US Ratchets Up Sanctions on Alrosa
Alrosa is now on the Specially Designated Nationals list, meaning U.S. companies need to stop doing business with it now.

The Russian diamond miner was put on the Specially Designated Nationals list, which means its assets are blocked and U.S. businesses and individuals effectively cannot do business with the company.
The designation extends to all entities owned 50 percent or more, directly or indirectly, by Alrosa.
The designation was also given to United Shipbuilding Corporation, a Russian company that constructs the majority of the country’s warships.
“Through these designations, Treasury is cutting off additional sources of support and revenue for the Government of the Russian Federation to wage its unprovoked war against Ukraine,” said the U.S. Treasury Department.
In February, Alrosa and its CEO were sanctioned in light of Russia’s invasion of Ukraine. An executive order March 11 then banned the import of non-industrial Russian diamonds into the United States.
The executive order still allowed for Russian diamonds cut and polished in a different country to be legally imported into the United States, but jewelers were advised to proceed with caution.
A bipartisan group in Congress wrote a letter to the Biden administration and U.S. Treasury Secretary Janet Yellen last week to request this loophole be examined.
In light of these new sanctions, the Jewelers Vigilance Committee shared updated guidance in a member alert issued Friday.
If a U.S. business has not already stopped doing direct business with Alrosa, it must stop now, JVC said.
“If a U.S. business has goods or funds in-house that Alrosa may have an ongoing interest in (due to a memo/consignment agreement or other contract), those assets are now frozen and the business should seek counsel to determine how to proceed.”
Also, if a U.S. business has an ownership interest in or a relationship with a foreign company that is still doing business with Alrosa—or if that business is owned by a foreign company that has a relationship with Alrosa—it may be at risk of having its assets blocked and should consult an attorney.
The best course of action, said JVC, is for businesses to tell suppliers they will not purchase any goods originating from Alrosa.
“It is not yet clear how OFAC or U.S. Customs will interpret this new designation, but if a U.S. business continues to deal in these goods, even indirectly, they are at risk for encountering issues upon importation or the freezing of assets,” said JVC.
U.S. banks will also have to comply with these new sanctions and likely will ask jewelers for information ensuring compliance.
Sanction violations can lead to significant civil monetary fines, often in the millions of dollars, said JVC, and prison sentences.
Businesses are encouraged to report any potentially unlawful transactions to OFAC.
For more information or assistance, call the OFAC hotline at 1-800-540-6322.
The Latest

The company also noted record sales in the United States and a strong performance in its jewelry category.

The event, set for June 13-15, will feature educational presentations and guided visits to the state’s sapphire mines.

After the black enamel band became a best-seller for the brand, it has now launched an enamel ring personalization program.

Natural diamonds mean more than lab-grown, but when every cut is ideal, they all look the same. Customers want more—Facets of Fire delivers.

The Austin, Texas, jeweler’s new 11,000-square-foot store is set to open this summer.


The rapper and singer-songwriter will perform at Tao Beach on June 8.

“Conversations with Chris Ploof” covers tips for men buying wedding bands, behind-the-scenes footage of Ploof in his studio, and more.

Emergencies can happen anytime, anywhere , and Jewelers of America has what you need to be prepared for it all.

As lab-grown diamond brands pop up across India, academics are researching how to grow demand outside of the jewelry industry.

The moves are part of the retailer’s new turnaround plan, “Grow Brand Love,” which also includes emphasizing brand loyalty over store banners.

The “Rush Hour” campaign stars Zoë Kravitz in bold, wearable pieces designed to make a statement in the workplace.

Breitling is reviving Gallet, which was founded in 1826 and is known for making watches used in the early days of long-distance travel.

Dubbed the “Mediterranean Blue,” this “remarkably rare” diamond will be part of Sotheby’s May jewelry auction in Geneva.

The American Gem Society now offers a Jewelry Evaluation Advisor designation as well as an updated Certified Sales Associate designation.

Rebecca Zeijdel-Paz created more than 75 new pieces for the residency, which will be on display at Trove’s store in New York through April.

Smith explores why a qualified candidate might still not be right for the job.

The company and its marketing agency, Loudr, were recognized for the “Make You Dance” marketing campaign.

The “Series8” and “Attesa” collections will be grouped under Citizen Premier.

David Fager, a former systems engineer at the retailer, was promoted to the role.

From retailers to designers and the media, the fine jewelry industry recognized one another’s work and looked to the future.

Eleanor H. Yeh is the recipient of the eighth annual Gianmaria Buccellati Foundation Award for Excellence in Jewelry Design.

Joseph Cavalcante takes on the dual role as the Spanish jewelry brand looks to expand further into the U.S. market.

The trade show has also upgraded its venue to the Caesars Forum Conference Center.

The Dayton-based jeweler, which has been in business since 1985, was formerly known as Stafford Jewelers.

Reeds Jewelers CEO Alan Zimmer will be presented with the honor at JVC’s annual luncheon.

The piece, celebrating birthdays from March 21 to April 19, debuted with Sorellina’s new line of astrological pendants.

The Indian jewelry brand recently opened stores in Atlanta and Seattle.