The European Union plans to exclude “grandfathered” goods from its sanctions on Russian diamonds, according to Reuters.
Rough diamonds imported from Russia before January 1, 2024, and polished diamonds imported before March 1 — or September 1 for stones under 0.50 carats — will be exempt from the ban, the news service reported last week.
The report cited proposals for a 14th package of EU sanctions on the Kremlin over its war in Ukraine, which was presented to EU envoys earlier this month.
The rules ban imports of 1-carat and larger Russian polished into the EU from March 1, even if they underwent manufacturing in a third country. This threshold will drop to 0.50 carats on September 1.
An EU spokesperson did not respond to a request for comment from Rapaport News.
SOURCE:rapaport.com
