Diamond traders in the U.K. could have a very tough time continuing their operations after the implementation of a "no deal" Brexit. Head of the multilateral policy unit for the British government’s Foreign & Commonwealth Office, Deidre Brown sent a letter to the country's traders on October 12th.
Brown wrote that “In this very unlikely case, you would not be able to trade internationally in rough diamonds until we had secured our KP participation."
She began warning jewelers and diamond dealers, telling them “to have any rough diamonds on consignment or loan to countries in the KP (including the EU) returned to you before the U.K. has left the EU to avoid delays until we secure independent participation.”
The United Kingdom may be opting for a Kimberley Process (KP) of its own after leaving the European Union on March 29, 2019. Brown mentioned that the U.K. expects to be allowed trade deals throughout the EU post-Brexit, by way of international agreements and the Kimberley Process during a preordained period.