Updated Diamond Import Guidelines
Published: 13th July 2024
As a responsible service supplier we have been following the impact of activities over the past 2 years, since the start of the Russia/Ukraine war, and the many discussions regarding the situation with diamonds and in particular those of Russian origin.
On 1st March 2024, the G7 Russian diamond import restrictions came into effect which apply to any stones over one carat in weight, and detail what is required across the trade to ensure compliance.
The origin of a diamond has always been important. Previously, although many stones were originally mined in Russia, the country of origin was changed to that of the country where the stone was cut and polished; in effect where value was added. For example, many stones were labelled as originating from India, where there are in fact no diamond mines.
With the ongoing actions being taken by Russia, the G7 realised the heightened need for accurate diamond traceability across the world and has now published specific guidance to help cut through the confusion for those dealing in diamonds.
As RJC accredited members we are able to follow their guidance across all aspects of the industry and appreciate how important it is within all businesses to be operating correctly.
Since the initial guidelines were issued at the beginning of March there has been a further update to help businesses understand everything more clearly. Read the update below
Guidance on third country processed Russian diamonds measures
The Sheffield Assay Office was established in 1773, under an Act of Parliament and today the company assays and hallmarks the precious metals - silver, gold, platinum and palladium. Sheffield Assay Office is one of only four UK assay offices who all work to uphold the Hallmarking Act of 1973 and continue to ensure consumer protection for customers purchasing precious metals.
To find out more about the whole range of services offered by Sheffield Assay Office, such as our hallmarking and analytical services, please email us at info@assayoffice.co.uk or complete the contact form on our website at http://www.assayoffice.co.uk/contact-us ,
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