Policies & IssuesJul 25, 2023
Alrosa’s New CEO Lands on US Sanctions List Policies & IssuesSep 18, 2023
Grib Diamonds Among Companies Named in Latest Round of Sanctions
Grib is the Belgium-based subsidiary of Russian company JSC AGD Diamonds, which also was sanctioned.
JSC AGD Diamonds and its Belgian subsidiary, Grib Diamonds, are the latest diamond companies with Russian ties to appear on an OFAC list of sanctioned entities.
Washington, D.C.—Two diamond companies and a Wagner Group official in the Central African Republic with ties to the gold trade are among the entities included in the latest round of Russian sanctions.
On Sept. 14, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on more than 100 additional Russian companies and individuals, part of an ongoing effort to cut off Russia’s sources of funding for the war in Ukraine.
In a member alert issued last week, the Jewelers Vigilance Committee noted that two more diamond companies are among the sanctioned entities: JSC AGD Diamonds, also known as AGD Diamonds, and Grib Diamonds.
AGD Diamonds is a diamond exploration, production and mining company that’s based in Russia while Grib Diamonds is its Belgium-based subsidiary.
AGD was designated under Executive Order 14024, which pre-dates the war in Ukraine, for operating in the metals and mining sector of the Russian Federation’s economy.
Related stories will be right here …
On Sept. 14, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions on more than 100 additional Russian companies and individuals, part of an ongoing effort to cut off Russia’s sources of funding for the war in Ukraine.
In a member alert issued last week, the Jewelers Vigilance Committee noted that two more diamond companies are among the sanctioned entities: JSC AGD Diamonds, also known as AGD Diamonds, and Grib Diamonds.
AGD Diamonds is a diamond exploration, production and mining company that’s based in Russia while Grib Diamonds is its Belgium-based subsidiary.
AGD was designated under Executive Order 14024, which pre-dates the war in Ukraine, for operating in the metals and mining sector of the Russian Federation’s economy.
In the alert, JVC reminded members of what it has said repeatedly since the U.S. began sanctioning Russian companies immediately after Russia invaded Ukraine in February 2022—they need to understand where their diamonds are coming from.
The latest member alert stated: “Jewelry businesses are encouraged to continue the risk-evaluation process they have already been undertaking, including using their AML [Anti-Money Laundering]/KYC [Know Your Customer] framework to step back into the supply chain and ensure they fully understand the scope of their diamond sourcing.
“U.S. businesses should continue to review their sourcing protocols, discuss requirements with suppliers, and evaluate their supply chains using due diligence guidance.”
Also included in this fresh round of sanctions was Russian national Vitalij Victorovich Perfilev, a Wagner Group official currently serving as national security advisor to the president of the Central African Republic.
Perfilev was designated because of his ties to the Wagner Group, the Russian government-based network of mercenaries that already is blocked under E.O. 14024; he has been under sanction by the European Union since June.
The JVC said his designation is germane to the industry because of the links between the Wagner Group and the gold trade in sub-Saharan Africa.
In June, a group of federal agencies made the unusual move of issuing a joint advisory calling attention to “malign actors” like the Wagner Group that continue to exploit vulnerabilities in the gold supply chain there.
JVC said any jewelry companies that are doing business with AGD Diamonds, Grib Diamonds and/or Perfilev should sever ties immediately.
More on Policies & Issues
The Latest
Recorded WebinarsSep 29, 2023
The Lab-Grown Diamond Market: Where Are We Now?Watch as Edahn Golan, Sherry Smith and Avi Levy join Michelle Graff to talk pricing and trends in this controversial corner of the market.
SourcingSep 29, 2023
Lucara Severs Ties With HB Antwerp The two companies initially partnered during the pandemic and had just signed a 10-year sales agreement in November 2022.
CollectionsSep 29, 2023
Piece of the Week: Sonya K’s Versatile Necklace A classic diamond tennis necklace gets a whole lot cooler with a removable pendant.
Brought to you by
Top 5 Ways to Promote Safety and Security Awareness Among Your StaffAwareness is essential to proactive protection. Learn how to promote and maintain safety and security awareness in your business.
