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The European Union will exclude ‘grandfathered’ diamonds from its sanctions against Russia, according to recent media reports.
Rough diamonds imported from Russia before 1 January and polished diamonds imported before 1 March will reportedly be exempt from sanctions.
A news story from Reuters cited proposals for a 14th package of sanctions against the Russian diamonds industry, which was presented to EU representatives earlier this month.
On 1 September, the prohibition of one-carat and larger Russian diamonds will be extended to stones weighing .5 carats and above.
In recent months, various industry associations have expressed their dismay over the sanctions and their implementation’s ‘unintended consequences’.
While it remains a highly contentious issue, recent reports suggest that the industry is adapting quickly to the changes.
“Since 1 March, importers and traders of diamonds above one carat must submit three times more paperwork than before the introduction of the ban,” writes Sunniva Rose of The National News.
“The extra work triggered delays and protest letters last month, but many say the new procedures have now smoothed out.”
She continues: “The Belgian government is keen to showcase its expertise and plans to hire 30 more inspectors at its diamond office – the equivalent of a centralised inspection point. Highly trained civil servants physically check packages of diamonds and determine their origin and value in a matter of minutes.”
The next package of sanctions is expected to be formally agreed upon in July.
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