Dubai Diamond Exchange to join MyKYCBank platform of GJEPC

Dubai Diamond Exchange (DDE), a subsidiary of Dubai Multi Commodities Centre (DMCC), Wednesday signed a service agreement to join the MyKYCBank platform of Gem and Jewellery Export Promotion Council (GJEPC) here.

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, Pramod Kumar Agrawal, Chairman of GJEPC said.

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

"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," Agrawal said.

DDE chairman Ahmed Bin Sulayem and others were also present on the occasion.