The London Diamond Bourse (LDB) is delighted to announce the establishment of a customs-approved warehouse facility for its members, in partnership with Malca-Amit U.K. Ltd. This represents a significant value added service for members wishing to import goods from outside the E.U.

LDB’s customs warehouse facility enables customers to suspend the payment of customs duties at the point of entry to the U.K. This gives bourse members the flexibility to store goods for approval, to bring goods into free circulation (once duty and valued-added tax are paid) or to re-export goods to another destination. This flexibility provides members’ businesses with a valuable cash-flow advantage.

The authorization from customs is only granted after rigorous examination of procedures and a comprehensive site audit and is further proof of the strength and integrity of LDB as an organization.

“We promised that this year, LDB’s 75th anniversary, would be our biggest year and this achievement goes some way to validating that promise,” said Victoria McKay, LDB’s chief operating officer. “This combined with our comprehensive membership packages provide another compelling reason to be a member of the London Diamond Bourse. It is hoped that this status will provide an economic boost to the diamond industry in the U.K. and start a movement away from an approbation market. For a number of our members, Her Majesty’s Revenue & Customs (HMRC) customs warehouse status will be the icing on the cake.”

Stephan Kazes, the regional director for Europe of Malca-Amit, added, ”I have been striving to put London back on the European map as a market leader for the diamond industry. In conjunction with the LDB, the London mayor’s office and HMRC, together we have achieved our goal. I wish to thank all concerned.”