Diamond Organizations Launch Banking Platform

Two leading industry organizations launched a digital know your customer (KYC) platform at a major banking summit in Mumbai on Friday.

The summit titled “Diamond & Jewellery Financing 2018  Mitigating Risks Efficiently”   addressed the financial industry’s concerns about the diamond sector in the wake of recent fraud cases.

The new platform, released by the Antwerp World Diamond Centre (AWDC) and India’s Gem & Jewellery Export Promotion Council (GJEPC), will bring greater transparency to the diamond industry, and make regulatory compliance more efficient by helping with the due-diligence process, the Belgian organization said.

MyKYCBank is a global compliance platform for the diamond industry. Users can share KYC data with other companies located in Antwerp and India, as well as banks and other financial institutions, the AWDC explained.

“This initiative will improve confidence and boost lending to the sector, and…ensure better sharing of information and transparency and growth of this SME  small and medium sized enterprise sector,” India’s Commerce Secretary Rita Teaotia said at the summit. “It is important for the banking sector to support the gems and jewelry industry, as it forms an integral part of the country’s gross domestic product.”

The new platform will lower compliance risks for banks, and improve confidence in the sector, said AWDC CEO Ari Epstein.

Source: DCLA

Diamond Organizations Launch Banking Platform

Two leading industry organizations launched a digital know your customer (KYC) platform at a major banking summit in Mumbai on Friday.

The summit titled “Diamond & Jewellery Financing 2018  Mitigating Risks Efficiently”   addressed the financial industry’s concerns about the diamond sector in the wake of recent fraud cases.

The new platform, released by the Antwerp World Diamond Centre (AWDC) and India’s Gem & Jewellery Export Promotion Council (GJEPC), will bring greater transparency to the diamond industry, and make regulatory compliance more efficient by helping with the due-diligence process, the Belgian organization said.

MyKYCBank is a global compliance platform for the diamond industry. Users can share KYC data with other companies located in Antwerp and India, as well as banks and other financial institutions, the AWDC explained.

“This initiative will improve confidence and boost lending to the sector, and…ensure better sharing of information and transparency and growth of this SME  small and medium sized enterprise sector,” India’s Commerce Secretary Rita Teaotia said at the summit. “It is important for the banking sector to support the gems and jewelry industry, as it forms an integral part of the country’s gross domestic product.”

The new platform will lower compliance risks for banks, and improve confidence in the sector, said AWDC CEO Ari Epstein.

Source: DCLA

Robert Mugabe’s appearance in diamonds inquiry delayed

Former Zimbabwe president Robert Mugabe will not appear before a parliament committee this week to answer questions on multi-billion-dollar corruption in the diamond industry after the hearing was postponed, a lawmaker said on Monday.The 94 year old Mugabe had been summoned to appear before the mines and energy committee on Wednesday.

But the member of parliament who is leading the inquiry said the hearing had been postponed to a date yet to be decided by the clerk of parliament.“The committee had already resolved to invite the former president to give evidence,” Temba Mliswa, mines and energy committee chairperson told AFP.“It is the clerk of parliament who will write to him (Mugabe) to come to parliament.”

Mugabe’s name did not appear on the parliament committee meetings scheduled for this week.The lawmakers plan to question Mugabe over his 2016 claim that the country had lost $15-billion (R188-billion) due to corruption and foreign exploitation in the diamond sector.

The committee has already interviewed former ministers, police and intelligence chiefs to answer on diamond mining operations at the vast Chiadzwa gem fields.

Mugabe ruled Zimbabwe from 1980 until he was ousted last year after the military took over briefly and his once loyal Zanu PF party turned against him.

The former ruler, whose own regime was accused of siphoning off diamond profits, has described his ousting as a coup, and that it must be “undone”.

Zimbabwe discovered alluvial diamonds in Chiadzwa, in the east of the country, over 10 years ago, and rights groups have accused security forces of using brutal methods to control the scattered deposits.

Rights groups say over 200 people were killed during operations to remove illegal panners from the area.
Amid allegations of massive looting, Zimbabwe allowed several diamond companies to mine the area – most of them as joint ventures between the government and Chinese firms.

Source: AFP

Robert Mugabe’s appearance in diamonds inquiry delayed

Former Zimbabwe president Robert Mugabe will not appear before a parliament committee this week to answer questions on multi-billion-dollar corruption in the diamond industry after the hearing was postponed, a lawmaker said on Monday.The 94 year old Mugabe had been summoned to appear before the mines and energy committee on Wednesday.

But the member of parliament who is leading the inquiry said the hearing had been postponed to a date yet to be decided by the clerk of parliament.“The committee had already resolved to invite the former president to give evidence,” Temba Mliswa, mines and energy committee chairperson told AFP.“It is the clerk of parliament who will write to him (Mugabe) to come to parliament.”

Mugabe’s name did not appear on the parliament committee meetings scheduled for this week.The lawmakers plan to question Mugabe over his 2016 claim that the country had lost $15-billion (R188-billion) due to corruption and foreign exploitation in the diamond sector.

The committee has already interviewed former ministers, police and intelligence chiefs to answer on diamond mining operations at the vast Chiadzwa gem fields.

Mugabe ruled Zimbabwe from 1980 until he was ousted last year after the military took over briefly and his once loyal Zanu PF party turned against him.

The former ruler, whose own regime was accused of siphoning off diamond profits, has described his ousting as a coup, and that it must be “undone”.

Zimbabwe discovered alluvial diamonds in Chiadzwa, in the east of the country, over 10 years ago, and rights groups have accused security forces of using brutal methods to control the scattered deposits.

Rights groups say over 200 people were killed during operations to remove illegal panners from the area.
Amid allegations of massive looting, Zimbabwe allowed several diamond companies to mine the area – most of them as joint ventures between the government and Chinese firms.

Source: AFP

The Farnese Blue diamond

The Farnese Blue diamond a 6.16 carat pear shaped, GIA graded as  Fancy dark gray blue.

Sotheby’s Magnificent Jewels and Noble Jewels in Geneva will auction the diamond on May 15.

The history of the diamond : Recovered in Indian Golconda region, the diamond was first given to Elisabeth Farnese, Queen of Spain in 1714.

It then passed to her son Philip, Duke of Parma, and through various Italian nobles ending with the Habsburg family.

Source: DCLA 

The Farnese Blue diamond

The Farnese Blue diamond a 6.16 carat pear shaped, GIA graded as  Fancy dark gray blue.

Sotheby’s Magnificent Jewels and Noble Jewels in Geneva will auction the diamond on May 15.

The history of the diamond : Recovered in Indian Golconda region, the diamond was first given to Elisabeth Farnese, Queen of Spain in 1714.

It then passed to her son Philip, Duke of Parma, and through various Italian nobles ending with the Habsburg family.

Source: DCLA 

Sarine Secures First Retailer for 4Cs Grading

Japanese jewelry retailer K-Uno is the first to adopt Sarine Technologies’ 4Cs diamond grading reports.

K-Uno has implement the artificial intelligence based platform at all its stores across Japan.

The record will add additional features, including 4Cs grades, to the current Sarine Profile report, which lists characteristics such as light performance and hearts and arrows.

The report will use artificial intelligence to grade qualities such as clarity and colour.

“Our 4Cs report creates an intuitive digital experience that will help engage K-Uno customers throughout the diamond-purchase journey,” Sarine CEO David Block said last week. “We expect additional retailers in the Asia Pacific region to soon be adopting the new reports.”

Source: DCLA