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

Bonhams New Bond Street London flagship
AuctionsOct 24, 2025
Bonhams Under New Ownership, Top Executives Replaced

London-based investment firm Pemberton Asset Management acquired the auction house for an undisclosed amount.

De Beers Diamond View Zoom machine with monitor
GradingOct 24, 2025
DMIA to Hold Diamond Testing Instrument Demo

The workshop will give attendees the chance to try out and ask questions about three different diamond verification instruments.

Two brooches stolen in the October 2025 heist at the Louvre Museum in Paris
CrimeOct 24, 2025
Video Emerges of Louvre Jewelry Robbers Fleeing the Scene

The footage shows two of the jewelry heist suspects descending from the second floor of the museum and then escaping via scooter.

BTYB10.25_Header.jpg
Brought to you by
Are Earrings an Overlooked Category? What Retailers Need to Know Now

As the holiday season quickly approaches, consider stocking one category that sometimes gets overlooked: earrings.

Wyld Box Jewelry Ray of Light Large Drop Earrings
CollectionsOct 24, 2025
Piece of the Week: Wyld Box Jewelry’s ‘Ray of Light’ Earrings

Founder and designer Rosanna Fiedler looked to a vintage Cartier clutch when designing the sunlight-inspired drop earrings.

Weekly QuizOct 16, 2025
This Week’s Quiz
Test your jewelry news knowledge by answering these questions.
Take the Quiz
Tiffany & Co. Bird on a Rock pendant
FinancialsOct 23, 2025
Jewelry Sales Resilient Despite Struggles at LVMH, Kering

The luxury conglomerates faced a challenging Q3 amid geopolitical and economic tensions.

Cullinan Diamond Mine plant
SourcingOct 23, 2025
Petra Diamonds Turns to Shareholders to Raise Capital

The struggling diamond mining company, which owns the historic Cullinan mine, has launched a rights issue to raise about $25 million.

LIM-401 2024 National Jeweler Supplier Bulletin- iD100 Web and Eblast FINAL (2) (1).jpg
Brought to you by
Protect Your Customers and Your Business

You deserve to know what you are selling–to protect your customers as well as your business and your reputation.

Million Dollar Hip Hop Watches by Leon Schäfers, Jeanette Lang, Tobias Kargoll
WatchesOct 23, 2025
‘Million Dollar Hip Hop Watches’ Recounts Watch History

The book details the journey of watches as symbols of hard-earned success in hip-hop for artists like 2Pac, Jay-Z, and more.

Alexis Vourvoulis
AuctionsOct 23, 2025
Freeman’s | Hindman Names New VP, Senior Specialist for Jewelry & Watches

Alexis Vourvoulis, who most recently worked at Tiffany & Co., brings more than two decades of jewelry experience to her new role.

Taylor Swift engagement ring Greenwich St
TrendsOct 22, 2025
The Taylor Swift Effect: Antique Diamonds Edition

The superstar’s August engagement put the stamp of approval on an already hot engagement ring trend.

Rahaminov Diamonds Emerald-Cut Diamond Bracelet
TrendsOct 22, 2025
Don’t Forget These Diamond Jewelry Trends When Stocking for the Holidays

Retailers should offer classic styles with a twist that are a perfect fit for layered looks, experts say.

Fancy vivid purplish pink diamond
AuctionsOct 22, 2025
Pink Diamond, Vanderbilt Jewels to Headline Phillips’ Geneva Auction

The nearly 7-carat fancy vivid purplish pink diamond could sell for around $9 million.

“Storied Diamond Desert Sands of Eternity” engagement ring and wedding band
SourcingOct 22, 2025
In ‘Storied Diamond,’ Jared Jewelers Is Emphasizing the Journey

The retailer’s new collection of engagement rings and fashion jewelry is set with natural diamonds that are traceable via blockchain.

Tiffany & Co. Bird on a Rock by Tiffany High Jewelry Lariat
CollectionsOct 22, 2025
Tiffany & Co.’s ‘Bird on a Rock’ Finds New Perch

Chief Artistic Officer Nathalie Verdeille has reimagined the iconic design in both figurative and abstract creations.

Jewelers for Children Halloween contest
Events & AwardsOct 22, 2025
JFC Kicks Off Halloween Costume Challenge

Five dollars buys one vote toward an industry professional you want to see dressed up as a hero, or a villain, this Halloween.

Hillsborough show
Events & AwardsOct 22, 2025
Hillsborough Antique Show Gets New Owner

Recently acquired by KIL Promotions, the November edition of the public show in San Mateo, California, will be held Nov. 7-9.

Bicolor pink and colorless diamond
GradingOct 21, 2025
GIA Examines Rare Bicolor Pink Diamond

The stone’s two zones, one pink and one colorless, may have formed at two different times, the lab said.

Pomellato Rodeo Drive Flagship Exterior
MajorsOct 21, 2025
Pomellato Brings ‘Global Attitude’ to Rodeo Drive Flagship

Hollywood glamour meets Milanese sophistication in the design of Pomellato’s new store in Beverly Hills, California.

Grown Brilliance NYC Flagship Exterior
Lab-GrownOct 21, 2025
Grown Brilliance Opens First Flagship

The New York City store showcases a chandelier with 1,500 carats of lab-grown diamonds designed by an FIT student.

Douriean Fletcher Messenger Collection
Events & AwardsOct 21, 2025
‘Douriean Fletcher: Jewelry of the Afrofuture’ Opens at MAD

The Museum of Arts and Design's new exhibition features 75 pieces by the designer, best known for her work in the “Black Panther” films.

Sothebys the glowing rose pink diamond
AuctionsOct 20, 2025
Sotheby's To Auction 10-Carat Vivid Pink Diamond

Making its auction debut, "The Glowing Rose" is expected to fetch $20 million at the November jewelry sale in Geneva.

2025_Gemfields logo.jpg
SourcingOct 20, 2025
2 Mozambique Police Officers Killed at Gemfields’ Ruby Mine

They were attacked on Oct. 15, as approximately 40 miners without licenses marched on the mine’s gate.

Empress Eugénie’s pearl and diamond tiara
CrimeOct 20, 2025
See the ‘Priceless’ Jewels Stolen During Daytime Heist at the Louvre

It took the masked thieves less than 10 minutes to steal eight irreplaceable jewels from two display cases in the museum’s Apollo Gallery.

Lauren Gayda
SourcingOct 20, 2025
Pristine Gems Names New Director of European Sales

Gemologist Lauren Gayda has previously worked at The Clear Cut, Taylor & Hart, and Effy Jewelry.

Charles London, Mayer and Fran Udell, Mark and Candy Udell
IndependentsOct 17, 2025
From the Jazz Age to the Information Age: London Jewelers Turns 100

In 2026, the jewelry retailer will celebrate a milestone only a small percentage of family-owned businesses survive to see.

The Edit – A Gallery of Italian Jewelry Masterpieces Graphic
Events & AwardsOct 17, 2025
An Edit of Italian Jewels Is Coming to NYC

The new showcase dedicated to Italian jewelry design is set for Oct. 29-30.

×

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