Antwerp: European Union (EU) is extending the “sunrise period” for the traceability of sanctioned Russian diamonds by six months, and allowing trade in “grandfathered stock” – goods imported before restrictions were imposed.

Both announcements were made yesterday as part of its 14th package of sanctions, according to the AWDC (Antwerp World Diamond Centre), which has been calling for concessions.

The new EU sanctions primarily target liquefied natural gas (LNG). They also aim to close some loopholes in existing sanctions and add 116 entities and individuals.

For the diamond industry they mean traders who can prove that Russian goods were already in their possession before sanctions came in, can sell them, provided they make it clear they are “grandfathered”.

The G7 and EU banned diamonds, mined, processed, or produced in Russia from 1 January. From 1 March the ban covered all Russian gems of 1.0-cts or above, regardless of where they were cut and polished, and from 1 September it will cover all goods of 0.50-cts and above.

The “sunrise period” for the introduction of mandatory traceability schemes has been extended to 1 March 2025.

“We are extremely pleased that after months of intense negotiations,” said the AWDC.

“We have succeeded in pushing the needle to allow regularization of so-called “grandfathered stock”, defined as goods of Russian or unknown origin purchased or held before the measures against Russia took effect within EU regulation.”

The new sanctions also allows temporary imports or exports of jewelry from Russia, for situations such as trade fairs or repairs.