harvard Business School finds that women systematically provide less favourable assessments of their own performance and potential than equally performing men. This documented self-promotion gap persists even when women know they have outperformed others. Campaigns that actively celebrate female self-recognition are not just filling a creative gap. They are responding to a behavioural reality that has gone largely unaddressed in the category. The brands doing this well are not being progressive for their own sake. They are being accurate about who their buyer is and what she needs to hear.
Look at the Women’s Day 2026 campaigns across the industry. The conversation is clearly starting to pivot. Brands are finally stepping away from the usual gifting tropes and reframing jewellery as a tool for personal milestones and self-expression. But these remain exceptions. The dominant campaign language of Indian jewellery- the gesture, the reveal, the woman being seen rather than deciding- has not structurally changed.
The media mix tells the same story. Titan leaned heavily on television in FY25, with ad volume surging to 77% of its mix, a broadcast medium built for household reach rather than the individual, financially independent woman who now represents the category’s fastest-growing buyer.
Meanwhile, digitally native BlueStone achieved 50% of online jewellery ad volumes on a budget nearly ten times smaller than Titan’s. The channel that reaches the self-purchasing woman directly is delivering outsized results on a fraction of the spend. The implication for where the industry should be directing its creative attention is fairly clear.
Consider what a brief genuinely written for this buyer would look like. No occasion in the shot. No second person in the frame presents anything. The opening line is not “for the woman who deserves to be celebrated.” It is “she saw it, she wanted it, she bought it.” The product earns its place not through sentiment but through desire. The copy does not explain why she is worth it. It assumes she already knows. That is not a tonal adjustment. It is a fundamentally different creative architecture, and very few briefs in this category have been written that way.
The LGD category has a specific opportunity here that established houses do not. Without decades of legacy campaign language to protect, an independent designer in this space can build advertising from a blank page, one written entirely around the woman who is actually making the purchase. The brief does not have to accommodate inherited assumptions about who the buyer is or what she is waiting for. That is not a small advantage. In a category where the dominant creative language was built around a buyer who is no longer the one making the decision, starting without that inheritance may be the most powerful creative position available.
The woman wearing the diamond has always been visible. What is changing now is who gets to decide. The brands that build their creative around that reality will not just be more culturally relevant. They will be better positioned for every year that follows. The advertising has not caught up yet. But the buyer already has.
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