The Dubai Diamond Exchange, a subsidiary of Dubai Multi Commodities Centre (DMCC), has signed an agreement to join the MyKYCBank, the Gem and Jewellery Export Promotion Council platform for voluntary disclosure of Know Your Customer (KYC) details.

The agreement enables DMCC members trading in diamonds, gold and precious stones to join the MyKYCBank platform. DMCC will be the fourth trade body to join MyKYCBank, following GJEPC, Bharat Diamond Bourse and the Antwerp World Diamond Council. MyKYCBank will start onboarding DMCC registered companies on its platform from January.

Over 2,200 companies have already joined the MyKYCBank platform and have completed its KYC compliance process. In India, only member of gem and jewellery industry bodies are allowed to register their KYC on the platform.

The platform helps registered members to reduce their compliance cost, while simultaneously improving transparency in the trade, especially for financial institutions and governments.

The MyKYCBank provides a centralised global platform for the gems and jewellery industry including gold, diamonds, precious stones and jewellery to complete their KYC information to meet Anti-Money Laundering laws in their respective countries.

Pramod Kumar Agrawal, Chairman, GJEPC said United Arab Emirates is an important trading partner in the industry for India, across gold, diamonds, jewellery and precious stones. The inclusion of DDE registered companies on the platform will go a long way in addressing the concerns of industry bankers and support the trade between the countries.

Members can also share their own KYC data among trade connections, banks and financial intermediaries. Under the Financial Action Task Force (FATF) guidelines, companies in gem and jewellery industry are expected to undertake a due diligence on their counterparties.

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