Recently, Antwerp World Diamond Centre (AWDC), announce an important update regarding the Grandfathering principle, introduced as part of the G7’s 14th sanction package against Russia in mid-July. This new development allows diamond companies to regularize their existing stock of non-industrial, natural, synthetic, rough, and polished diamonds of Russian or unknown origin, provided these were in possession before the sanctions took effect on January 1, 2024.
Under this principle, diamonds acquired before the implementation of sanctions are exempt from the ban and can be traded without restriction. This decision is intended to prevent undue financial strain on diamond businesses while maintaining the effectiveness of sanctions against Russia.
The FPS Economy, with the assistance of the AWDC, is finalizing a clear procedure to implement the Grandfathering principle. Starting September 1, 2024, both Belgian-registered and foreign diamond companies will be able to regularize their pre-sanction stock through the Diamond Office in Antwerp.
This milestone follows extensive negotiations led by AWDC, and appreciate diamantaires patience throughout this process. To facilitate a smooth transition, AWDC is preparing a detailed guide and decision tree to assist companies in understanding and navigating the Grandfathering process. These resources will be made available soon.
Additionally, AWDC will host a live seminar on August 27, from 10 am to 12 noon at De Beurs voor Diamanthandel, to explain the Grandfathering principle and provide guidance on the regularization process. Pre-registration is required and can be completed via the link below.
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