The mechanism for the import, export, and circulation of rough diamonds in Azerbaijan is being completely overhauled. New regulations approved by the Milli Majlis (National Assembly) aim to increase transparency in the sector and implement international standards.
How the State Control Mechanism Will Function
According to the Operative Information Center-OMM, amendments to the Law on Precious Metals and Precious Stones were discussed during a parliamentary session. Based on the approved additions, the tracking, accounting, and storage of rough diamonds will be overseen by a specialized body designated by the relevant executive authority.
The Kimberley Process and Import-Export Conditions
One of the most critical conditions for diamond trade in the Republic of Azerbaijan is international integration. The import and export of rough diamonds will only be permitted from states that are members of the Kimberley Process Certification Scheme. These operations will be carried out based on the opinion of the authorized body.
Individuals who violate the requirements of the legislation will bear legal responsibility. Following the law's entry into force, the specific certification forms and issuance procedures will be officially approved.
Digitalization and Future Perspectives
It should be noted that a relevant decree by the President of Azerbaijan provides for the digitalization of activities in this field, the organization of security, and the establishment of modern laboratories. Following the conclusion of the discussions, the bill was put to a vote and adopted in its third reading.
Background on the Kimberley Process
The Kimberley Process is an international certification scheme established in 2003 to prevent "conflict diamonds" from entering the mainstream rough diamond market. By aligning its national legislation with these global standards, Azerbaijan strengthens its position in the international jewelry and gemstone market while ensuring that its trade operations are conducted in a secure and ethical environment. This move is part of a broader strategy by the Cabinet of Ministers to diversify the non-oil sector and enhance the country's regulatory framework for high-value commodities.
