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.
More on Policies & Issues
The Latest
MajorsApr 02, 2026
Pandora Opens New Canadian Distribution Center Amid Tariff ConcernsThe new facility was also designed to better serve its growing customer base in Canada.
TrendsApr 02, 2026
Michelle Yeoh Fronts New Mikimoto Campaign The campaign is a tribute to the year 1893, when Kokichi Mikimoto created the world’s first cultured pearl.
GradingApr 02, 2026
GIA Debuts New Campus in TaiwanIt is the only GIA school to offer the GIA Graduate Gemologist program in Chinese.
Brought to you by
Protect Your Customers and Your BusinessYou deserve to know what you are selling–to protect your customers as well as your business and your reputation.
MajorsApr 02, 2026
DCA Launches ‘Second Spark’ Workforce InitiativeThe initiative connects veterans and parents returning to the workforce with careers in jewelry retail.
Weekly QuizApr 02, 2026
This Week’s QuizTest your jewelry news knowledge by answering these questions.
MajorsApr 02, 2026
Hoover & Strong Names New National Sales RepresentativeThe wholesale manufacturer and precious metals refiner has appointed Michael Angelo as its new national sales representative.
MajorsApr 01, 2026
Foundrae Sues Pandora for Allegedly Copying Its Medallion DesignsFoundrae also accused the jewelry giant of copying its mood board style of marketing.
Brought to you by
Is This You? Every Jeweler Has This Problem; We Have the Solution.Every jeweler faces the same challenge: helping customers protect what they love. Here’s the solution designed for today’s jewelry business.
AuctionsApr 01, 2026
John Jacob Astor IV’s Titanic Pocket Watch Heads to AuctionA Patek Philippe for Tiffany & Co. timepiece owned by the American businessman who died on the Titanic will be offered at Freeman's Chicago.
SurveysApr 01, 2026
Consumers’ Outlook Improves Again in MarchThe Conference Board’s Consumer Confidence Index edged up, with optimism about the present outweighing worries about the future.
IndependentsApr 01, 2026
Zachary’s Jewelers’ Constance Polamalu to Release Children’s BookThe retailer’s Zach Bear gift comes to life in “Zach Bear and the Window Necklace,” which centers on curiosity, bravery, and helping.
Events & AwardsApr 01, 2026
AGA Opens 2026 Gemological Scholarship, Research Grant ApplicationsApplications are open for the AGA Gemological Scholarship Program through May 15, and until June 2027 for the Gemological Research Grant.
ColumnistsMar 31, 2026
Q1 Clues That Reveal Where Your Jewelry Store’s Sales Are Heading These customer behavior patterns say a lot about how successful your jewelry store is going to be this year, Emmanuel Raheb writes.
CollectionsMar 31, 2026
Mejuri Adds Silver to ‘Puzzle’ CollectionMejuri’s popular collection of 18-karat yellow gold vermeil rings debuted in sterling silver alongside new “Puzzle” slider charms.
CollectionsMar 31, 2026
Buddha Mama, Ashley Longshore to Host Pop-Up in DallasThe Miami-based jewelry brand and the NYC-based artist will be in Dallas from April 9-11.
SourcingMar 31, 2026
NDC Designates April 8 as 'World Diamond Day'The initiative invites those in the industry to share stories on social media highlighting the meaning and impact of natural diamonds.
SourcingMar 31, 2026
GIA VP Jillian Wolk to Take Over at Tracr Wolk’s first day on the job as CEO of Tracr, De Beers Group’s blockchain platform, will be May 1.
EditorsMar 30, 2026
Tom Moses Looks Back on His Decades at GIA Moses, who will leave the lab in May after nearly 50 years, discusses his start in the business, gemstones that stand out, and what’s next.
TrendsMar 30, 2026
Oscar Heyman Debuts First Spring CatalogThe new catalog, which showcases 35 one-of-a-kind pieces of jewelry, is a compliment to the company’s popular holiday catalog.
SourcingMar 30, 2026
Rio Tinto Hauls Last Load from DiavikProduction has ceased at the Canadian diamond mine, which has yielded more than 150 million carats of rough diamonds in its 23-year run.
MajorsMar 30, 2026
Tanishq Opens First New England LocationThe store opening marks the 10th United States location for the India-based jewelry retailer.
MajorsMar 27, 2026
Saks Global Has Changed Its Mind About Closing These 3 StoresTwo Saks Fifth Avenue locations, one in Florida and one in California, and one Neiman Marcus store are off the chopping block.
IndependentsMar 27, 2026
Jimmy West, Longtime LJG Executive Director, Dies at 72West, who started in the art department at the Leading Jewelers Guild in 1979, is remembered for his patience, kindness, and dedication.
CollectionsMar 27, 2026
Itä’s ‘Yarí Whirl’ Ring Tells Every Side of the StoryIn the “Tesoro” version of the ring, our Piece of the Week, each side of the gold hexagonal nugget has a unique colored gemstone design.
WatchesMar 26, 2026
Q&A: Citizen Watch America President Jeffrey Cohen on Eco-Drive’s 50th AnniversaryCohen discusses the evolution of Citizen’s light-powered technology, the brand’s cross-generational appeal, and tariffs.
IndependentsMar 26, 2026
Peter Smith Pens Book on Human Behavior in Sales“Essentially Human: On Sales and Salespeople" reveals the underlying human traits and behaviors of the most successful sales professionals.
CollectionsMar 26, 2026
Lionheart Celebrates 13 Years of ‘Cassandane’The collection features symbols of love, luck, and light, based on the story of Queen Cassandane and Cyrus the Great of Persia.
