Somasundaram PR, Regional CEO, World Gold Council will step down from his current position next year and will take up a new role of setting up SRO (Self-Regulation Organisation) of the bullion industry.

He joined the World Gold Council in January 2013 and during the last decade has played an instrumental part in supporting many of the India gold market’s structural reforms, from nurturing the growth of the organised retail jewellery market, to mandatory hallmarking. He also played a role in introduction and growth of digital gold buying channels to hallmarking becoming mandatory and setting up of the India International Bullion Exchange in GIFT city among others.

Somasundaram PR said these are exciting times for gold and the Indian gold industry that has undergone positive structural reforms.

“I will be involved in setting up of SRO next year, which I believe will be transformational for the Indian gold industry,” he said.

Somasundaram PR will retain his current role and responsibilities until his successor is appointed, said WGC.

David Tait, Global CEO, said during his tenure he has successfully led and supported reforms and initiatives that led to the sustainable growth of the Indian gold market.

He was instrumental in the establishment of the Self-Regulation Organisation for the Indian gold industry, which will very soon come to fruition and provide a step-change in consumer trust in gold, he added.

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