London Diamond Bourse (LDB) has announced, in partnership with Malca-amit UK Ltd, a Customs approved warehouse facility for its members.
This represents a significant value added service for members wishing to import goods from outside the EU.
LDB’s Customs Warehouse facility enables customers to suspend the payment of Customs Revenues at point of entry to the United Kingdom. This gives flexibility for storage, for approval, to bring goods into free circulation (duty/vat paid) or to re-export. Thereby providing a valuable cash-flow advantage. This authorisation is only granted after rigorous examination of procedures and a comprehensive site audit.
LDB’s chief operating officer, Victoria McKay, states: “We promised that this, LDB’s 75th Anniversary year, would be our biggest year and this achievement goes some way to validating that promise.
“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 UK and start a movement away from an approbation market. For a number of our members, the HMRC customs warehouse status will be the icing on the cake.”
Stephan Kazes, regional director Europe of Malca-amit Ltd, comments: “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.