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.”
Related stories will be right here …
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.
More on Policies & Issues
The Latest
TrendsSep 18, 2024
When Selling Jewelry, Don’t Forget the Joy Consumers today are looking for a little escape, and jewelry is the perfect avenue to provide it, presenters at the Vicenzaoro show said.
CollectionsSep 18, 2024
Cece Jewellery Celebrates Love in New CollectionThe “Extraordinary Lovers” collection features engagement rings with enamel scenes inspired by art and mythology.
Events & AwardsSep 18, 2024
Couture DAC Opens Applications for Next Class of MenteesBIPOC designers can apply for a spot in the mentorship program’s third cohort until Oct. 8.
Brought to you by
How to Increase Instagram Followers Naturally in 2024Growing your Instagram following organically is more important than ever in today's technological environment.
MajorsSep 18, 2024
Richemont Shuffles Leadership at VhernierThe luxury giant recently completed its acquisition of the Italian jewelry brand.
Weekly QuizSep 12, 2024
This Week’s QuizTest your jewelry news knowledge by answering these questions.
Events & AwardsSep 18, 2024
JA Announces Three Bench Scholarship WinnersThe Seymour & Evelyn Holtzman Bench Scholarship provides tuition help to aspiring bench jewelers.
EditorsSep 17, 2024
8 Award-Winning Looks from the EmmysAssociate Editor Natalie Francisco highlights the best jewelry looks from the 76th Primetime Emmy Awards.
Brought to you by
Watch: Natural Diamonds: A Great (but Often Untold) Geology StorySupplier Spotlight Sponsored by GIA.
GradingSep 17, 2024
GIA To Include Traceability Info on Some Cultured Pearl ReportsThe lab will include reference numbers on reports for cultured pearls that contain bead nuclei embedded with an RFID tag.
ColumnistsSep 17, 2024
The PR Adviser: The Case for Switching to Shopify Lilian Raji offers advice to a reader frustrated with the current state of their company’s website.
EditorsSep 17, 2024
Q&A: Issa Rae on Her New Jewelry Collection With CastThe actress shared her inspiration for the collection, insight into her personal style, and which jewels President Barbie would wear.
SourcingSep 16, 2024
1,094-Carat Diamond Recovered in Botswana Just Weeks After Historic Find The giant gem originated from Karowe, the same mine that yielded a 2,492-carat rough diamond in late August.
CrimeSep 16, 2024
New Jersey Jeweler Pleads Guilty To Evading CustomsMonishkumar Kirankumar Doshi Shah admitted to dodging customs duties on more than $13.5 million of jewelry imported into the U.S.
MajorsSep 16, 2024
Boucheron Opens First US Store in New York CityThe new boutique is located on Madison Avenue.
GradingSep 16, 2024
Gübelin Opens Lab in BangkokThe company’s fourth location worldwide will focus on its AI-powered gem document, the Gem Passport.
Events & AwardsSep 16, 2024
JA Takes Its Learning Workshops to Washington D.C., New YorkIts next event will take place in D.C. on Sept. 17 and in New York City on Oct. 29.
EditorsSep 13, 2024
Taylor Swift Brings Diamonds, Edgy Jewels to her VMAs LooksThe artist opted for big yellow diamond earrings, a vintage chain, and white metals at the annual MTV awards show.
WatchesSep 13, 2024
Breitling Inks Licensing Deal with the NFL The Swiss watchmaker has created limited-edition timepieces for all 32 National Football League teams.
AuctionsSep 13, 2024
Piece of the Week: Cartier’s ‘Black Alley Cat’ BroochThis carved jasper and yellow-diamond-eyed cat brooch from 1962 is the perfect accessory for Friday the 13th.
FinancialsSep 12, 2024
Signet Jewelers’ Q2 Sales Fall 8% The jewelry giant said it expects to see an uptick in engagements in the second half of the year.
Supplier BulletinSep 12, 2024
Meet Gemology’s Next Generation Microscope: GIA® Gemolite® NXT Professional EditionSponsored by Gemological Institute of America
CollectionsSep 12, 2024
Mignon Faget Enters a New Era With Its ‘Legacy’ CollectionThe brand is celebrating its upcoming 55th anniversary with modern designs that pay tribute to its history.
SourcingSep 12, 2024
AGTA Elects Bruce Bridges as PresidentHe, and other newly elected board members, will begin their terms in February.
Events & AwardsSep 12, 2024
JCK Industry Fund Accepting 2025 Grant ApplicationsThose interested can apply online now through Nov. 15.
WatchesSep 11, 2024
These Are the Watches Women Want, Says Chrono24Its “Her-ology” report highlights trends in the women’s luxury watch market, from top brands to movement preferences.
IndependentsSep 11, 2024
Take a Sip of Marrow Fine x Adalina’s $13K MartiniThe smoked heirloom tomato mezcal martini, only available at Adalina in Chicago, is served with a 9-carat diamond tennis necklace.
Events & AwardsSep 11, 2024
Lab-Grown, Natural Diamonds to Be Focus of AGS Confluence Scheduled for Sept. 25, the online-only event will be open to non-AGS members this year, for a fee.
