DIAMONDS NEWS – London Diamond Bourse urges trade not to import polished diamonds pending guidance on G7 restrictions on Russian origin stones

0
146

The London Diamond Bourse (LDB) has urged the trade not to import polished diamonds pending guidance on G-7 restrictions on imports of Russian origin stones.

The LDB said in an open letter to its members and the trade, dated February 29, 2024: “Unfortunately, in the absence of clarity and guidance from the Revenue prior to the March 1, 2024, launch (of the restrictions), as to how we might conform with the restrictions upon Russian Origin diamonds, in terms of paperwork and provenance, we are placed in an invidious position, and feel that it is in the best interest of our members and the trade to avoid importing polished loose diamonds of 1ct and above until such time as we have unambiguous guidance.”

In the open letter, signed by LDB President David Troostwyk, the LDB said it would continue to work to find a practical solution that would allow businesses to trade as normal.

The letter added: “Those importers in the industry who fail to comply with the latest guidance, precise details of which are currently unclear, may find those assets seized by the Revenue upon entry in the United Kingdom.”

DIAMONDS NEWS – London Diamond Bourse urges trade not to import polished diamonds pending guidance on G7 restrictions on Russian origin stones

Pictured left: David Troostwyk, President of the London Diamond Bourse