A new customer, check before you regret!

Most companies in our industry have built up long business relations with their customers, and thus consider them trusted partners. However, in order to expand your business you will inevitably meet new customers on a frequent basis.

The AWDC SO recommends all diamond companies to deal with new customers in a slightly different way compared to known and trusted clients, for both financial and security reasons.

Diamond companies can implement a variety of security measures that are inexpensive, but very efficient to avoid people taking advantage of your trust and confidence, for example through swapping diamonds with poor quality diamonds or zircons, non-payment of invoices, thefts or even robberies.

Therefore AWDC SO advices companies to implement the “A new customer, check before you regret!” – protocol.

Below, you can find some of our recommendations:

• Perform reference checks: consult your trusted network about the respective company, contact person or reference. If you are a member of a bourse, check the “FLAG” procedure and ad valvas or contact the bourse for further information. Check “open sources” like websites, social media …
• Gather information: For the purpose of security and in order to comply with AML regulations, you must always ask for a copy of your customer’s ID before you take a personal meeting.
• For the first 4 to 6 face-to-face contact with a new customer: always use your own building or office, ensure customers and transaction are recorded by CCTV (most building within the S-ADA register visitors and have CCTV systems), make sure you are accompanied by a trusted person or staff member and never use a location they suggest.
• Goods: Limit the amount and value of products you show and/or bring to the potential sale and do not show the original certificates combined with the diamonds until the deal is sealed completely.
• Insurance: make sure you have the right insurance coverage for theft, swaps … both in terms of your building and office, as well as while conducting business at other buildings or offices. Contact your insurance broker for more information, questions or remarks.

If you’re a victim of a crime, please report it to the police and the AWDC SO. Please do not hesitate to contact the AWDC SO for more information, question or remarks via info@awdc-securityoffice.be