MajorsApr 04, 2022
Alrosa Suspends RJC MembershipPolicies & IssuesApr 11, 2022
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.
Russian diamond miner Alrosa has been put on the Specially Designated Nationals list, effectively blocking U.S. businesses and individuals from doing business with the company.
Washington—The U.S. Department of the Treasury’s Office of Foreign Assets Control expanded sanctions on Alrosa late last week.
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.
Related stories will be right here …
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.
More on Policies & Issues
The Latest
MajorsMay 20, 2025
Annie Doresca to Lead DCA as New CEO, PresidentCurrent Diamond Council of America President and CEO Terry Chandler is set to retire in January 2026.
FinancialsMay 20, 2025
QVC Group to Voluntarily Delist from NasdaqThe company's Series A shares will continue to trade following a reverse stock split while its Series B shares will be delisted.
ColumnistsMay 20, 2025
Peter Smith: Leading Through ChangeCommunicating clearly with your staff is key to navigating turbulent times, writes columnist Peter Smith.
Brought to you by
Las Vegas Antique Jewelry & Watch Show: Showcasing the Most Collectible Merchandise from Across the GlobeGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
IndependentsMay 20, 2025
Luis Morais Opens Flagship, Launches Collection Celebrating 25 YearsThe “Inner Journey” collection debuted as the brand celebrated its 25th anniversary, with designs inspired by Morais’ journey.
Weekly QuizMay 15, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsMay 20, 2025
Tanishq Opens Seventh U.S. StoreTanishq is expanding its presence in the United States with a new store in Santa Clara, California, which is its largest in the country.
FinancialsMay 19, 2025
Jewelry Sales a Standout for Richemont in 2024Sales for Richemont’s four jewelry brands increased 8 percent, while watch sales picked up toward the end of the year.
Brought to you by
Watch: The Winston Red: GIA Examines the Smithsonian’s Newest AdditionSupplier Spotlight Sponsored by GIA
Events & AwardsMay 19, 2025
NAJA Opens Scholarship Applications for 2025Two scholarships are available, one for new and non-members and another for NAJA certified members.
IndependentsMay 19, 2025
Day’s Jewelers to Open Ninth LocationThe retailer’s new flagship is set to open in October at the Tuscan Village development in Salem, New Hampshire.
SourcingMay 19, 2025
State of Colored Stones: The Big Three in the Modern WorldSapphires, emeralds, and rubies are finding their place in a U.S. market captivated by the gemstones once referred to as “semi-precious.”
MajorsMay 16, 2025
Saks Fifth Avenue, Amazon Partner on Luxury Online StorefrontPlus, parent company Saks Global announces plans to cut ties with up to 600 vendors.
Recorded WebinarsMay 16, 2025
Watch: Physical Retail Is Not DeadPeter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.
CollectionsMay 16, 2025
Piece of the Week: Tejen’s ‘Candy Bowl’ Torque NecklaceThe necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.
Supplier BulletinMay 15, 2025
Treasure Hunting at the Las Vegas Antique Jewelry and Watch ShowSponsored by the Las Vegas Antique Jewelry and Watch Show
AuctionsMay 15, 2025
'The Mediterranean Blue' Diamond Sells for $21M at Sotheby’sA private American collector purchased the 10-carat fancy vivid blue diamond.
CollectionsMay 15, 2025
Jessica McCormack’s ‘Fruit Salad’ Collection Is Fresh for SummerThe designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.
SourcingMay 15, 2025
Tariffs Take Toll on India’s Gem and Jewelry Industry in April The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.
Events & AwardsMay 15, 2025
Poet Sekou Andrews to Give Closing Keynote at ConvergeThe event is also accepting poster submissions now through June 16.
AuctionsMay 14, 2025
Custom Rolex Pulled From Sotheby’s SaleThe one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.
Lab-GrownMay 14, 2025
State of Diamonds: What’s Next for Lab-Grown Diamonds?While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.
CrimeMay 14, 2025
Seattle Detectives Seek Public’s Help in Tiffany & Co. Robberies The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.
MajorsMay 14, 2025
Jeff Corey Elected Chair of JBT Board The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.
Policies & IssuesMay 14, 2025
Foundrae Donates $11K to Ethical MetalsmithsThe donation was the result of the brand’s annual Earth Day Ingot event.
IndependentsMay 13, 2025
Eiseman Jewels’ Renovated Dallas Store Is Bigger and BetterLocated in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.
MajorsMay 13, 2025
DCA Announces New Learning Platform, Course UpdatesThe nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.
MajorsMay 13, 2025
BIJC Launches New Education FundBIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.
