Recorded WebinarsMay 20, 2022
Watch: Responsible Sourcing and the Gold Supply Chain Policies & IssuesJul 01, 2022
U.S. Expands Sanctions to Russian Gold
The U.K, Canada, and Japan have also banned the import of gold originating from Russia.
The U.S. Treasury announced Tuesday that gold of Russian origin cannot be imported into the United States, effective immediately.
Washington—The U.S. Department of the Treasury has expanded its sanctions on Russian imports, this time including gold of Russian origin.
The Treasury announced Tuesday, June 28, that gold of Russian Federation origin cannot be imported into the United States, effective immediately, unless otherwise licensed or authorized by the Office of Foreign Assets Control (OFAC).
Excluded from this latest round of sanctions is gold of Russian origin shipped out of Russia before the sanctions were announced.
“Today’s actions .... strike at the heart of Russia’s ability to develop and deploy weapons and technology used for Vladimir Putin’s brutal war of aggression against Ukraine,” said the Treasury.
Even prior to the new sanctions, certain gold-related transactions involving Russia were sanctionable under an executive order as well as other Russia-related sanctions, noted the Treasury.
In updated guidance sent to members Wednesday, the Jewelers Vigilance Committee made the same point about pre-existing sanctions.
JVC also noted a change to OFAC’s FAQ section in regard to Russian gold. The update states that Russian gold that is “substantially transformed” in another country is not subject to sanctions, the same exception applied to Russian diamonds when they were sanctioned earlier this year.
“An example of substantial transformation of gold would be taking 24-karat gold bullion and making it into 18-karat wire,” explained Sara Yood, deputy general counsel at JVC.
“An example of an act that would likely not be viewed as substantial transformation would be putting findings onto a chain to make it a necklace,” she added.
JVC is advising businesses to proceed with caution.
“Businesses regularly importing gold from countries not listed above [meaning Russia] should be sure to talk to their suppliers about this new restriction and ensure they are not unknowingly importing Russian gold into the United States.”
Companies should also search the London Bullion Market Association’s “Good Delivery List,” said JVC, a list of vetted bullion suppliers that follow the association’s responsible sourcing guidelines.
Related stories will be right here …
The Treasury announced Tuesday, June 28, that gold of Russian Federation origin cannot be imported into the United States, effective immediately, unless otherwise licensed or authorized by the Office of Foreign Assets Control (OFAC).
Excluded from this latest round of sanctions is gold of Russian origin shipped out of Russia before the sanctions were announced.
“Today’s actions .... strike at the heart of Russia’s ability to develop and deploy weapons and technology used for Vladimir Putin’s brutal war of aggression against Ukraine,” said the Treasury.
Even prior to the new sanctions, certain gold-related transactions involving Russia were sanctionable under an executive order as well as other Russia-related sanctions, noted the Treasury.
In updated guidance sent to members Wednesday, the Jewelers Vigilance Committee made the same point about pre-existing sanctions.
JVC also noted a change to OFAC’s FAQ section in regard to Russian gold. The update states that Russian gold that is “substantially transformed” in another country is not subject to sanctions, the same exception applied to Russian diamonds when they were sanctioned earlier this year.
“An example of substantial transformation of gold would be taking 24-karat gold bullion and making it into 18-karat wire,” explained Sara Yood, deputy general counsel at JVC.
“An example of an act that would likely not be viewed as substantial transformation would be putting findings onto a chain to make it a necklace,” she added.
JVC is advising businesses to proceed with caution.
“Businesses regularly importing gold from countries not listed above [meaning Russia] should be sure to talk to their suppliers about this new restriction and ensure they are not unknowingly importing Russian gold into the United States.”
Companies should also search the London Bullion Market Association’s “Good Delivery List,” said JVC, a list of vetted bullion suppliers that follow the association’s responsible sourcing guidelines.
Jewelers of America also has resources and guidance regarding Russian goods available to members on its website.
“From very early in the crisis, Jewelers of America has been adamant in advising JA members to cease the purchase of goods used in jewelry that have emanated from Russia and benefit the Russian government,” JA President and CEO David Bonaparte told National Jeweler.
