The Dubai Diamond Exchange (DDE) – a subsidiary of DMCC (Dubai Multi Commodities Centre) – today signed a service agreement to join the MyKYCBank platform of The Gem & Jewellery Export Promotion Council.  

The agreement was signed by Ahmed Bin Sulayem, Executive Chairman of DMCC, and Chairman of DDE, and Pramod Kumar Agrawal, Chairman, GJEPC at a special ceremony held in Jaipur.

DMCC will be the fourth trade body to join MyKYCBank, following GJEPC, Bharat Diamond Bourse and the Antwerp World Diamond Council. Under the agreement, members of the DMCC engaged in trading diamonds, gold or precious stones will be eligible to join the MyKYCBank platform.

Membership of the platform is only open to companies that are part of a G&J industry body that is already affiliated to the platform.  Currently, over 2,200 companies have completed the ‘Know Your Customer (KYC)’ compliance process on MyKYCBank.

DMCC Executive Chairman, Ahmed Bin Sulayem said, “As a leading global diamond hub, the Dubai Diamond Exchange, and DMCC, are proud to be part of the MyKYCBank and enable our members to join the leading platform and serve business requirements.”

Welcoming the decision of DMCC and DDE to participate in the MyKYCBank, GJEPC Chairman Pramod Kumar Agrawal commented, “The UAE 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 our industry bankers, and support the trade between the countries. MyKYCBank platform has become a recognition across the world for KYC.”

MyKYCBank provides a centralized global platform for companies in the gems and jewellery (G&J) industry (including gold, diamonds, precious stones and jewellery) to complete, manage and share their KYC information so as to enable them to meet their obligations under the anti-money laundering (AML) laws of their respective countries.

Under the FATF guidelines, companies in the G&J industry are expected to do due diligence on all their counterparties. Members of the MyKYCBank can easily share their own KYC data among trading partners as well as banks and other financial intermediaries. 

The MyKYCBank platform also help members significantly reduce their compliance cost, while simultaneously improving transparency in the trade, especially for financial institutions and governments, GJEPC said.

MyKYCBank will start onboarding DMCC registered companies on their platform from January 2019.

Pic caption: Ahmed Bin Sulayem, Executive Chairman of DMCC, and Chairman of DDE, and Pramod Kumar Agrawal, Chairman, GJEPC after signing the MoU