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26 & 27 November
FACETS 2024
Navigating a New Era
Antwerp, most Trusted
Diamond Center - since 1447
Grandfathering
guidelines
Interesting downloads:
G7 Update: Grandfathering principle
As of September 1, 2024, a new phase regarding the G7 sanctions on Russian diamonds will be introduced. The number of carats of diamonds in scope will be reduced from 1 carat to 0.5 carat, and the sanctions measures will also apply to synthetic diamonds from September 1.
The goods subject to G7 sanctions measures from September 1, 2024, are:
Natural and synthetic, non-industrial, rough, and polished diamonds equal or larger than 0.5 carats.
In addition, from September 1, Belgian-registered diamond companies and foreign diamond companies have the opportunity - under certain conditions - to regularize their existing stock of Russian or unknown origin diamonds. This is possible thanks to what we call the ‘Grandfathering Principle’.
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- Grandfathering procedure text: a fully written document that explains in detail and step by step for all possible scenarios how your existing stock can be regularized, which documents are needed for import and export, and how you can finally obtain a GF certificate.
- Grandfathering Decision tree: a step-by-step guide explaining how to put the Grandfathering principle into practice. As well as a Grandfathering Decision tree Cheat Sheet (extra advice/suggestions).
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Diamond Standard has confidential approval to file an exchange traded product (“ETP”) holding our commodities on a major North American stock exchange.Diamond Standard has confidential approval to file an exchange traded product (“ETP”) holding our commodities.
- Respect site signs, closures and traffic rules.
- Do not park your bicycles, scooters, etc. on Schupstraat, Hoveniersstraat or Rijfstraat.
- Only visit the site if it is really necessary.
- If you do have to visit the site, look out for possible obstacles, potholes and vehicles.
- Before crossing the site, always make eye contact with the lorry driver or crane operator.
We advise all diamond companies to contact their respective insurance broker and/or insurer proactively.
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Questions? Contact us
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Register now for the next webinar!
You will receive training that will allow you to implement an effective and efficient AML program within your company. You will also have the opportunity to ask questions and share your thoughts. AWDC, in cooperation with the FPS Economy, will provide an attendance certificate to each participant at the end of the seminar. Participation is free of charge. The seminar will be held in English.
Please note places are limited (max. 20 participants). We inform you that if you have registered but are unable to join us, notify us in advance.
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When and to whom does it apply?
The Carat Tax will be applicable as from fiscal year 2016 (tax year 2017). The regime is compulsory for diamond-trading companies that are registered in Belgium, but its scope is restricted to the turnover generated by genuine and habitual diamond trade. Turnover generated by other activities, such as services provided, are taxed separately as they are not in the scope of the Carat Tax. The Carat Tax is not compulsory for mining companies and their sales offices. These companies may choose to apply the Carat Tax instead of the normal corporate tax regime. The Carat Tax does not apply to other companies active in the diamond industry that do not sell diamonds out of an inventory for their own account, such as service providers (brokers, forwarders, diamond laboratories, etc.).
What are the benefits of the Carat Tax?
The complex and burdensome discussions on the control and valuation of the stock of diamond traders, an annually recurring grievance for many diamond-trading companies, will no longer occur as a result of the Carat Tax. The stock is entirely taken out of the equation for fiscal purposes, hence increases and decreases in the value of the inventory are tax neutral. Under the Carat Tax, diamond-traders will be able to monitor their total corporate taxes due throughout the year, as these taxes are based solely on the turnover generated by the sale of diamonds. This significantly increases simplicity, predictability, stability and clarity. The effects of the Carat Tax, however, are not limited to the ease of doing business.
When and to whom does it apply?
The Carat Tax will be applicable as from fiscal year 2016 (tax year 2017). The regime is compulsory for diamond-trading companies that are registered in Belgium, but its scope is restricted to the turnover generated by genuine and habitual diamond trade. Turnover generated by other activities, such as services provided, are taxed separately as they are not in the scope of the Carat Tax. The Carat Tax is not compulsory for mining companies and their sales offices.
What are the benefits of the Carat Tax?
The complex and burdensome discussions on the control and valuation of the stock of diamond traders, an annually recurring grievance for many diamond-trading companies, will no longer occur as a result of the Carat Tax. The stock is entirely taken out of the equation for fiscal purposes, hence increases and decreases in the value of the inventory are tax neutral. Under the Carat Tax, diamond-traders will be able to monitor their total corporate taxes due throughout the year.
What are the benefits of the Diamond Center?
As these taxes are based solely on the turnover generated by the sale of diamonds. This significantly increases simplicity, predictability, stability and clarity. The effects of the Carat Tax, however, are not limited to the ease of doing business.
Official public holiday | Date | Dutch translation |
---|---|---|
New Year’s Day | 1st January | Nieuwjaar |
Easter Monday | First Monday after Easter | Paasmaandag |
Labour Day | 1st May | Dag van de Arbeid |
Ascension Day | 6th Thursday after Easter | Onze Lieve Heer Hemelvaart |
Pentecost Monday | 8th Monday after Easter | Pinkstermaandag |
National Holiday | 21st July | Nationale feestdag |
Assumption of Mary | 15th Augustus | Onze Lieve Vrouw Hemelvaart |
Want to work in the Diamond Industry?
