Mumbai: The Antwerp World Diamond Centre (AWDC) and the Gem and Jewellery Export Promotion Council (GJEPC) have announced that they would join forces in rolling out an industry-wide Know-Your-Customer (KYC) exchange platform, MyKYCBank.
The MyKYCBank platform, which is launched by the GJEPC through an independent subsidiary, provides a centralized platform for companies in the industry to complete and manage their KYC in line with global standards. Users can easily and quickly share their own KYC data among trade connections as well as banks and other financial intermediaries.
Through the collaboration between the two authorized industry bodies AWDC and GJEPC, the MyKYCBank will encompass the members of the world’s largest diamond trade and manufacturing communities, Antwerp and India. The platform will become a powerful tool that can significantly reduce compliance costs for users, bring greater transparency in the industry and build confidence of other stakeholders in the industry, such as financial institutions and government.
AWDC is an industry-established foundation, whose mission is to serve and support the diamond business in Antwerp, the world’s most important diamond trade hub. AWDC is the coordinating body and the official representative of the Antwerp diamond sector, and as such is recognized internationally as the host, spokesperson and intermediary for the Belgian diamond community. In this capacity, AWDC liaises on behalf of the Belgian diamond sector with governments and actively promotes support for the diamond sector at home and abroad.