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.