Would you like to work in the exciting city of Antwerp, and are you interested in a fascinating job in the diamond industry? Please have a look at the vacancies currently available.
Join our team
We provide an exceptional workplace that will support and encourage you to make a real difference in people’s lives. We truly believe that when people can be their true selves at work, it leads to a thriving team. That’s why we’re fully dedicated to embracing diversity and inclusion, investing in personal development and using innovative technologies to ensure that everyone feels safe and happy in their workplace. Because together, we achieve more.
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Our goal is to service all those who are involved or interested in our fascinating stones, from professional players like the mining giants to the bride-to-be, looking for her perfect wedding ring.
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DIAMONDS
COLLEGUES ABROAD
Meet the Board of Directors
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Yashvi Diamonds
A guide endorsed by the supervising authority
This guide is inspired on the recommendations made in the ‘Risk analysis money laundering in the Belgian diamond sector (2017)’. It touches upon the anti-money laundering legislation, although this guide does not specifically deal with the obligations following from the anti-money laundering law. The latter are dealt with in the ‘Anti-money laundering policy for the Belgian diamond trader (2019)’ drafted by AWDC.
Questions?
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Frequently asked questions
What are you entitled to with the basic banking service?
The basic banking service is a current account with a debit card with which you can perform the following transactions:
- deposit money
- withdraw money
- make transfers
- make ongoing payment orders
- perform direct debits
- pay with a payment card or similar means
You can only perform these transactions if there is sufficient money in your account. Your account cannot have a negative balance. These operations can be performed via the counter and via the internet platform of the basic banking service provider.
What is the application process for the basic banking service chamber?
1. The company completes an application online via the website of the basic banking service chamber, The link is available via de website of AWDC (the company can also file an application on paper for example for individuals that don’t have a Belgian ID card and cannot log in via Itsme). The online application form will ask you to upload the following items or submit information to approve the admissibility of your application:
Proof that shows that your company was refused a payment service by a Belgian credit institution at least 3 times (termination of an account is also eligible as additional exhibit);
Declaration on honour that your company does not already have a basic banking service or payment account with a Belgian or EU-based credit institution (payment institutions or credit institutions located outside the EU do not fall under this);
Name of applicant company, legal form, address of the registered office, company number or proof of registration with the Crosspoint Bank for Companies, name and capacity of the representatives, contact details, and the needs of your company in the area of banking services (e.g. USD); Note that a EUR account is part of the standard package of the Basic banking law and a USD account can be provided on request. So a company does not have to file two separate requests for a EUR and USD account.
2. First, the application must be declared admissible by the basic banking service Chamber. No deadline has been set for this, but a reasonable period must be determined.
3. After that, the basic banking service Chamber will submit the file to the Financial Intelligence Unit (FIU) for a mandatory opinion. The FIU must provide its advice within a maximum period of 60 days.
4. If that opinion is obtained, the file shall be considered complete and the basic banking service chamber shall take a decision on the designation of a basic banking service provider no later than within the month following the month that the file is considered complete.
5. After the internal decision on the designation, the basic banking service chamber will inform the company thereof by registered letter and request the risk-mitigating measures from the company before it informs the basic banking service provider of the decision by registered letter. In the request to the company, the basic banking service chamber will include within what period the company must submit the documentation.
6. Once the applicant company has submitted all documentation in the context of the risk-mitigating measures (the basic banking service chamber does not perform a substantive check of this documentation and transfers this to the basic banking service provider), the basic banking service provider will be informed of the decision of the basic banking service chamber by registered mail. After this registered letter, the basic banking service provider has 10 working days to provide the basic banking service and will contact the applicant itself. If the basic banking service provider cannot provide the basic banking service within the ten working day period due to the obligations under the Anti-Money Laundering Act, the basic banking service provider shall inform the company and the basic banking service chamber, in writing. If the basic banking service provider does not provide the basic banking service, the basic banking service provider shall inform the company and the basic banking service chamber of this decision, in writing.
Who provides the basic banking service?
The credit institutions located in Belgium that according to the National Bank of Belgium are systemically relevant credit institutions, provide the basic banking service. The list of systemically relevant credit institutions is updated annually and published on the website of the National Bank of Belgium.
In 2023, following banks will be eligible as providers of the basic banking service:
- BNP Paribas Fortis
- KBC Group
- Belfius Bank
- ING Belgium
- Argenta
- Axa Bank Belgium
Dummy Title
G7 - General
What are you entitled to with the basic banking service?
The basic banking service is a current account with a debit card with which you can perform the following transactions:
- deposit money
- withdraw money
- make transfers
- make ongoing payment orders
- perform direct debits
- pay with a payment card or similar means
You can only perform these transactions if there is sufficient money in your account. Your account cannot have a negative balance. These operations can be performed via the counter and via the internet platform of the basic banking service provider.
