Antwerp’s Diamond Office has announced a noteworthy decline in shipment delays, addressing concerns raised by traders over prolonged Customs clearance durations.
The implementation of new G7 sanctions against Russia on March 1st mandates importers to furnish documentary evidence verifying the origin of diamonds weighing 1.0-carat or more.
Ari Epstein, CEO of the Antwerp World Diamond Centre (AWDC), which oversees the Diamond Office operations, remarked, “Waiting times now consistently fall below the 24-hour threshold for shipments accompanied by complete files.”
Epstein credited recent initiatives and collective efforts for the substantial decrease in incomplete files, which plummeted from 90% to below 15%, with ongoing improvements.
Under the new protocols, all diamonds destined for the European Union are routed through Antwerp’s Diamond Office.
The alleviation of delays comes after nearly 150 Antwerp traders penned a letter to the AWDC last month, advocating for a comprehensive review of procedures that were escalating expenses and jeopardizing customer relations.
While expressing alignment with the sanctions’ objectives, the traders criticized the convoluted, ineffective, and inefficient execution of the process.
In a response dated March 29th, Epstein acknowledged the significant progress achieved and highlighted a webinar offering detailed guidance on the requisite paperwork under the updated regulations.
