BAKU, Azerbaijan, January 19. Azerbaijan is set to impose fines for the import and export of unprocessed diamonds without the approval of the relevant state authority, Trend reports.
This measure is included in a draft law discussed today at a meeting of the Legal Policy and State Building Committee of the Azerbaijani Parliament, which proposes amendments to the Administrative Offenses Code.
Under the draft law, individuals could face fines ranging from 550 to 750 manat ($323.5-$441.1), officials from 1,000 to 2,000 manat ($588.2-$1,176), and legal entities from 1,500 to 2,500 manat ($882.3-$1,470) for importing or exporting unprocessed diamonds without the opinion of the designated authority.
The draft also amends the Law on Precious Metals and Precious Stones, defining unprocessed diamonds as raw, simply carved, fragmented, or broken diamonds identified according to the foreign economic activity nomenclature codes by the relevant state authority.
Once adopted, the law will also establish rules for state control over the import, export, use, circulation, accounting, storage, and tracking of unprocessed diamonds, including certification requirements under the Kimberley Process Certification Scheme (KPCS).