India is in the process of implementing sourcing standard for gold refiners, drawn from the guidelines set out by the Organisation for Economic Co-operation and Development (OECD), reports Business Standard.
These standards, to be recognised as Indian responsible mineral sourcing guidelines, will help cultivate transparent mineral supply chains and sustainable corporate engagement in the mineral sector. The norms specify the precious metal imported are not from mines that use child labour, are not in conflict zones or high-risk areas, are not done via indirect or direct funding from terrorist organisation or do not lead to human rights violation.
The inaugural meeting of the working committee for the guidelines decided the regulatory model would be developed in line with the London Bullion Market Association and government supervision.
Implementing the guidelines will help Indian refiners get recognised in global markets and meet the expectations of banks, customers and overseas clients.
As Indian citizens are the largest hoarders of gold in the world (in the region of 25,000 tonnes), it will require a separate norm as old gold is sold in the country.The Bureau of Indian Standards has given bullion refineries time till May 2018 to register with it.