As of September 1, 2024, a new phase regarding the G7 sanctions on Russian diamonds will be introduced. The number of carats of diamonds in scope will be reduced from 1 carat to 0.5 carat, and the sanctions measures will also apply to synthetic diamonds from September 1.
The goods subject to G7 sanctions measures from September 1, 2024, are, 1: Natural and synthetic, non-industrial, rough, and polished diamonds equal or larger than 0.5 carats.
In addition, from September 1, Belgian-registered diamond companies and foreign diamond companies have the opportunity – under certain conditions – to regularize their existing stock of Russian or unknown origin diamonds. This is possible thanks to what we call the ‘Grandfathering Principle’.
Webinar: explains briefly and concisely what Grandfathering is all about and how to put it into practice as a company.
What exactly this Grandfathering principle is and how it works in practice is explained in the following documents; Grandfathering info session to focus on; 1: Grandfathering procedure text: a fully written document that explains in detail and step by step for all possible scenarios how your existing stock can be regularized.
Which documents are needed for import and export, and how you can finally obtain a Grandfathering certificate? 2: Grandfathering Decision tree: a step-by-step guide explaining how to put the Grandfathering principle into practice. 3: As well as a Grandfathering Decision tree Cheat Sheet (extra advice/suggestions).
Just download these documents above and a completed and signed version must accompany the goods in case of import or export via Diamond Office, for details connect Antwerp World Diamond Centre (AWDC).
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Glimpses of Bharat Diamond Bourse Marks 41 Years of Excellence & 15 Years of Operations of BDB Complex with the Release of customized My Stamp by Department of Posts, Government of India.
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