Policies & IssuesFeb 28, 2023
Tighter Sanctions on Russian Diamonds Are Likely Coming, JVC Warns Policies & IssuesApr 21, 2023
Diamond Companies Sanctioned, Dealer Charged With Money Laundering
Officials allege a “complex network” of entities helped Nazem Said Ahmad deal in diamonds and artwork in the U.S. despite being sanctioned.
The U.S. Department of the Treasury’s Office of Foreign Assets Control announced sanctions against 52 individuals and companies earlier this week for helping alleged Hezbollah financier Nazem Said Ahmad deal in diamonds and artwork in the United States despite being under sanction. The sanctioned firms include a number of diamond companies, while Ahmad and eight associates also have been indicted for money laundering and evading U.S. sanctions.
Washington, D.C.—The U.S. Department of the Treasury’s Office of Foreign Assets Control has announced a new round of sanctions that impact the diamond industry, this time tied to a man the U.S. has deemed a “global terrorist” who’s been under sanction for nearly four years.
Announced Tuesday, the sanctions encompass 52 individuals and companies OFAC said helped Nazem Said Ahmad evade U.S. sanctions and launder money in order to fund Hezbollah and his “luxurious lifestyle.”
Lebanon-based Hezbollah, also spelled Hizballah, is an Iran-backed political party and militant group believed to be responsible for numerous terrorist attacks.
It has been designated by the U.S. as a Foreign Terrorist Organization since 1997, and a Specially Designated Global Terrorist since October 2001.
Ahmad, a diamond and art dealer with both Lebanese and Belgian citizenship, has been on OFAC’s Specially Designated Nationals list since December 2019 for allegedly laundering money and evading taxes.
The 52 entities designated in this latest round of sanctions—which OFAC described as a “complex network” of Ahmad’s family members, business associates and companies spread across eight countries—used shell companies and fraudulent schemes to disguise the sanctioned Ahmad’s role in financial transactions involving diamonds and works of art, which he frequently shares on his Instagram page.
OFAC said Ahmad’s network took advantage of the “permissive nature” of the global diamond, gemstone, and art markets to buy and move around luxury goods.
It also mentioned the Kimberley Process specifically, noting that Ahmad’s network allegedly coerced both “witting and unwitting” participants into creating fake KP certificates to manipulate diamond prices and taxes and make their businesses look legitimate.
The full list of sanctioned companies and individuals is available on the OFAC website and includes diamond companies based in South Africa, the Democratic Republic of Congo, Antwerp, and Dubai.
The sanctions bar people and companies in the U.S. from doing business with any of the named entities as well as any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons.
In an alert sent to members Thursday afternoon, Jewelers Vigilance Committee CEO and General Counsel Tiffany Stevens and Deputy General Counsel Sara Yood recommended U.S. businesses with automated OFAC software run their customer and supplier lists through their software program to ensure they’re not doing business with any sanctioned entities.
For companies doing manual checks, Stevens and Yood said they should cross-check the OFAC list against their lists of suppliers and customers.
Businesses without compliant anti-money laundering (AML) programs can find more information about implementing one on the JVC website.
Related stories will be right here …
Announced Tuesday, the sanctions encompass 52 individuals and companies OFAC said helped Nazem Said Ahmad evade U.S. sanctions and launder money in order to fund Hezbollah and his “luxurious lifestyle.”
Lebanon-based Hezbollah, also spelled Hizballah, is an Iran-backed political party and militant group believed to be responsible for numerous terrorist attacks.
It has been designated by the U.S. as a Foreign Terrorist Organization since 1997, and a Specially Designated Global Terrorist since October 2001.
Ahmad, a diamond and art dealer with both Lebanese and Belgian citizenship, has been on OFAC’s Specially Designated Nationals list since December 2019 for allegedly laundering money and evading taxes.
The 52 entities designated in this latest round of sanctions—which OFAC described as a “complex network” of Ahmad’s family members, business associates and companies spread across eight countries—used shell companies and fraudulent schemes to disguise the sanctioned Ahmad’s role in financial transactions involving diamonds and works of art, which he frequently shares on his Instagram page.
