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

Plus, parent company Saks Global announces plans to cut ties with up to 600 vendors.

Peter Smith joined Michelle Graff to chat about the state of brick-and-mortar stores and share a few book and podcast recommendations.

The necklace features a candy-colored Australian white opal in 18-karat Fairmined gold, as the brand was named a Fairmined ambassador.

Gain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.

Sponsored by the Las Vegas Antique Jewelry and Watch Show


A private American collector purchased the 10-carat fancy vivid blue diamond.

The designer has taken the appeal of freshly picked fruit and channeled it into a capsule collection of earrings, necklaces, and pendants.

Supplier Spotlight Sponsored by GIA

The country’s gem and jewelry exports fell 5 percent year-over-year last month, while imports declined 18 percent.

The event is also accepting poster submissions now through June 16.

The one-of-a-kind platinum Rolex Cosmograph Daytona was estimated to fetch up to $1.7 million.

While the product has entrenched itself in the market, retailers and consultants are assessing the next phase of the category’s development.

The police are trying to identify the man suspected of robbing two Tiffany & Co. locations in the area.

The well-known Maine jeweler takes over for Brian Fleming and will serve a one-year term.

The donation was the result of the brand’s annual Earth Day Ingot event.

Located in NorthPark Center, the revamped store is nearly 2,000 square feet larger and includes the first Tudor boutique in Dallas.

The nonprofit has made updates to the content in its beginner and advanced jewelry sales courses.

BIJC President Malyia McNaughton will shift roles to lead the new foundation, and Elyssa Jenkins-Pérez will succeed her as president.

As a nod to the theme of JCK Las Vegas 2025, “Decades,” National Jeweler took a look back at the top 10 jewelry trends of the past 10 years.

The company plans to halt all consumer-facing activity this summer, while Lightbox factory operations will cease by the end of the year.

Following weekend negotiations, the tax on Chinese goods imported into the United States will drop by 115 percent for the next 90 days.

“Artists’ Jewelry: From Cubism to Pop, the Diane Venet Collection” is on view at the Norton Museum of Art through October.

The deadline to submit is June 16.

Moti Ferder stepped down Wednesday and will not receive any severance pay, parent company Compass Diversified said.

Lichtenberg partnered with luxury platform Mytheresa on two designs honoring the connection between mothers and daughters.

The miner announced plans to recommence open-pit mining at Kagem.

Michel Desalles allegedly murdered Omid Gholian inside World of Gold N Diamond using zip ties and then fled the country.