The initiative to trace UBOs in the jewellery trade is being led by the main industry body Gem & Jewellery Export Promotion Council (GJEPC), which had introduced the 'MYKYC' regime in 2019 in the wake of the Nirav Modi-Mehul Choksi scam, making it mandatory for members to reveal UBOs of companies and IDs and personal details of proprietors of domestic firms.
