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Goldsikka's Ethical Approach to Gold Trade
Gold has been a symbol of wealth, prosperity and power for centuries. People have been fascinated by this precious metal for its rarity, beauty, and its use in jewellery, coins, and other forms of wealth storage. In recent years, the demand for gold has skyrocketed, leading to an increase in gold trade operations and the trade of gold bullion.
Unfortunately, the gold trade is not immune to illegal and unethical practices. The phrase "bad gold" refers to gold gained in unlawful or immoral ways, such as gold brought against cash coined bad gold, which causes a decline in India's GDP because cash gold avoids the Nation's Goods and Services Tax (GST).
Cash gold refers to gold that is sold directly for cash, without any documentation or verification of its origin. This can be a major problem because it allows for the sale of bad gold, as the buyer does not have to show proof of the gold's origin. As a result, the market for cash gold has become a hotbed for illegal and unethical gold practices.
Human trafficking is one of the primary issues connected to bad gold. Gold is frequently mined in poor nations with inadequate or nonexistent labour rules. This makes it simple for unethical people to take advantage of workers, many of whom are made to labour in hazardous conditions for meagre compensation. This not only violates fundamental human rights but also feeds the cycle of oppression and poverty.
Corrupt individuals, including those engaged in drug addiction and money laundering, are also promoted by bad gold. These actions are frequently associated with illicit gold trade and black market gold sales. Due to the sponsorship of criminal activity and the instability it causes in communities, this hurts society as a whole in addition to the people engaged.
Bad gold has an effect that goes beyond people and communities. Additionally, it affects nations and enterprises. In addition to undermining the legitimate gold business, illicit gold tradegold trade also harms the local economy and ecology. Additionally, it hinders GST collection, which results in lower national revenue.
Goldsikka Limited, a leading gold bullion dealer, is committed to promoting ethical and responsible gold practices and supports NO BAD GOLD. The company is dedicated to ensuring that all gold sold is sourced from ethical and sustainable sources, and it goes to great lengths to verify the origin of the gold it sells.
Goldsikka Limited uses a rigorous due diligence process to ensure that all gold sold is free from any association with illegal or unethical practices. This includes regular audits of gold suppliers, monitoring of supply chains, and close examination of the gold trade practices. The company is also a member of the Indian Bullion and Jewellers Association (IBJA) and the Gem & Jewellery Export Promotion Council(GJEPC), which sets industry standards for responsible gold trade practices.
In addition, Goldsikka Limited supports responsible gold trade initiatives, such as fair trade and fair labour practices, environmental protection, and community development. The company also works closely with local communities to ensure that they benefit from the gold trade operations, and it supports education and training programs to help communities become more self-sufficient.
In conclusion, the trade of bad gold is a serious problem that has far-reaching consequences for the environment, human rights, and the economy of the nation. By supporting NO BAD GOLD, Goldsikka Limited is taking a stand for responsible gold practices and working to promote a sustainable and ethical gold trade.
By choosing to buy gold from Goldsikka Limited, customers can be confident that they are supporting responsible gold practices and contributing to a more sustainable future. So next time you're in the gold market, remember to choose a dealer that supports NO BAD GOLD.