"Dramatic Decrease" in Antwerp Diamond Delays
April 02, 24
(IDEX Online) - The Diamond Office in Antwerp reports a "dramatic decrease" in delays, after traders complained it was taking over a week for their shipments to be cleared by Customs.
New G7 sanctions against Russia introduced on 1 March now require importers to provide documentary evidence to show the origin of any diamond of 1.0-ct or above.
"Waiting times now consistently fall below the 24-hour threshold for shipments accompanied by complete files," said Ari Epstein (pictured), CEO of AWDC (Antwerp World Diamond Centre), which oversees the activities of the Diamond Office.
"A testament to the efficacy of our recent initiatives and especially of your efforts, is the dramatic decrease in incomplete files — a shift from 90% to less than 15%, with figures continuing to improve."
All diamonds entering the EU are now being channeled through Antwerp's Diamond Office.
Last month almost 150 Antwerp traders wrote to the AWDC urging a "comprehensive review of the procedures" which were, they said, increasing expenses and costing them customers.
"We share the goals and the spirit of the sanctions but object to this cumbersome, ineffective, and inefficient execution," they said.
In an open letter dated 29 March, Epstein spoke of the "the substantial advancements we've achieved together", and referred to a webinar which provided detailed guidance on exactly what paperwork is now required.
"We are in the final stages of discussions regarding grandfathered goods (diamonds pre-dating the new restriction) and, to facilitate a smooth transition, we will conduct an informative session for Antwerp's diamantaires outlining the necessary procedures as soon as the procedures have been finalized."