The London Diamond Bourse has recently issued a crucial communication to its members and industry colleagues regarding new governmental guidance on the importation of Russian diamonds into the United Kingdom. This announcement comes in the wake of the UK Government’s latest publication, which outlines the regulations for the import of diamonds processed in third countries but originating from Russia. The letter, signed by David Troostwyk, President of the London Diamond Bourse, delineates the necessary steps and compliance measures for jewellers and traders within the UK, aiming to ensure adherence to the new sanctions’ regime against Russian diamonds.
Compliance Measures for Importers
The London Diamond Bourse has provided detailed recommendations to its members on how to navigate these new regulations. For diamonds under 1.00 carats, vendors are advised to include a statement with the invoice, clarifying that these diamonds are not subject to the restrictions of EU Regulation 833/2014 & UK Regulation 855/2019. For diamonds equal to or larger than 1.00 carat, a declaration should be made to attest that the shipment does not contain diamonds originating from Russia, ensuring compliance with the aforementioned regulations.
Record Keeping and Due Diligence
Further advice includes the importance of maintaining records of declarations, transportation methods, and customs documents. This is to ensure that, if required, businesses can present evidence of compliance with the sanctions. The London Diamond Bourse highlights that these measures are advisory, given the Department of Trade’s position on the lack of guarantees for acceptance at the border.
General Trade Licence Option
An alternative route provided by the UK Government allows for the import of diamonds outside the Russian Federation as of 1st March 2024, without the need for individual application for this licence. Importers must, however, notify the Secretary of State for the Department for Business and Trade within 30 days of utilising this licence, among other stipulated requirements.
Commitment to Industry Support
David Troostwyk, President of the London Diamond Bourse, expressed gratitude towards the Department of Business and Trade for their consultation and ongoing efforts. The Bourse reassures its members and the industry at large of its commitment to providing up-to-date guidance on these sanctions and their implications.
