Important Industry Milestone: Grandfathering of existing stock

Important Industry Milestone: Grandfathering of existing stock

After extensive and challenging negotiations led by AWDC, the ball is finally in the court! As of Sept. 1, diamond companies worldwide can regularize their existing stock through the Diamond Office in Antwerp. This principle was announced as part of the G7's 14th sanction package and is now becoming a reality. Specifically, it concerns a stock of non-industrial, natural and synthetic, rough and polished diamonds of Russian or unknown origin, which were in a company's possession before the sanctions measures against Russia came into force, i.e., before Jan. 1, 2024.

These goods, which fall under the Grandfathering-principle, are exempt from the ban on Russian diamonds and are not affected by G7 sanctions because they were owned before the sanctions came into effect. Sanctioning these goods and prohibiting their trade would impose an unfair and severe financial burden on diamond companies without significantly impacting Russia's revenues.

The finalization of the Grandfathering-principle marks a significant milestone for our industry. We are happy to announce that this principle is now ready for implementation, enabling diamond companies worldwide to regularize their stock effectively.

As a dedicated service provider to the Antwerp Diamond Industry, we are committed to assisting you in regularizing goods that fall under the category ‘grandfathering’. To ensure a smooth process, we have developed a comprehensive document outlining the entire Grandfathering procedure and a clear decision tree to guide you through the process step by step. You can find these resources here:

Grandfathering procedure text

Grandfathering decision tree

Rest assured, we are here to support and guide you every step of the way!