National News
AWDC launches Know Your Customer Portal application
Antwerp World Diamond Centre (AWDC) announced the launch of the KYCP (Know Your Customer Portal) application, designed to automate the screening of customers and transactions.
New KYCP platform
- The Antwerp World Diamond Centre (AWDC) has unveiled KYCP – a Know Your Customer Portal that automates customer and transaction screening for diamantaires.
- Offered free of charge, the tool is tailored to help dealers comply with Anti-Money Laundering (AML) and Know Your Customer (KYC) rules with far less manual paperwork.
How it changes compliance
- KYCP replaces scattered, spreadsheet-based checks with a single platform that centralizes KYC files, runs faster and more accurate screenings, and triggers real-time alerts on suspicious activity.
- It also streamlines regulatory reporting, easing a burden that has weighed especially heavily on small and family-run trading firms.
Scale and strategic impact
- AWDC invested about EUR 250,000 in developing KYCP and is making it available to the 1,470 Antwerp diamond companies it represents at no cost.
- By introducing the first collective digital compliance solution of its kind in Belgium, Antwerp’s diamond sector positions itself as a frontrunner among non-financial industries on transparency and AML/KYC compliance.
National News
GJC welcomes RBI’s 25 basis point repo rate cut
Seen as a boost to economic growth and sectoral stability
The All India Gem and Jewellery Domestic Council (GJC) welcomes the Reserve Bank of India’s announcement of a 25 basis point cut in the key repo rate. This progressive and timely measure reflects the Hon’ble Prime Minister and the Finance Minister’s commitment to strengthening India’s economic environment.
The gem and jewellery sector, a vital contributor to employment and exports, will benefit significantly from this reduction in interest rates. Lower borrowing costs and improved liquidity will ease financial pressures, enhance business confidence, and support growth across the trade.
Rajesh Rokde, Chairman of GJC, said: “We sincerely appreciate the Government of India and the RBI for this supportive move. The repo rate cut will help the trade stabilise, sustain, and grow in the coming months. It is a welcome relief for our industry and will encourage investment, strengthen retail demand, and create a more conducive environment for expansion.”
Avinash Gupta, Vice Chairman of GJC, added: “This decision demonstrates the government’s proactive approach to nurturing economic growth. By easing financial pressures, the RBI has created an enabling environment for businesses in the gem and jewellery sector to flourish. We urge all our fellow members nationwide to take note of this positive development and utilise the benefit effectively, especially small and medium enterprises that form the backbone of our industry.”
The GJC believes this move will have a cascading positive impact across allied industries, empowering artisans, manufacturers, wholesalers, and retailers. With improved liquidity, jewellers will be better positioned to meet consumer demand during the upcoming festive and wedding seasons, further contributing to India’s economic momentum.
The Council reiterates its gratitude to the Government of India and the Reserve Bank of India for their continued support. This measure will strengthen the sector’s resilience and long-term growth, reinforcing India’s position as a global leader in gems and jewellery.
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