Antwerp, Belgium – The Antwerp Diamond Office has significantly reduced waiting times for processing diamond imports, with most shipments now cleared within 24 hours. This improvement comes after a period of substantial delays caused by new sanctions guidelines implemented by the G7 nations.
The increased efficiency is attributed to several factors, including increased staffing at the Diamond Office and a significant reduction in incomplete import files submitted by traders. The Antwerp World Diamond Centre (AWDC) reported that information sessions held for industry members have successfully lowered the rate of incomplete files from 90% to 15%.
Earlier this month, the implementation of new sanctions guidelines led to major delays in importing diamonds into the European Union via Belgium, even for shipments with proper documentation. This caused frustration within the industry, as even stones below the 1-carat threshold faced holdups.
The AWDC is currently finalizing discussions regarding rules for “grandfathered goods” – rough and polished diamonds originating in Russia but purchased before March 1st. Additionally, the exchange is working on implementing G7 certificates for rough diamonds, which will link them to their eventual polished counterparts. This requirement will come into effect on September 1st, following an initial “sunrise period.”
The AWDC encourages all industry participants to actively utilize these G7 rough certificates for both rough and polished diamonds, emphasizing their importance in securing continued access to G7 markets.
This progress in clearing the backlog and streamlining the import process is welcome news for the diamond industry in Antwerp, a major global diamond trading hub. The efficient flow of goods is crucial for maintaining the industry’s vitality and ensuring continued access to key markets.
However, it is important to note that the situation remains fluid, and further adjustments may be necessary as the sanctions regime evolves. The AWDC’s ongoing efforts to clarify regulations and facilitate compliance will be crucial in navigating this complex landscape.