What is the application process for the basic banking service chamber?
1. The company completes an application online via the website of the basic banking service chamber, The link is available via de website of AWDC (the company can also file an application on paper for example for individuals that don’t have a Belgian ID card and cannot log in via Itsme). The online application form will ask you to upload the following items or submit information to approve the admissibility of your application:
Proof that shows that your company was refused a payment service by a Belgian credit institution at least 3 times (termination of an account is also eligible as additional exhibit);
Declaration on honour that your company does not already have a basic banking service or payment account with a Belgian or EU-based credit institution (payment institutions or credit institutions located outside the EU do not fall under this);
Name of applicant company, legal form, address of the registered office, company number or proof of registration with the Crosspoint Bank for Companies, name and capacity of the representatives, contact details, and the needs of your company in the area of banking services (e.g. USD); Note that a EUR account is part of the standard package of the Basic banking law and a USD account can be provided on request. So a company does not have to file two separate requests for a EUR and USD account.
2. First, the application must be declared admissible by the basic banking service Chamber. No deadline has been set for this, but a reasonable period must be determined.
3. After that, the basic banking service Chamber will submit the file to the Financial Intelligence Unit (FIU) for a mandatory opinion. The FIU must provide its advice within a maximum period of 60 days.
4. If that opinion is obtained, the file shall be considered complete and the basic banking service chamber shall take a decision on the designation of a basic banking service provider no later than within the month following the month that the file is considered complete.
5. After the internal decision on the designation, the basic banking service chamber will inform the company thereof by registered letter and request the risk-mitigating measures from the company before it informs the basic banking service provider of the decision by registered letter. In the request to the company, the basic banking service chamber will include within what period the company must submit the documentation.
6. Once the applicant company has submitted all documentation in the context of the risk-mitigating measures (the basic banking service chamber does not perform a substantive check of this documentation and transfers this to the basic banking service provider), the basic banking service provider will be informed of the decision of the basic banking service chamber by registered mail. After this registered letter, the basic banking service provider has 10 working days to provide the basic banking service and will contact the applicant itself. If the basic banking service provider cannot provide the basic banking service within the ten working day period due to the obligations under the Anti-Money Laundering Act, the basic banking service provider shall inform the company and the basic banking service chamber, in writing. If the basic banking service provider does not provide the basic banking service, the basic banking service provider shall inform the company and the basic banking service chamber of this decision, in writing.
Who provides the basic banking service?
The credit institutions located in Belgium that according to the National Bank of Belgium are systemically relevant credit institutions, provide the basic banking service. The list of systemically relevant credit institutions is updated annually and published on the website of the National Bank of Belgium.
In 2023, following banks will be eligible as providers of the basic banking service:
- BNP Paribas Fortis
- KBC Group
- Belfius Bank
- ING Belgium
- Argenta
- Axa Bank Belgium
Who can make use of the basic banking service?
Any company located in Belgium that is registered in the Crossroads Bank for Enterprises or is in the process of applying for a registration.
The term ‘company’ means:
- any natural person who independently exercises a professional activity (e.g. a sole proprietorship, a director of a company, an artist);
- any legal entity (any company, non-profit organisation or foundation);
- any other organisation without legal personality (e.g. a partnership).
Three different Belgian credit institutions (bank office, head office, ..) must also have refused to offer the company a minimum payment service. This refusal must be explicitly written and sufficiently substantiated (unless the substantiation would be contrary to the Belgian Anti-Money Laundering Act) at the request of the company and is given no later than within 10 working days after receipt of the application. AWDC provides template letters available on the website of AWDC which you can use to request a bank account and advises to send these letters by registered post. The law provides no time limit on the date of the refusal letter by the bank (thus the refusal letter does not have to be recent).
What is the G7-diamond import ban?
On 6 December 2023, building on the statements of February and May 2023, the Leaders of the Group of Seven (G7) agreed to introduce import restrictions on non-industrial diamonds, mined, processed, or produced in Russia, by 1 January 2024, followed by further phased restrictions on the import of Russian diamonds processed in third countries targeting 1 March 2024.
The EU sanctions on Russian diamonds contained in the 12th sanctions package (Article 3p of Council Regulation No. 833/2014) are part of this concerted G7 effort to introduce an internationally coordinated diamond ban, that aims at depriving Russia of this important revenue stream estimated at EUR 4 billion per year, of which approximately EUR 1.5 billion are annual imports into the EU.
The European Commission has been engaging with G7 countries and other key partners, including industry, with the aim of designing and ensuring the effective implementation of coordinated restrictive measures, including tracing technologies across G7 and EU countries to have an effective impact.
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JOIN THE CONFERENCE:
Facets 2024:
Navigating a New Era
News & insights
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How to Reach AWDC?
For registered diamond companies seeking information on diamond imports and exports.
For all relevant security information or to report suspicious activity.
For information about legal dossiers and advice.
For press inquiries.
Get in touch
Do you have specific questions concerning the services of AWDC? Please fill out this form, and we'll reach out to you as soon as possible.
Questions? Contact us
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