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OFAC Renews License Allowing Import of ‘Grandfathered’ Russian Diamonds
General License 104B supersedes General License 104A, which was set to expire on Sept. 1.
There is a new general license that allows U.S. companies to trade in Russian diamonds, or diamonds of unknown origin, provided the stones were out of Russia before certain dates. It takes effect on Sept. 1, 2026, and will be valid until Sept. 1, 2027.
Washington, D.C.—The Office of Foreign Asset Controls has issued a new general license that will allow companies to continue to import diamonds from Russia that were outside the country before the G7 ban took effect.
Jewelers Vigilance Committee President, CEO, and General Counsel Sara Yood sent an email Wednesday notifying the trade of General License 104B, which authorizes trade in 1-carat or larger diamonds that are from Russia or of unknown origin provided they were physically out of Russia by March 1, 2024.
Diamonds that are 0.5 to 0.99 carats and are from Russia or of unknown origin also are covered under the new license, provided they were physically out of Russia by Sept. 1, 2024.
March 1, 2024, was the date the G7’s import ban on 1-carat and larger diamonds mined in Russia but cut and polished elsewhere went into effect, a measure designed to tighten existing sanctions enacted after Russia invaded Ukraine in February 2022.
Sept. 1, 2024, was the date the ban expanded to include smaller diamonds (0.5-0.99 carats).
General License 104B will be valid until 12:01 a.m. EDT on Sept. 1, 2027, Yood said.
It replaces General License 104A, which was set to expire this coming Tuesday, Sept. 1, and was the successor to General License 104.
That license took effect in August 2024 and was the first to address questions the industry had been asking about what to do about Russian diamonds, or diamonds whose origin was unknown, that had been circulating in the trade prior to the G7 ban.
The industry successfully lobbied to have those goods “grandfathered” in.
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Jewelers Vigilance Committee President, CEO, and General Counsel Sara Yood sent an email Wednesday notifying the trade of General License 104B, which authorizes trade in 1-carat or larger diamonds that are from Russia or of unknown origin provided they were physically out of Russia by March 1, 2024.
Diamonds that are 0.5 to 0.99 carats and are from Russia or of unknown origin also are covered under the new license, provided they were physically out of Russia by Sept. 1, 2024.
March 1, 2024, was the date the G7’s import ban on 1-carat and larger diamonds mined in Russia but cut and polished elsewhere went into effect, a measure designed to tighten existing sanctions enacted after Russia invaded Ukraine in February 2022.
Sept. 1, 2024, was the date the ban expanded to include smaller diamonds (0.5-0.99 carats).
General License 104B will be valid until 12:01 a.m. EDT on Sept. 1, 2027, Yood said.
It replaces General License 104A, which was set to expire this coming Tuesday, Sept. 1, and was the successor to General License 104.
That license took effect in August 2024 and was the first to address questions the industry had been asking about what to do about Russian diamonds, or diamonds whose origin was unknown, that had been circulating in the trade prior to the G7 ban.
The industry successfully lobbied to have those goods “grandfathered” in.
The latest license renewal is the result of ongoing industry advocacy work in Washington, D.C., as well as a formal letter JVC sent requesting the renewal.
Jewelers of America, the American Gem Society, the Diamond Manufacturers and Importers Association of America, the Diamond Dealers Club, the Indian Diamond & Colorstone Association, and the Diamond Club West Coast co-signed the letter.
While the license renewal makes trade in certain Russian diamonds legal, Yood advised companies to keep source documentation on all their goods.
One of the reasons this general license was necessary, she noted, is because the industry did not place as much emphasis on origin prior to the implementation of sanctions in 2022.
Now, diamond origin matters for myriad reasons, including sanctions and as a marketing tool for positioning natural diamonds to better compete against lab-grown diamonds.
“We know it’s going to continue to be a factor for traceability and in conversations the industry is having going forward,” Yood said.
She also noted that the license renewal should serve as a reminder that the U.S. government’s sanctions on Russia remain in place, and jewelry businesses should not be importing Russian diamonds that were mined after the date of the ban.
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