OFAC said Ahmad’s network took advantage of the “permissive nature” of the global diamond, gemstone, and art markets to buy and move around luxury goods.
It also mentioned the Kimberley Process specifically, noting that Ahmad’s network allegedly coerced both “witting and unwitting” participants into creating fake KP certificates to manipulate diamond prices and taxes and make their businesses look legitimate.
The full list of sanctioned companies and individuals is available on the OFAC website and includes diamond companies based in South Africa, the Democratic Republic of Congo, Antwerp, and Dubai.
The sanctions bar people and companies in the U.S. from doing business with any of the named entities as well as any entities that are owned, directly or indirectly, 50 percent or more by one or more blocked persons.
In an alert sent to members Thursday afternoon, Jewelers Vigilance Committee CEO and General Counsel Tiffany Stevens and Deputy General Counsel Sara Yood recommended U.S. businesses with automated OFAC software run their customer and supplier lists through their software program to ensure they’re not doing business with any sanctioned entities.
For companies doing manual checks, Stevens and Yood said they should cross-check the OFAC list against their lists of suppliers and customers.
Businesses without compliant anti-money laundering (AML) programs can find more information about implementing one on the JVC website.
The Treasury Department announced the sanctions the same day federal prosecutors in Brooklyn, New York, unsealed an indictment charging Ahmad and eight others with orchestrating a “long-standing” scheme to evade U.S. sanctions, defraud the U.S. and foreign governments, and launder money.
According to the 50-plus-page indictment, filed under seal March 29, after the U.S. sanctioned Ahmad in December 2019, entities controlled by him or operating for his benefit made more than $400 million in financial transactions, importing $207 million worth of goods into the U.S. and exporting more than $234 million, all the while hiding the fact that Ahmad was involved.
Those imports and exports consisted primarily of diamonds and artwork, the indictment states.
For diamonds specifically, the indictment noted the defendants worked together to utilize grading services from a U.S.-based diamond grading company, identified in court documents only as “Diamond Grading Company-1” with a facility in New York.
The services were secured through multiple entities operating for Ahmad’s benefit and were valuable to all parties because the “cut, color and clarity grades assigned by the company, as well as the certification of the stone’s carat weight, affected the price at which a diamond could be sold.”
All told, the defendants and other conspirators submitted 482 diamonds to the lab after Ahmad was sanctioned in December 2019, totaling about 1,546 carats with a value of more than $91 million, the indictment states.
The U.S. Attorney’s Office for the Eastern District of New York is handling the prosecution, as goods were shipped in and out of New York’s John F. Kennedy Airport in Queens.
As of Tuesday, the office said one person had been arrested in connection with the scheme—The New York Times reported it was Ahmad’s accountant, who was arrested in Britain—while the others, including Ahmad, reside outside the U.S. and remain at large.
Editors' Picks
Sponsored by
More on Policies & Issues
The Latest
IndependentsApr 23, 2026
Meet the Real Moms of Day’s JewelersThe jeweler’s Mother’s Day campaign highlights the women who work there—mothers, grandmothers, women who want to be mothers, and dog moms.
Supplier BulletinApr 23, 2026
JM® Shipping Solution: Smarter Shipping for High-Value GoodsSponsored by Jewelers Mutual
Lab-GrownApr 23, 2026
Charles & Colvard May Sell Assets for $1.5MThe proposed agreement follows the moissanite maker’s Chapter 11 bankruptcy protection filing last month.
Brought to you by
Discover Timeless Treasures: A Showcase of Antique Jewelry & Timepieces in Las VegasGain access to the most exclusive and coveted antique pieces from trusted dealers during Las Vegas Jewelry Week.
AuctionsApr 23, 2026
John Jacob Astor IV’s Titanic Pocket Watch Fetches $1MThe Patek Philippe for Tiffany & Co. timepiece Astor brought aboard the ill-fated ship sold for double its estimate at a Freeman’s auction.
Weekly QuizApr 16, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
CollectionsApr 23, 2026
Adam Neeley’s High Jewelry Collection Steps Into Salvador Dalí’s GardenThe “Dalí’s Garden” collection was inspired by a surreal dream Neeley had after cooking a recipe from Salvador Dalí’s 1973 cookbook.
