EU's 14th Sanctions Proposal: Pre-Sanction Inventory Out of Scope Russian Diamond Ban

Reuters reports that in the EU's 14th Sanction Package proposal texts, currently being debated by EU members, clarification is given on so-called "grandfathered goods"; existing inventory of rough and polished diamonds that predate sanctions on Russian diamonds. The proposed text indicates that rough diamonds imported from Russia before January 1st 2024 and polished diamonds imported before March 1st (size 1ct up) and September 1st (0.50ct up) are not covered by the ban, addressing a concern that was raised by diamond industry stakeholders in the EU. Specific guidelines on the practical implementation of the "grandfathered" principle are expected to be issued once the deliberations on the sanctions package are concluded.