Azerbaijan introduces fines for import and export of diamonds

BAKU, Azerbaijan, March 16. Fines have been imposed for importing and exporting rough diamonds without a state agency's approval, Trend reports This is reflected in the amendments approved by President Ilham Aliyev to the Customs Code of the Republic of Azerbaijan, the Code on Administrative Offenses, and the Law of the Republic of Azerbaijan “On Precious Metals and Precious Stones.” According to the amendments, for the import and export of rough diamonds without a conclusion from the body designated by the relevant executive authority, individuals will be fined between 550 ($321) and 750 ($438) manat, officials between 1,000 ($438) and 2,000 manat ($1,170), and legal entities—from 1,500 ($878) to 2,500 manat ($1,463) In addition, state control will be exercised over the import, export, use, circulation, accounting, storage, and monitoring of rough diamonds Raw diamonds will be considered precious stones if they are simply cut, split, or broken, and if their codes in the international nomenclature of foreign economic activity are specified by an authority designated by the relevant executive body State control over the import, export, use, circulation, accounting, storage, and monitoring of unprocessed diamonds will be carried out by the authority (institution) designated by the relevant executive authority