Gold Dealer Assurance Standard Consultation

Welcome to the consultation on the audit framework for retail gold investment dealers. This framework addresses trust issues in the gold industry that came to light in a comprehensive World Gold Council survey of 18,000 people across six countries—perhaps the largest multi-country study of consumers ever conducted on gold.  While over 60% of the respondents agree that gold is a good safeguard against inflation and that owning it makes them feel secure for the long term, many who are considering buying gold for the first time have trust-related barriers. Nearly half of these ’considerers’ cite a lack of trust in retail gold investment products or in the businesses that sell them. Furthermore, two-thirds said a lack of education and awareness hold them back from investing in gold.

To tackle these barriers to market growth, the World Gold Council (WGC) developed the Retail Gold Investment Principles (RGIPs)™, a foundational guidance to best practices in the gold industry. Building on this work, the WGC has engaged BSI (British Standards Institution) to create a standardised and globally recognised audit framework for gold dealers. Once finalised, the BSI framework will provide retail gold dealers the ability to demonstrate to customers and others that they meet the industry best practices, such as fairness and transparency, protection of client assets, and commercial prudence.¹

Survey findings highlight significant growth opportunities in the gold market, particularly among younger consumers. Additionally, across all ages, ease of purchase is a key requirement when buying gold, meaning that technology can be a differentiator. By supporting the implementation of this audit framework, the industry can capitalise on these insights to foster greater consumer trust in and demand for gold.

Consultation Process

The framework's development has been a collaborative effort, leveraging insights from both industry and audit experts to ensure that it is relevant and applicable across diverse market segments and geographical regions. This consultation will gather input from a wide range of industry stakeholders, including gold dealers, wholesalers, and trade associations, to refine the audit criteria.

This consultation represents a unique chance to contribute to the creation of a fit-for-purpose audit framework that has the potential to uplift the entire industry. Dealers who successfully complete the audit process may distinguish themselves as customer-centric and trustworthy. We urge you to review the audit framework and consultation questions thoroughly, providing detailed feedback and examples where possible.

Your input is critical in shaping a framework that will drive transparency, accountability, and ultimately consumer confidence in gold investments. We thank you in advance for your valuable contributions to this important initiative.

Responding to the Consultation

Please submit your comments by the 31st January 2025 using the online survey form provided at https://gold-dealer-assurance.bsigroup.com. Feedback received after the deadline or through other channels may not be considered.

Publication of responses and data protection

Individual responses and their authors will not be published. By responding to the Consultation, you agree that your data will be stored and processed by the BSI and/or World Gold Council as well as their service providers, solely for consultation purposes.

British Standards Institution (BSI)

World Gold Council (WGC)

¹The World Gold Council would not be participating in, nor have responsibility for, the administration of the Gold Dealer Assurance Standard. Specifically, the World Gold Council would not be verifying or evaluating any dealer’s conformance with the Gold Dealer Assurance Standard, nor providing any form of accreditation, certification or assurance to any person.