Surat: The European Union has extended the implementation of traceability scheme for diamonds by six months. Earlier, the traceability program was to come into force from Sep 1, which will now be mandatory from Mar 1, 2025.The
EU has banned direct import of diamonds from Russia starting from Jan 1 and the ban on processed diamonds outside Russia came into force from Mar 1. Following the war between Russia and Ukraine, the sanctions against Russia were announced by G7 countries and the EU.According to market insiders, the scheme requires each diamond to get certification that it is not mined in Russia. “It also fine-tunes the import ban on Russian diamonds already agreed in the 12th sanctions package. It clarifies that the ban does not apply to diamonds that were located in the EU or a third country (other than Russia), or were polished or manufactured in a third country, before the ban on Russian diamonds entered into force (so-called ‘grandfathering’),” a statement by EU said.The statement further added, “It also allows temporary imports or exports of jewellery, for example for trade fairs or repairs. Furthermore, the package is prolonged by six months (until March 1 2025) the sunrise period after which the full-traceability scheme for imports of rough and polished natural diamonds will become mandatory. In addition, it postpones the ban on jewellery incorporating Russian diamonds processed in third countries other than Russia until the Council decides to activate the ban in the light of action taken within the G7 to pursue that measure.”Meanwhile, leading diamond bodies have raised concerns about the traceability program which will require non-Russian diamonds to go through the certification.“The scheme may be introduced to control Russian diamonds but it is impacting the entire diamond cutting and polishing in India. It is increasing the cost of certification for diamond manufacturers and traders,” said a trader.
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