EditorsSep 28, 2023
The Gemstone World Is In Its Unique Cut EraAssociate Editor Lauren McLemore recently spoke with Columbia Gem House’s Eric Braunwart about the uptick in non-traditional gemstone cuts.
Weekly QuizSep 29, 2023
This Week’s QuizTest your jewelry news knowledge with this short test.
MajorsSep 28, 2023
Signet-Owned Rocksbox Now Sells Pre-Owned Fine Jewelry“Pre-Owned Luxury by Rocksbox” offers secondhand jewelry from Kay, Zales, and Jared to members and non-members.
CrimeSep 28, 2023
Have You Seen Jewels Like These? The British Museum Wants to KnowThe museum is asking for the public’s help in finding thousands of pieces of ancient gold jewelry and gemstones stolen from a storeroom.
Brought to you by
A Conversation with Dialog SolutionsDo you always want the right diamonds at the right price in your store? Introducing Dialog, the world’s first diamond subscription service.
MajorsSep 28, 2023
The Kingswood Co. Names New VP, Wins AwardThe company was recognized for one of its private-label, consumer-focused jewelry care lines.
AuctionsSep 27, 2023
Antique Jewels Shine at Bonhams LondonA rare Chaumet necklace and 20th-century sapphire ring sold for double their estimates.
SourcingSep 27, 2023
India Calls for 2-Month Moratorium on Rough Diamond Imports The plea comes against a backdrop of declining demand and falling prices.
SurveysSep 27, 2023
Consumer Confidence Falls in September Amid Rising Recession Fears Shoppers also expressed concern about rising prices, higher interest rates, and political uncertainty.
Events & AwardsSep 27, 2023
PGI to Dole Out $500K in Business Grant Program Participants from the first round of grants saw up to a 900 percent increase in their platinum sales.
WatchesSep 26, 2023
Citizen Launches the Tsuki-Yomi A-T TimepieceAccording to the watchmaker, it features the first light-powered atomic timekeeping moon phase movement.
IndependentsSep 26, 2023
Sally Nelson, Founder of Exclusively Diamonds, Dies at 86The former teacher, described as “a pioneer for women-owned businesses,” opened her own jewelry store in 1980.
Events & AwardsSep 26, 2023
2023 Spectrum Awards Entry Deadline ExtendedThe contest is now open for submissions until Oct. 10.
Events & AwardsSep 26, 2023
Instore Announces Dates for 2024 Show The annual event will return to Rosemont, Illinois next August.
SurveysSep 26, 2023
Mastercard Makes Its 2023 Holiday PredictionAccording to SpendingPulse, retail sales will increase in November and December but not necessarily for jewelers.
CrimeSep 25, 2023
Oregon Jeweler Accused of Selling Lab-Grown Diamonds as NaturalPolice say Douglas Wayne Gamble also swapped natural diamonds for synthetic stones and failed to return customers’ repairs.
CollectionsSep 25, 2023
Neil Lane’s Latest Collection Uses Lab-Grown Diamonds The designer just launched a new bridal range at Kay Jewelers.
MajorsSep 25, 2023
Hearts On Fire Taps Mejuri Exec as CCOYunjo Lee has also worked on collections for Tiffany & Co. with Paloma Picasso and Frank Gehry.
MajorsSep 25, 2023
Second Generation Takes On New Roles at Sylvie JewelrySteve Levine joins the family-owned company, while his brother Gary has a new position.
MajorsSep 22, 2023
David Yurman Alleges These Two Companies Copied Its DesignsThe company has filed complaints against Royal Chain and Samuel B.
TrendsSep 22, 2023
Piece of the Week: Yun Yun Sun’s ‘Puzzle’ Ring The two-stone style benefits from two-toned metal.
Events & AwardsSep 22, 2023
HardRock Summit To Relocate In 2024The event is moving just outside of Denver.
WatchesSep 21, 2023
Timex Wants Your Old WatchThe company just rolled out “Timex Rewound,” a new takeback and resale program.
GradingSep 21, 2023
Retailers Warned About Fraudulent Email Purportedly From GIA The lab confirmed it did not send the message.
