Compliance
Compliance: the Corner Stone of Antwerp's Diamond Industry
Transparancy and compliance, also known as the 'fifth C' after carat, colour, cut and clarity, are already from the very beginning at the core of the Antwerp diamond business model.
Today, more than ever, the Antwerp diamond community and its institutions remain committed to invest in compliance and sustainability initiatives and to make a difference in the global diamond scene.
More than that, the future of the diamond industry in Antwerp is deeply rooted in compliance and transparency. The entire diamond industry is currently undergoing a true transformation towards more transparency and traceability, driven both by the sanctions imposed by the G7 against Russian diamonds and by the ever more demanding and conscious end consumer who attaches great importance to the origin of diamonds, the way they are mined and whether this is done in an ethical and sustainable manner. Today, the story behind a diamond is more important than ever.
As a global diamond trading center, Antwerp leads the way in transparency and compliance, and this is paying off: Antwerp diamonds are recognized for their superior quality and are the first choice for both large and small jewelry brands worldwide.
As a trusted service provider to Antwerp's diamond companies, AWDC plays a vital role in helping them comply with all relevant legislation and regulations. AWDC offers a range of services to support these companies in meeting compliance standards.
More than Good Intentions
Having the ambition of implementing the highest standards in terms of the industry’s commitment to transparency and compliance is one thing. However, concrete actions and initiatives are necessary to make this a reality. The realizations made by AWDC are
- The creation of an Anti-Money Laundering & Compliance Helpdesk and the regular organization of AML Seminar;
- We arranged free access to the Bureau Van Dijk’s “Know Your Customer” database for all Belgian diamond companies;
- We developed an industry-specific Client Acceptance Policy in collaboration with the Belgian financial intelligence unit;
- We are conducting a risk assessment and are monitoring the registered diamond companies in collaboration with FPS Economy - an increasingly crucial task in today’s financing environment;
- We provide customer service to diamond companieson starting a business, conducting diamond business, and industry-specific regulations, all compiled in the Business Guide.
These initiatives are in addition to the structural compliance guaranteed by the Diamond Office.
Register now for the next Compliance event!
At AWDC, we make sure the Antwerp Diamond Industry is thoroughly informed on changes in compliance. That is why we organize AWDC Cafés, webinars and seminars on different topics to do with the 'fifth C'. Discover them here.
For al your Compliance Questions: Contact our Helpdesk!
Our Anti-Money Laundering & Compliance Helpdesk is staffed by a dedicated team of knowledgeable professionals committed to assisting Antwerp diamond traders in navigating the intricate web of regulations that apply to their industry. Whether you have questions about AML compliance, due diligence, GDPR, CSRD, legal matters, or other regulatory concerns, the help desk is your go-to resource for clear guidance and expert support.
Questions?
