US Bans Import of Russian Diamonds
The Jewelers Vigilance Committee has shared updated guidance on the executive order, which was issued Friday.

Washington, D.C.—President Joe Biden issued an executive order Friday, March 11, banning the import of non-industrial Russian diamonds into the United States.
It’s the latest from the U.S. government in response to Russia’s Feb. 24 invasion of Ukraine.
On Feb. 25, the U.S. put both diamond miner Alrosa and its CEO on a list of sanctions, though it didn’t directly prohibit buying the company’s diamonds. This new order now means no direct diamond buying from Alrosa or any other Russian company is allowed.
Alrosa mined 32.4 million carats in 2021, making it the largest producer by volume and accounting for nearly 30 percent of global supply, with sales topping $4 billion. The Russian government holds a 33 percent stake in the company.
The Jewelers Vigilance Committee said Friday any U.S. business purchasing diamonds directly from Alrosa, Alrosa USA, or any other Russian company should immediately put an end to the transactions.
JVC noted early Monday the ban on importation of diamonds from Russia includes “unworked or simply sawn, cleaved, or bruted” diamonds, meaning rough diamonds, as well as those cut and polished in Russia.
U.S. Customs regulations and interpretation of the FAQs issued by the Department of the Treasury’s Office of Foreign Assets Control after the ban was enacted indicate rough diamonds from Russia that are cut and polished in another country are “substantially transformed” by that process, JVC said, and thereby become a product of that country.
This means rough diamonds imported from Russia into a country that hasn’t placed sanctions or a ban on the diamonds are then legal to import to the U.S. as they fall under a different tariff code.
In additional guidance issued Monday, JVC said it is possible countries that serve as traditional cutting centers might implement a ban on the import of Russian diamonds.
The U.S. government also could decide to further limit imports of products originating in Russia that are “substantially transformed” somewhere else or add additional tariff codes to the current ban.
JVC said it recommends the trade proceed with “extreme caution” when it comes to diamond imports as the risk of additional limits in the future is high.
The organization also urges U.S. businesses to make sure their anti-money laundering programs are active and to check OFAC’s sanction lists to make sure they’re not sourcing products from places or companies they shouldn’t be.
Friday’s executive order also prohibits “the exportation, re-exportation, sale, or supply, directly or indirectly, from the United States” of luxury goods to Russia.
JVC said this means U.S. businesses previously selling jewelry to or in Russia should stop doing so immediately.
Other Russian goods banned for import by the order are fish, seafood, and alcoholic beverages.
The Latest

Sponsored by the Gemological Institute of America

Simon Wolf shares why the time was right to open a new office here, what he looks for in a retail partner, and why he loves U.S. consumers.

A third-generation jeweler, Ginsberg worked at his family’s store, Ginsberg Jewelers, from 1948 until his retirement in 2019.

The risk of laboratory-grown diamonds being falsely presented as natural diamonds presents a very significant danger to consumer trust.

The company failed to file its quarterly reports in a timely manner.


The organization also announced its board of directors.

Charms may be tiny but with their small size comes endless layering possibilities, from bracelets to necklaces and earrings.

Located in Valenza, the now 355,000-square-foot facility includes a new jewelry school that’s open to the public, Scuola Bulgari.

Paola Sasplugas, co-founder of the Barcelona-based jewelry brand, received the Fine Jewelry Award.

A platinum Zenith-powered Daytona commissioned in the late ‘90s will headline Sotheby’s Important Watches sale in Geneva next month.

The basketball stars wear men’s jewelry from the “Curb Chain” collection.

The Signet Jewelers-owned retailer wants to encourage younger shoppers to wear fine jewelry every day, not just on special occasions.

The 21 pieces, all from a private collector, will be offered at its Magnificent Jewels auction next month.

Lilian Raji answers a question from a reader who is looking to grow her jewelry business but has a limited marketing budget.

GCAL by Sarine created the new role to sharpen the company’s focus on strategic partnerships and scalable expansion.

The Indiana jeweler has acquired Scottsdale Fine Jewelers in Scottsdale, Arizona.

“Cartier: Design, Craft, and Legacy” opened earlier this month at the Victoria and Albert Museum in London.

Van Cott Jewelers in Vestal, New York, is hosting a going-out-of-business sale.

Industry veteran Samantha Larson has held leadership roles at Borsheims, McTeigue & McClelland, Stuller, and Long’s Jewelers.
The two organizations will hold the educational event together this fall in Mississippi.

The entrepreneur and “Shark Tank” star will share his top tips for success.

The Ukrainian brand’s new pendant is modeled after a traditional paska, a pastry often baked for Easter in Eastern European cultures.

The jeweler has announced a grand reopening for its recently remodeled location in Peoria, Illinois.

The “Strong Like Mom” campaign features moms who work at Tiffany & Co. and their children.

Interior designer Athena Calderone looked to decor from the 1920s and 1930s when crafting her first fine jewelry collection.

During a call about its full-year results, CEO Efraim Grinberg discussed how the company is approaching the uncertainty surrounding tariffs.