G7 Ban to Exclude “Grandfathered” Goods

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G7 Ban to Exclude

Rough and polished diamonds imported from Russia before new G7 sanctions came into force are not now expected to be covered by the ban.

The status of inventory that pre-dates the sanctions – so-called “grandfathered goods” – has remained in doubt, causing concern for many in the trade.

But the EU’s 14th sanctions package, currently under discussion, is set to exclude them from the restrictions.

Rough diamonds imported before 1 January and polished diamonds imported before 1 March (1.0-cts or above) or 1 September (0.50-cts or above) will not be covered.

A draft of the new sanctions package has been published, but is not due to be formally agreed until July.

Disclaimer: This information has been collected through secondary research and TJM Media Pvt Ltd. is not responsible for any errors in the same.