Diamond Organizations Launch Banking Platform

RAPAPORT... Two leading industry organizations launched a digitalknow-your-customer (KYC) platform at a major banking summit in Mumbai on Friday.The summit - titled "Diamond & JewelleryFinancing 2018: Mitigating Risks Efficiently" - addressed the financialindustry's concerns about the diamond sector in the wake of recent fraud cases.The new platform, released by the Antwerp World Diamond Centre (AWDC) and India's Gem & Jewellery Export Promotion Council (GJEPC), will bring greatertransparency to the diamond industry, and make regulatory compliance moreefficient by helping with the due-diligence process, the Belgian organization said.MyKYCBank is a global compliance platform for the diamond industry. Users can share KYC data with other companies located in Antwerp and India, as well as banks and other financial institutions, the AWDC explained."This initiative will improve confidence and boost lendingto the sector, and...ensure better sharing of information and transparency andgrowth of this SME [small and medium-sized enterprise] sector," India's Commerce Secretary Rita Teaotia said at the summit. "It is important for [the] bankingsector to support [the] gems and jewelry industry, as it forms an integral partof the country's gross domestic product."The new platform will lower compliance risks for banks, andimprove confidence in the sector, said AWDC CEO Ari Epstein. Image: GJEPC