DMCC Joins GJEPC's My KYC Initiative

RAPAPORT... The Dubai Diamond Exchange (DDE) will join the Gem &Jewellery Export Promotion Council's (GJEPC) digital know-your-customerplatform. All members of the DDE's parent company, the Dubai Multi Commodities Centre(DMCC), that trade in diamonds, gold and precious stones will be able to use MyKYC Bank to manage and share customer information, the DMCC and the GJEPC said lastweek. The DMCC will be the fourth trade body to use the platform,in addition to the GJEPC, the Bharat Diamond Bourse and the Antwerp World DiamondCentre (AWDC). The platform has more than 2,200 users, the GJEPC said. My KYC Bank - which the GJEPC rolled out together with theAWDC in December 2017 - was designed to help members of the trade meetreporting obligations under the anti-money-laundering laws in their respectivecountries. Users can share information with others in the trade, as well as withbanks and other financial institutions. "The UAE is animportant trading partner in the industry for India, across gold, diamonds,jewelry and precious stones," said GJEPC chairman Pramod Agrawal. "Theinclusion of DDE-registered companies on the platform will go a long way inaddressing the concerns of our industry bankers, and support the trade betweenthe countries." Image: GJEPC chairman Pramod Agarwal and DDE chairman Ahmed Bin Sulayem. (GJEPC/DMCC)