In passing this SI, we are committed to ensuring that in any kind of gap that would occur—irrespective of whether we are formally part of the Kimberley process or not—our own industry, sector and standing as a country would be protected. In addition, more importantly, as I said, we would be committed to prevent anyone using the exit from the European Union, if it is on the basis of a no deal, to exploit any such gaps. I hear what the noble Lord said. The way this SI is drafted is to ensure that we are ready and will apply those same rules, irrespective.
The noble Lord raises the specific issue—it is a valid one—that if we were not to be part of the Kimberley process if there is no deal and there is a delay in gaining our independent participation by a given date, that would result in issues around trade. That would have an impact and I do not shy away from that fact. However, it is our hope and—it was coincidental that we informed the EU of our application to join as an independent member, not just as a member of the EU, because the EU was actually the chair of the Kimberley process at that time—we have certainly not perceived any reason why there would be any issue why we would not be able to join as an independent member.
Turning to trade and the costs, the noble Lord asked for a categoric assurance that there would be no impact. That kind of categoric assurance cannot be given. What we do have is the fact that the UK rough diamond trade currently comprises around 15 regular traders, with a few additional ad hoc traders. De Beers also imports rough diamonds for research and development and exhibition purposes. While I cannot give a categoric assurance, I assure the noble Lord that we have been in contact with traders who are making appropriate contingency plans, and we will be looking to support the industry in this respect. I assure the noble Lord that we understand that companies involved in this process will be taking appropriate contingency measures.
I appreciate that the noble Lord draws attention to the cost to the industry, and as best as possible we have certainly looked at it. We believe this will be limited. The statutory instrument itself is reflective of our intention to stay and be committed to the process. In passing this instrument today, we will ensure and give that important signal not just to our EU partners but importantly, to all members of the Kimberley process. I hope I have addressed the noble Lord’s questions quite directly.