Mumbai, Sep 6 (PTI) London-headquartered market development organisation for the gold industry the World Gold Council (WGC) on Wednesday announced that its Regional CEO, India, Somasundaram P R will step down from his current position next year.

Somasundaram P R joined WGC 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, WGC said in a statement.

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"After being successfully associated with WGC and the Indian gold industry for over a decade, I believe now is the right time for me to step down to focus on the next chapter of my life. These are exciting times for gold and the Indian gold industry that has undergone positive structural reforms. I am extremely proud of how the industry has progressed these past few years and how WGC has helped contribute to that," Somasundaram said.

The Indian industry is well poised for sustainable growth, and it will continue to be innovative and dynamic, he said, adding, "I will be involved in setting up of the Self-Regulation Organisation (SRO) next year, which I believe will be transformational for the Indian gold industry."

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WGC Global CEO David Tait said: "During Somasundaram's tenure he has successfully led and supported reforms and initiatives that have led to the sustainable growth of the Indian gold market. He has been instrumental in the establishment of the SRO for the Indian gold industry, which will very soon come to fruition and provide a step-change in consumer trust in gold. I thank him for his valuable contribution and wish him the very best in his future endeavours."

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)