Policies & Issues

US to Allow Import of ‘Legacy’ Diamonds From Russia

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.

Stock image of loose polished 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.”

 Related stories will be right here … 

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.

The Latest

Stock image of a polished diamonds being held by tweezers
SourcingJul 31, 2025
De Beers Records $189M First-Half Loss

The diamond miner and marketer warned last week that it expected to be in the red after significantly cutting prices in Q2.

Lindsey Scoggins Studio convertible flower earrings
Events & AwardsJul 31, 2025
These Are the 2025 CASE Award Winners

Jewelers of America’s 35th annual design contest recognized creativity, artistry, style, and excellence.

Matthew Tratner, new president of Continental Buying Group
IndependentsJul 31, 2025
Matthew Tratner Takes Over as CBG President

Tratner succeeds Andie Weinman, who will begin stepping back from the buying group’s day-to-day operations.

rio-article photo-diamond.jpg
Brought to you by
Taking the Moment Head On: How Rio Grande Champions the Present & Future of Fine Jewelry

As a leading global jewelry supplier, Rio Grande is rapidly expanding and developing new solutions to meet the needs of jewelers worldwide.

Pomellato Mini London blue topaz and diamond bracelet
FinancialsJul 30, 2025
Kering's Jewelry Brands Resilient As H1 Sales Slide 16%

The luxury titan’s star brand Gucci continued to struggle amid a "tough" environment.

Weekly QuizJul 31, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Zadok Rolex Austin
WatchesJul 30, 2025
Peek Inside Zadok Jewelers’ New Rolex Showroom in Austin

Its opening marks the completion of the retailer’s new 11,000-square-foot store in the Texas capital.

Crowd of people in a shopping mall
SurveysJul 30, 2025
Consumer Confidence Ticks Up in July

Respondents shared concerns about tariffs and commentary on the “Big Beautiful Bill.”

an instructor and a student in a bench jewelry classroom
Brought to you by
Investing in the Next Generation of Bench Jewelers

The Seymour & Evelyn Holtzman Bench Scholarship from Jewelers of America returns for a second year.

Making a Killing in Diamonds by Rob Bates
SourcingJul 30, 2025
Rob Bates to Release Latest Book in His ‘Diamond District Mystery’ Series

“Making a Killing in Diamonds” tells the story of Mimi Rosen, the disappearance of a scientist, and the murder of lab-grown diamond CEO.

Tacori bezel-set diamond bands
EditorsJul 29, 2025
Out & About: Visiting Tacori’s Design Studio in LA

Senior Editor Lenore Fedow learned a lot when she took a behind-the-scenes factory tour with the jewelry brand earlier this year.

Mighty Fierce Audacious Necklace, Sandy Rubin Aziza Necklace, Koulianos Designs Illuminations Shield Pendant
Events & AwardsJul 29, 2025
Melee The Show Welcomes 15 New Designers

The first-time exhibitors, set to debut at the New York City show, share a devotion to craftsmanship, storytelling, and material integrity.

Auctim emerald auction
SourcingJul 29, 2025
Auctim to Offer 7.3M+ Carats of Rough Emeralds

The online auction house’s September sale will feature rough Brazilian emeralds of various qualities.

AGS Board President for 2025-2026 Alexis Padis
MajorsJul 29, 2025
Alexis Padis Re-Elected AGS Board President

She’ll lead an executive committee consisting of President-Elect Bryan Moeller, Mitchell Clark, Bill Farmer, and Larry Rickert.

Nanis Ipanema Collection Campaign
CollectionsJul 28, 2025
Nanis Brings a New Palette to ‘Ipanema’

A new edition of the Italian brand’s “Ipanema” collection has debuted with gemstones that evoke Brazil’s breathtaking views.

Kevin O’ Leary and George Mayer of The 1916 Company
MajorsJul 28, 2025
The 1916 Company Partners with ‘Shark Tank’ Star’s Watch Insurance Platform

The retailer will refer its customers to WonderCare, founded by venture capitalist and watch collector Kevin O’Leary.

Sissy’s new Little Rock store
IndependentsJul 28, 2025
Sissy’s Log Cabin to Open Flagship in Arkansas

The jeweler’s largest store yet is set to open in Little Rock next fall.

Jemma Wynne Forme Toggle Necklace
CollectionsJul 25, 2025
Piece of the Week: Jemma Wynne’s ‘Forme’ Necklace

Anne Hathaway was seen wearing the toggle necklace three times while filming scenes for “The Devil Wears Prada 2.”

September Hong Kong jewelry show
Events & AwardsJul 25, 2025
Pre-Registration Open for September Hong Kong Show

Jewellery & Gem World Hong Kong is scheduled for Sept. 15 to 21, and buyer pre-registration will be available until Sept. 7.

Bulgari Celestial Mosaic spinel necklace
FinancialsJul 25, 2025
LVMH Sales Slip in H1 Amid ‘Prevailing Uncertainties’

Renovations at Tiffany & Co. stores ate into profits in the company’s watch and jewelry division.

Mark and Candy Udell
Events & AwardsJul 24, 2025
2 Retailers to Receive 2026 Gem Award for Lifetime Achievement

Mark and Candy Udell of London Jewelers will receive the honor at the 24th annual Gem Awards next March.

De Beers marine mining vessel the SS Nujoma
SourcingJul 24, 2025
De Beers Sees Diamond Production Sink 36% in Q2

While struggles continue at the mining and trading end of the pipeline, consumer demand for diamond jewelry is holding steady.

Francesca Villa Fantasia Collection The Crab Pendant, The Mermaid Pendant, Keep Dancing Seahorse Pendant, Keep Dancing Ladybug Pendant, Secret Dreams Pendant, The Puffer Fish Takes Flight Pendant
CollectionsJul 24, 2025
Francesca Villa Adds Dimension to Her Intaglio Characters

The “Fantasia” jewelry collection turns the intaglio animals from her “Close Encounters” collection into 3D characters.

Breitling’s special Eagles Super Bowl watch on gold bracelet
WatchesJul 24, 2025
Breitling Drops Super Bowl Watch Honoring the Philadelphia Eagles

The special Classic Avi Chronograph 42 with an Eagles-green dial is limited to 59 pieces, a nod to the Super Bowl Philadelphia just won.

Stock image of crime scene tape
CrimeJul 23, 2025
JSA Warns of Violent String of Smash-and-Grabs in California

JSA has received reports of mobs swarming jewelry stores, driving cars into the storefront or smashing through the windows.

Silvia Furmanovich Kasmir Collection Carnelian Bracelet and Sketch
CollectionsJul 23, 2025
Silvia Furmanovich’s ‘Kashmir’ Collection Is a Tribute to Northern India

The “Kashmir” collection features centuries-old craft techniques made in collaboration with the region’s master papier-mâché artisans.

Bench jeweler holding a bracelet and a tool
IndependentsJul 23, 2025
Montreal’s Ecksand Eyes Move to SoHo

Creative Director Erica Bianchini shared why the jeweler is looking to expand into the U.S. and how it’s putting Canadian craftsmanship on the map.

LAFD Fire Station 44 and Fire Station 16
IndependentsJul 23, 2025
IJO Raises Nearly $37K for LA Fire Relief

Two Los Angeles Fire Department stations plan to use the donations to upgrade their equipment and tools.

×

This site uses cookies to give you the best online experience. By continuing to use & browse this site, we assume you agree to our Privacy Policy