Antwerp, Belgium – The Antwerp World Diamond Centre (AWDC) announced significant reductions in processing times for diamond imports, marking a notable improvement in efficiency and clearing much of the previous backlog caused by sanctions-related delays.
According to AWDC reports on Sunday, waiting times for most shipments have dropped to less than 24 hours, attributed to the augmentation of staff at the Diamond Office. Furthermore, recent information sessions have contributed to a significant decrease in the number of incomplete import files, reducing the figure from 90% to 15%.
The implementation of new sanctions guidelines by the Group of Seven (G7) nations earlier this month initially led to substantial delays in importing goods into the European Union via Belgium, even with proper documentation. Delays also affected stones falling below the 1-carat threshold.
Presently, the exchange is in the final stages of negotiating rules for grandfathered goods—rough and polished diamonds originating in Russia but purchased before March 1. Additionally, the AWDC is actively developing G7 certificates for rough diamonds that will be linked to their eventual polished counterparts. This initiative is slated to become mandatory on September 1, following an initial “sunrise period.”
In a statement, the AWDC emphasized the importance of acquiring and managing G7 rough certificates diligently, urging all stakeholders to integrate their use into both rough and polished diamond transactions. This, they stressed, is crucial for ensuring continued access to G7 markets.