“The latest ban reinforces the need for jewelers to place heightened scrutiny into where diamonds, precious metals, and precious gemstones originate.”
The latest sanctions on Russia follow the meeting of world leaders at the recent G-7 summit in Munich, where the U.S., Canada, France, Germany, Italy, Japan, the United Kingdom, and the European Union met to discuss, among other topics, the war in Ukraine.
Several leaders agreed on an import ban on new gold from Russia in an attempt to hinder the flow of revenue funding the war in Ukraine.
The U.S., Canada and Japan are joining the U.S. in the ban.
The export of gold garners tens of billions of dollars for Russia, President Joe Biden said in a tweet.
The United States has imposed unprecedented costs on Putin to deny him the revenue he needs to fund his war against Ukraine.
— President Biden (@POTUS) June 26, 2022
Together, the G7 will announce that we will ban the import of Russian gold, a major export that rakes in tens of billions of dollars for Russia.
Secretary of the Treasury Janet Yellen said the ban “reaffirm[s] our commitment to working alongside our partners and allies to impose additional severe sanctions in response to Russia’s war against Ukraine.”
The sanctions also apply to an additional 70 Russian entities and 29 Russian individuals said to be critical to the country’s defense, industrial, technology, and manufacturing sectors.
“Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation’s access to technology that is critical to their military,” said Yellen.
“Targeting Russia’s defense industry will degrade Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures.”
This is the latest round of sanctions against Russia to affect the jewelry industry.
The Treasury Department first sanctioned Russian diamond miner Alrosa and its CEO in February.
In March, President Biden banned the import of Russian diamonds to the U.S. via executive order.
In April, the U.S. government put Alrosa on the Specially Designated Nationals list, effectively preventing U.S. companies from doing any business with Alrosa.
Alrosa accounts for 90 percent of Russia’s diamond mining capacity, according to the Treasury, and the Russian government holds a 33 percent stake in the company.
It 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 sanctions also apply to an additional 70 Russian entities and 29 Russian individuals said to be critical to the country’s defense, industrial, technology, and manufacturing sectors.
“Broad multilateral commitments and actions by G7 members this week further cut off the Russian Federation’s access to technology that is critical to their military,” said Yellen.
“Targeting Russia’s defense industry will degrade Putin’s capabilities and further impede his war against Ukraine, which has already been plagued by poor morale, broken supply chains, and logistical failures.”
This is the latest round of sanctions against Russia to affect the jewelry industry.
The Treasury Department first sanctioned Russian diamond miner Alrosa and its CEO in February.
In March, President Biden banned the import of Russian diamonds to the U.S. via executive order.
In April, the U.S. government put Alrosa on the Specially Designated Nationals list, effectively preventing U.S. companies from doing any business with Alrosa.
Alrosa accounts for 90 percent of Russia’s diamond mining capacity, according to the Treasury, and the Russian government holds a 33 percent stake in the company.
It 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.
More on Policies & Issues
The Latest
CrimeDec 24, 2025
LA Jewelry District Couple Pleads Guilty to Hiding Millions from IRSThe couple pleaded guilty to concealing at least $127 million in cash transactions at its precious metals businesses.
SurveysDec 24, 2025
Consumer Confidence Falls Again in DecemberConsumers shared concerns about prices, inflation, tariffs, trade, and politics in the survey’s write-in response section.
AuctionsDec 24, 2025
Bonhams to Open New U.S. Flagship in NYCIn February 2026, the auction house will move its headquarters to the former Steinway Hall, a neoclassical landmark on Billionaires’ Row.
Brought to you by
Impacting Tomorrow TodayHow Jewelers of America’s 20 Under 40 are leading to ensure a brighter future for the jewelry industry.
Events & AwardsDec 24, 2025
NYC Jewelry, Antique, & Object Show Announces Winter EventThe new show will take place Jan. 23-25, 2026.
Weekly QuizDec 23, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
SourcingDec 23, 2025
Mining Titan Brian Gilbertson Dies at 82The former BHP Billiton leader and Gemfields chairman is remembered for his influential leadership throughout his 50-year mining career.
Events & AwardsDec 23, 2025
Bulgari Reimagines Costume Designers Guild AwardThe LVMH-owned brand has partnered with the costume design union to revamp its award for 2026.
