Policies & IssuesMar 04, 2024
What to Know About Importing Diamonds Into the U.S.Policies & IssuesAug 27, 2024
US to Allow Import of ‘Legacy’ Diamonds From Russia
OFAC has issued two licenses addressing the issue, one for diamond-set jewelry and one for loose diamonds.
The Office of Foreign Assets Control issued two general licenses on Friday that address the issue of Russian diamonds that left the country before March 1, 2024, when the G-7’s ban on Russian diamonds took effect. One license applies to diamond-set jewelry and the other to loose diamonds.
Washington, D.C.— The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has issued two licenses that address the issue of diamonds that were exported from Russia before the G-7’s ban on the country’s diamonds took effect.
Issued Friday, General License 103 allows for the importation of jewelry set with diamonds of Russian or unknown origin as long as the jewelry was outside of Russia prior to March 1, 2024, and has not re-entered the country and been exported again since that date.
March 1, 2024—two years after Russia invaded Ukraine—is the day the Group of Seven (G-7) nations’ ban on 1-carat and above diamonds mined in Russia but cut and polished elsewhere, also known as the “indirect ban,” took effect.
The second license, General License 104, applies to non-industrial diamonds of Russian or unknown origin, allowing their import for a limited time only.
It states that diamonds weighing 1 carat or more that were outside of Russia prior to March 1, 2024, and have not re-entered the country can be imported into the United States.
General License 104 also allows for the importation of Russian diamonds (or diamonds of unknown origin) weighing at least half a carat, as long as they were outside of Russia by Sept. 1, 2024.
Sept. 1, which is this coming Sunday, is the date when the G-7’s ban on Russian diamonds will expand, with the carat threshold dropping to 0.5 carats from 1 carats, thereby encompassing more stones.
General License 104 authorizes importation of these goods until 12:01 a.m. EDT on Sept. 1, 2025.
On Monday, Jewelers of America President and CEO David Bonaparte noted that the issue of legacy goods—also known as “heritage” or “grandfathered” goods—was one of the top issues JA and industry stakeholders lobbied lawmakers to address on its trip to Washington, D.C., in June.
“Jewelers of America is pleased that OFAC issued licenses regarding ‘grandfather’ diamonds and diamond jewelry imported into the U.S. prior to March 2024,” he said.
“This is a very important distinction that will protect legitimate suppliers and JA members when dealing with these specific goods.”
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Issued Friday, General License 103 allows for the importation of jewelry set with diamonds of Russian or unknown origin as long as the jewelry was outside of Russia prior to March 1, 2024, and has not re-entered the country and been exported again since that date.
March 1, 2024—two years after Russia invaded Ukraine—is the day the Group of Seven (G-7) nations’ ban on 1-carat and above diamonds mined in Russia but cut and polished elsewhere, also known as the “indirect ban,” took effect.
The second license, General License 104, applies to non-industrial diamonds of Russian or unknown origin, allowing their import for a limited time only.
It states that diamonds weighing 1 carat or more that were outside of Russia prior to March 1, 2024, and have not re-entered the country can be imported into the United States.
General License 104 also allows for the importation of Russian diamonds (or diamonds of unknown origin) weighing at least half a carat, as long as they were outside of Russia by Sept. 1, 2024.
Sept. 1, which is this coming Sunday, is the date when the G-7’s ban on Russian diamonds will expand, with the carat threshold dropping to 0.5 carats from 1 carats, thereby encompassing more stones.
General License 104 authorizes importation of these goods until 12:01 a.m. EDT on Sept. 1, 2025.
On Monday, Jewelers of America President and CEO David Bonaparte noted that the issue of legacy goods—also known as “heritage” or “grandfathered” goods—was one of the top issues JA and industry stakeholders lobbied lawmakers to address on its trip to Washington, D.C., in June.
“Jewelers of America is pleased that OFAC issued licenses regarding ‘grandfather’ diamonds and diamond jewelry imported into the U.S. prior to March 2024,” he said.
“This is a very important distinction that will protect legitimate suppliers and JA members when dealing with these specific goods.”
The Jewelers Vigilance Committee issued an alert to its members regarding the OFAC allowances for legacy goods on Friday.
In it, the organization said that while importers should not need to provide any specific documentation on these goods upon importation, it advises them to obtain and keep verification information in line with the “self-certification” documentation U.S. Customs and Border Protection recommended for all diamond imports earlier this year, just in case.
“It is never unwise to be able to prove that the goods you are bringing in are actually exempt from the regulations,” Yood told National Jeweler in an interview Monday.
“Understanding the origin of your goods is still extremely important and being able to confirm that information for all the goods you are importing is highly relevant.”
Friday’s decision to allow importation of diamonds and diamond jewelry that were exported from Russia prior to the G-7 ban comes just ahead of a deadline regarding diamond traceability.
In December 2023, when the G-7 announced its collective ban on the import of diamonds from Russia, it said the G-7 member nations that are “major importers” of rough diamonds should establish a “robust traceability-based verification and certification mechanism” for the stones by Sept. 1 to ensure they are not importing diamonds mined in Russia.
In June, the EU announced it was giving diamond companies in the European Union more time to put a traceability mechanism in place.
The U.S. has not made any formal announcements regarding diamond traceability, and they are not expected to do so.
However, Yood said Monday it is her understanding that U.S. government officials support the EU’s move to delay implementation until March, 1, 2025, or even later, to ensure a “fair and equitable” system can be implemented.
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