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
EditorsJun 16, 2025
Q&A: Bogolo Joy Kenewendo on Mining, Tariffs, and the Energy of Las VegasFollowing visits to Vegas and New York, Botswana’s minerals minster sat down with Michelle Graff to discuss the state of the diamond market.
IndependentsJun 16, 2025
Greenwich St. Jewelers Launches Commitment Campaign Celebrating LGBTQ+ CouplesThe “Your Love Has the Perfect Ring” campaign showcases the strength of love and need for inclusivity and representation, the jeweler said.
MajorsJun 16, 2025
Ivette Nersesyan-Stephanopoulos Joins Tiffany & Co.The former De Beers executive is the jewelry house’s new director of high jewelry for the Americas.
Brought to you by
Investing in the Next Generation of Bench JewelersThe Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.
MajorsJun 16, 2025
Catbird Names WNBA Star Nyara Sabally as Its New Brand AmbassadorThe New York Liberty forward is the first athlete to represent the Brooklyn-based jewelry brand.
Weekly QuizJun 12, 2025
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsJun 13, 2025
Piece of the Week: Robinson Pelham’s Pear EarringsTake a bite out of the 14-karat yellow gold “Fruits of Love Pear” earrings featuring peridots, diamond stems, and tsavorite leaves.
Events & AwardsJun 13, 2025
AGA to Host ‘Diamonds From Mine to Market’ Education ConferenceThe one-day virtual event will feature speakers from De Beers, GIA, and Gemworld International.
Brought to you by
Jewelers of America is Headed to Las Vegas for JCK 2025The countdown is on for the JCK Las Vegas Show and JA is pulling out all the stops.
EditorsJun 12, 2025
15 Questions With Jewelry Photographer Ella SophieThe California-based creative talks jewelry photography in the modern era and tackles FAQs about working with a pro for the first time.
AuctionsJun 12, 2025
Vintage Patek Philippe From the ‘50s Sells for $4M at Sotheby’s Al Capone’s pocket watch also found a buyer, though it went for less than half of what it did at auction four years ago.
Events & AwardsJun 12, 2025
Gabriel Love Foundation Introduces Scholarship Honoring Elias GabrielThe foundation has also expanded its “Stronger Together” initiative with Jewelers for Children.
AuctionsJun 12, 2025
Former De Beers Exec Celine Assimon Joins BonhamsAssimon is the auction house’s new chief commercial officer.
EditorsJun 11, 2025
Q&A: Al Cook on Differentiating Natural Diamonds, Traceability, and TariffsThe De Beers Group CEO discusses the company’s new “beacon” program, the likelihood diamonds will be exempt from tariffs, and “Origin.”
MajorsJun 11, 2025
Pandora Bets on Las Vegas for First North American FlagshipThe Danish jewelry giant hosted its grand opening last weekend, complete with a Pandora pink roulette wheel.
GradingJun 11, 2025
Tiffany Stevens Exits IGI, Lab Appoints New Board LeaderIndustry veteran Anoop Mehta is the new chairman and independent director of the IGI board.
Events & AwardsJun 11, 2025
Kering Announces Winners of Sustainability-Focused AwardThe winners of the inaugural “Kering Generation Award x Jewelry” are student Lee Min Seo and China-based startup Ianyan.
SourcingJun 10, 2025
De Beers Turns to Brown, Yellow Diamonds for New ‘Beacon’“Ombré Desert Diamonds” will emphasize cream-, champagne-, and brown-colored diamonds, shades that set natural stones apart from lab grown.
AuctionsJun 10, 2025
Noonans to Auction 16th-Century Signet RingIt's one of the “Gresham grasshopper” rings English financier Sir Thomas Gresham was known to gift to acquaintances or business associates.
CollectionsJun 10, 2025
Tabayer Names Mary Chiam as CEOThe brand also debuted its new “Zorae” collection featuring a talisman of protection and harmony inspired by a sheaf of wheat.
MajorsJun 10, 2025
Lauren Johansen Joins Loudr As Loudr’s new account manager, Johansen will partner with clients to craft and execute marketing strategies.
Events & AwardsJun 09, 2025
And the Winners of the 2025 Couture Design Awards Are … Designers were recognized in 12 categories, from platinum to pearls, before the evening ended with a new, retail-focused award.
AuctionsJun 09, 2025
Nancy Astor’s Cartier Tiara Sells for $1.2MThe rare turquoise and diamond jewel was the top lot at Bonhams’ June jewelry sale.
IndependentsJun 09, 2025
Here Are the 2025 Retailer Hall of Fame InducteesThis year’s honorees include a Midwest retailer and two multi-store independents, one in New York and the other in New England.
Events & AwardsJun 09, 2025
CASE Awards Now Accepting Entries For 2025The deadline to submit is June 16.
MajorsJun 09, 2025
RDI Diamonds Partners With LavalierThe diamond wholesaler is working with the insurance provider to seamlessly offer personal jewelry insurance to RDI retailers’ clients.
CollectionsJun 06, 2025
Piece of the Week: Harwell Godfrey’s ‘Granny Squares Eleanor’ Necklace As an homage to iconic crochet blankets, the necklace features the nostalgic motif through a kaleidoscope of cabochon-cut stones.
Events & AwardsJun 05, 2025
The 12 Fresh Faces in Couture’s Design AtelierDiscover the dozen up-and-coming brands exhibiting in the Design Atelier for the first time.
