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 of diamonds of Russian or unknown origin 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.
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 info session Webinar: explains briefly and concisely what Grandfathering is all about and how to put it into practice as a company. To make it more convenient, here's a copy of the presentation.
- Grandfathering procedure text: a fully written document that explains in detail and step by step for all possible scenarios how your existing stock can be regularized, which documents are needed for import and export, and how you can finally obtain a Grandfathering certificate.
- Grandfathering Decision tree: a step-by-step guide explaining how to put the Grandfathering principle into practice. As well as a Grandfathering Decision tree Cheat Sheet (extra advice/suggestions).
Here you can also find the GF Documentary Evidence-Based Checklist.
In addition to these tools, we developed a digitally fillable standard template for regularizing existing stock:
- Diamond Office Template - G7GF Declaration
- Diamond Office Template - G7GF Declaration - Cheat sheet.
You can download these documents above and a completed and signed version must accompany the goods in case of import or export via Diamond Office.
Rest assured, we are here to support and guide you every step of the way! If you have any questions and can't find the answers on the FAQ page, which will be regularly updated, please don't hesitate to contact our Grandfathering Helpdesk at dogf@awdc.be. We're here to help!