Brought to you by
Roseco Releases New Full-Line CatalogRoseco’s 704-page catalog showcases new lab-grown diamonds, findings, tools & more—available in print or interactive digital editions.
MajorsDec 23, 2025
Kering to Acquire Stake in Raselli Franco GroupThe luxury titan inked a deal to acquire an initial minority stake in the jewelry manufacturer with a pathway to full ownership by 2032.
MajorsDec 23, 2025
For Future Reference Vintage Enters Bloomingdale’sThe company’s curation of unsigned vintage and estate jewelry debuted at the Bloomingdale’s in Costa Mesa, California.
CrimeDec 22, 2025
Customs Seizes Hundreds of Fake Rolex, Cartier WatchesIn the recent multi-shipment seizure, CBP also found counterfeit Audemars Piguet, Moncler, and Chrome Hearts items.
EditorsDec 22, 2025
How Helzberg Is Reimagining Its StoresHelzberg’s Chief Retail Officer Mitch Maggart shared details about its tests of a new store concept rooted in an elevated luxury experience.
Recorded WebinarsDec 22, 2025
2025 Jewelry Rewind: Looking Back on an Eventful Year Jewelers of America execs and National Jeweler editors discuss tariffs, the sky-high gold price, and the engagement that broke the internet.
MajorsDec 19, 2025
MadaLuxe Group Acquires Ippolita The luxury goods company said founder Ippolita Rostagno will remain at the brand’s helm.
MajorsDec 19, 2025
LVMH Names New Bulgari CEOLaura Burdese, who joined the Italian luxury brand in 2022, will take on the role in July.
EditorsDec 19, 2025
2025 Jewelry Superlatives: A Yearbook-Style Year in Review The National Jeweler editors revisit the most noteworthy industry happenings and design trends from 2025.
AuctionsDec 19, 2025
Jean Schlumberger’s ‘African Cat’ Is Purr-Fection Need a gift for the cat lover who has everything? Look no further than our latest Piece of the Week.
AuctionsDec 18, 2025
Audemars Piguet Reclaims Historic Pocket Watch at AuctionIt purchased the “Grosse Pièce,” an ultra-complicated Audemars Piguet pocket watch from the ‘20s, for a record-breaking price at Sotheby’s.
Lab-GrownDec 18, 2025
Kira Jewels Debuts Custom Lab-Grown Diamond Jewelry ServiceThe lab-grown diamond grower now offers custom engagement and fashion jewelry through its Kira Custom Lab Jewelry service.
EditorsDec 18, 2025
Terry Chandler Looks Back on 40 Years of Opportunity, Change, and FriendsChandler got his start at Michelson Jewelers and has served as DCA president and CEO since 2001. He will retire at the end of the month.
WatchesDec 18, 2025
Bob’s Watches to Open Store in New York’s JFK AirportThe boutique is slated to open this week inside Terminal 8, offering pre-owned Rolex watches and more to international travelers.
Supplier BulletinDec 18, 2025
Cell Jammers Are Targeting Your Business. Here's How to Beat ThemSponsored by Digital Monitoring Products
CrimeDec 17, 2025
Man Pleads Not Guilty to Swallowing Fabergé PendantThe special-edition egg pendant ingested in a New Zealand jewelry store was recovered after a six-day wait.
EditorsDec 17, 2025
2025 Jewelry Rewind: The Best Piece of the Week PicksAssociate Editor Natalie Francisco plays favorites with Piece of the Week, selecting a standout piece of jewelry from each month of 2025.
CollectionsDec 17, 2025
Lucy Hale Stars in Jacquie Aiche’s Holiday CampaignThe “Love and Desire” campaign is inspired by the magic that follows when one’s heart leads the way, said the brand.
GradingDec 17, 2025
SSEF Announces 2025 Scholarship WinnersTwo awardees will receive free tuition for an educational course at the Swiss lab, with flights and lodging included.
MajorsDec 16, 2025
Pandora’s New CEO Will Step Up EarlyBerta de Pablos-Barbier will replace Alexander Lacik at the start of January, two months earlier than expected.
