London Diamond Bourse has written a letter to its members and trade colleagues to debate the implications of the G7 restrictions that come into impact at the moment (1 March 2024).
The letter was printed following an emergency assembly held by the council of administration of the London Diamond Bourse.
Within the letter, David Troostwyk, president of the London Diamond Bourse acknowledged that it has been working carefully with each the trade and the federal government on this matter for a number of months now, “to adjust to sanctions and to assist the goals of the G7 restrictions to make sure that the commerce can proceed uninterrupted”.
Nevertheless, Troostwyk added: “Within the “absence of readability and steerage from the Income previous to the 1 March 2024 launch, to how we would conform with the restrictions upon Russian Origin diamonds, when it comes to paperwork and provenance, we’re positioned in an invidious place, and really feel that it’s in the very best curiosity of our members and the commerce to keep away from importing polished unfastened diamonds of 1ct and above till such time as now we have unambiguous steerage.”
Within the meantime, London Diamond Bourse will proceed to work to discover a “sensible resolution” that can permit its companies to commerce as regular and can inform its members as quickly because it has extra info.
Troostwyk concluded: “These importers within the trade who fail to adjust to the newest steerage, exact particulars of that are at the moment unclear, could discover these belongings seized by the Income upon entry in the UK.”