“This is a welcome move and a much-needed one for the sanity of India’s gems & jewellery (GJ) sector. The disclosures of Ultimate Beneficial Owners (UBOs) by their trading partners will ensure the last-mile eradication of malpractices like money laundering and terror funding.
Along with this, it will also safeguard the interests of exporters and other ancillaries of the industry. Overall, this is a win-win move that will also boost the confidence of overseas players to do hassle-free business in India, thereby enhancing the foreign currency inflow in the country” said Colin Shah, MD, Kama Jewelry at the occasion.
Ultimate Beneficial Ownership (UBO) is the individual or entity that ultimately owns or controls a company, partnership, trust, or other legal entity. UBO identification is a critical component of Know Your Business (KYB) and Know Your Customer (KYC) processes, and financial institutions such as banks, investment firms, and insurance companies are required by regulators to identify and verify the UBOs they do business with.
Previously, the GJEPC had explained through, MyKYCBank of G&J KYC Information Centre; why, it is a mandatory disclosures of UBO for Gem & Jewellery Sector, and said, according to World Bank and The Financial Action Task Force (FATF) (FATF is an inter-governmental organization founded in 1989 and is responsible for developing policies to combat money laundering and terrorist financing.) had identified our sector (Dealers in Precious Metals and Stones) as a DNFBP (Designated Non-Financial Business or Profession).
And FATF has recommended following measures for DNFBPs, 1: Customer due diligence is mandatory (including beneficial owner), 2: Implement an AML/CFT program with a risk based approach, 3: Enhanced due diligence based on risk assessment & country risks & 4: Transactions to be scrutinized regularly and reporting of suspicious & cash transactions.
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Honoured to be featured in The League Extraordinaire by The New Indian Express Group alongside 32 distinguished leaders. Grateful to Shri Eshwar B. Khandre and Shri Jagadish Shettar for the felicitation, and thankful to everyone who has supported my journey. 🙏✨
2Honoured to be featured in The League Extraordinaire by The New Indian Express Group alongside 32 distinguished leaders. Grateful to Shri Eshwar B. Khandre and Shri Jagadish Shettar for the felicitation, and thankful to everyone who has supported my journey. 🙏✨
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International Yoga Day 2026 was celebrated with great enthusiasm at Bharat Diamond Bourse under the theme "Yoga for Healthy Ageing."
The event brought together members of the gem & jewellery fraternity, highlighting the importance of yoga for wellness, balance, and healthy living
Heera Zhaveraat (HZ International) A Diamond, Watch and Jewellery Trade Promotion Magazine provide dealers and manufactures with the key analytical information they need to succeed in the luxury industry. Pricing, availability and market information in the Magazine provides a critical edge.
