Grandfathering: The Essentials
Understanding the principle of Grandfathering can be complex, but it’s crucial for all diamantaires to be well-informed. As the organization representing Belgian diamond companies, we're here to guide you through this important process. In recent weeks, we’ve hosted five information sessions—four in-person and one online—with over 700 participants eager to understand the ins and outs of Grandfathering. We remain dedicated to supporting you every step of the way.
Here are the key principles you need to know:
What is Grandfathering?
Grandfathering allows you to regularize diamonds of Russian or unknown origin already in your possession as of January 1, 2024. To qualify, you'll need to prove that these diamonds were in your possession before January 1, 2024. This could be through your stock declaration submitted for the period ending on December 31, 2023, as required by the FPS Economy, or by documentary evidence.
If your diamonds are of known, non-Russian origin, this principle does not apply to you, and there’s no further action needed.
Import vs. Export Restrictions
While there is an import ban on Russian goods, there is no export ban. You are not required to grandfather your diamonds, but it’s important to note that once exported, un-grandfathered diamonds of Russian origin cannot be re-imported.
Ensuring Compliance
To ensure smooth processing of your imports and exports under the Grandfathering procedure, we recommend using our Diamond Office Template – the G7/GF Declaration. This self-declaration template should be used for all your GF and G7 transactions.
For more detailed information and required documentation, please visit the Grandfathering Guidelines section of our website.
We're committed to making this process as simple and accessible as possible, providing all the support you need to navigate these new rules with ease.
If you have any further questions that are not addressed in our FAQ, our Diamond Office is ready to assist. You can contact them at: dogf@awdc.be.
