RapNet


Rapaport News

 

Polished Markets

 

Advanced search
Latest Articles
Videos
Features
News
Mining
Rough Markets
Polished Markets
Manufacturing
Retail

WFDB to Launch-Know-Your Customer Program in May

Mar 7, 2016 2:46 AM   By Rapaport News
Print Print Facebook Facebook Twitter Twitter Share Share
RAPAPORT... The World Federation of Diamond Bourses (WFDB) will launch its Know-Your-Customer (KYC) initiative in May, aimed at increasing transparency in the industry to banks and regulators.

The announcement was made at the WFDB’s Asia Summit held in Seoul, where presidents of exchanges were hosted by the Korea Diamond Bourse.

The WFDB is also working closely with the 'KYC Bank' initiative set up by India's Gem & Jewellery Export Promotion Council, Ernie Blom, the WFDB’s president, wrote in an email to Rapaport News March 7.

"There are no clear industry-wide KYC standards so this will ensure the diamond trade is better prepared to deal with all eventualities," Blom wrote in the email.

"KYC will enable diamond businesses to receive important information about their customers or suppliers to confirm their genuineness and that of their transactions. This is critical because all banks follow a KYC process. We are working very closely with other leading industry colleagues on the KYC platform and anticipate it will be ready to share with our members by May."

At the meeting, the federation’s executive committee also agreed on “internal changes” and acknowledged the need to work more closely with the Diamond Producers Association and the World Diamond Mark on the generic marketing of the gems, according to a separate statement March 4.

“As we approach the World Diamond Congress in Dubai in May, we are finding that the themes for the meeting that we set – transparency, responsibility, sustainability – cover the many issues on our agenda and we further strengthened our commitment to those principles,” Blom added.
Tags: Asia Summit, Fair Trade, Know Your Customer, korea, Korea Diamond Bourse, legal, Rapaport News, Seoul, WFDB, World Federation of Diamond Bourses
Similar Articles
Rapaport LogoRapaport Weekly Market Comment
Jan 14, 2021
Polished sentiment positive despite limitations on travel due to Covid-19. Shortages...
What to Expect in the Industry This Year
GIA Launches Cultured Pearl Report
Coronavirus Updates: Impact on the Diamond Trade
Montage Jan 20212020 Hindsight from Our ‘People of the Year’
Jan 10, 2021
What a difference a year makes. The modus operandi of the diamond...
Rapaport Weekly Market Comment
Tiffany to Sell Its Most Expensive Diamond



Call Us: 1-702-893-9400
Member License Agreement   RapNet Trading Rules & Code of Conduct    Privacy Policy  
  
twitter twitter
About Rapaport
Advertise with us