IndependentsApr 23, 2026
Windsor Jewelers Names New Buying DirectorNatalie Feanny has been appointed to the role.
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.
CrimeApr 22, 2026
New Mexico Couple Pleads Guilty to Selling Fake Native American JewelryThe pair falsely claimed their jewelry was made by Navajo artists, but it was imported from Vietnam.
AuctionsApr 22, 2026
Roberta Flack’s Jewelry Is Going Up for AuctionJulien’s Auctions is selling the musician’s fine and fashion jewelry alongside her clothing, gold records, and other memorabilia.
CollectionsApr 22, 2026
British Museum Curator Pens Book on ‘The Tudor Heart’Rachel King’s book dives into the history of the pendant believed to have belonged to Henry VIII and his first wife, Katherine of Aragon.
Events & AwardsApr 22, 2026
Here’s What Sy Kessler Has on Tap for Las Vegas The company will have deals on precious metals testers as well as the latest in lab-grown diamond detection technology and security.
WatchesApr 21, 2026
Coco Chanel Enters the Game with New Watch CollectionGabrielle “Coco” Chanel is a character in the “Coco Game” collection of watches and the queen in its first haute horlogerie chessboard.
IndependentsApr 21, 2026
Meet Jewelers of America’s 2026 ‘20 Under 40’ ClassThe annual list honors rising professionals on the retail and supply sides of the jewelry industry.
CrimeApr 21, 2026
Customs Nabs 1,500 Pieces of Counterfeit Jewelry Bound for NYCSeized in Kentucky, the packages include fake Cartier, Tiffany & Co., Chanel, and Fendi jewelry.
CrimeApr 20, 2026
Queens Man Convicted in Bludgeoning Death of Pawn Shop OwnerRodolfo Lopez-Portillo faces 25 years to life in prison after being found guilty in the March 2022 beating death of Arasb Shoughi.
TrendsApr 20, 2026
Beth Bernstein, Sonia Esther Soltani Pen New Jewelry Book“Jewelry Creators: Dynamic Duos and Generational Gems” highlights the relationships among 22 influential designers, brands, and gem dealers.
Events & AwardsApr 20, 2026
Atlanta Jewelry Show’s Spring Event Is Hitting the RoadThe AJS Spring 2027 show will be held in Savannah, Georgia, with future shows taking place in other Southeast cities.
MajorsApr 20, 2026
Kendra Scott Names New CFO, Chief Business OfficerThe jewelry retailer plans to open 20 new stores this year and expand into new product categories.
TrendsApr 17, 2026
New (Groundbreaking) Floral Jewelry for Spring 2026Flower motifs are the jewelry trend blooming amongst the new collections that debuted this spring.
MajorsApr 17, 2026
QVC Group Files for Chapter 11 BankruptcyThe retailer reported an 8 percent decline in annual sales as it struggles under the weight of billions of dollars of debt.
CollectionsApr 17, 2026
Edina Kiss’ Earrings Are the Devil on Your ShoulderThe “Devil” drop earrings, our Piece of the Week, are part of designer Edina Kiss’ new namesake jewelry line that she will show at Couture.
CrimeApr 17, 2026
FBI Issues Warning to Refineries, Retailers Due to High Price of GoldThe alert states that burglary crews are targeting jewelry businesses and details how jewelers and refineries can protect themselves.
WatchesApr 16, 2026
Cartier Brings Back the RoadsterThe “watchmaker of shapes” debuted the reworked version of the vintage sports car-inspired timepiece at Watches & Wonders.
IndependentsApr 16, 2026
Edge Retail Academy Updates Leadership TeamAs demand for jewelry retail coaching grows, the company has established a dedicated business coaching leadership team.
MajorsApr 16, 2026
Stuller’s Latest Mountings Catalog Is Out NowThe “Mountings 2026-2027” catalog showcases Stuller’s largest and most diverse assortment to date with more than 400 new mounting styles.
PodcastsApr 15, 2026
Episode 4: The Natural Diamond DilemmaSally Morrison and Mark Klein discuss De Beers’ first beacon in 16 years and the mistake the industry made with lab-grown diamonds.
