Changes to Synthetic Diamond Imports

April 1, 2019

The Australian Government has provisionally approved a new import classification for synthetic diamonds after discussions with CIBJO and the Jewellers Association of Australia (JAA).

The tariff classification will differentiate lab-grown stones from natural diamonds, with the Department of Home Affairs (DHA) agreeing that the move is a “necessary step to safeguard the Australian jewellery industry” as well as consumers.

The suggested changes to regulations relating to classifying lab-grown diamonds were recommended by CIBJO to its Australian member, the JAA, with JAA director Ronnie Bauer leading discussions with the DHA.

CIBJO President Gaetano Cavalieri has congratulated Bauer and the JAA for the outcome.

The World Customs Organization’s Harmonized System Committee is expected to approve the policy soon. It will then be debated in Parliament and could be in effect in less than two years.

This is from the 29 March 2019 edition of Jeweller Magazine.

Topic(s)

International Trade and Border Management

Information source

Industry Publication

Disclaimer

The foregoing information is provided for informational purposes only and is not intended as, nor should it be considered, professional advice or a substitute for conducting your own thorough research and review. Before making any decisions or taking any action based on the information provided, you should conduct your own independent investigation and/or seek professional advice from a qualified expert in the relevant field. The CSCB disclaims all liability for actions taken or not taken based on the information provided.

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