US Allows Grandfathered Diamonds
August 25, 24
(IDEX Online) - Grandfathered diamonds - goods imported before sanctions on Russia were implemented - will no longer be banned in the US.
The Office of Foreign Assets Control (OFAC) has issued new licenses under its Russian Harmful Foreign Activities Sanctions Regulations, allowing the sale of such diamonds, which were previously prohibited.
They allow diamond jewelry purchased prior to 1 March to be sold, as well loose gem-quality diamonds of 1 ct. or bought before that date and those of at least 0.50-cts bought before 1 Sept. The relaxation for loose diamonds lasts until 1 September 2025.
The next phase of G7 diamond sanctions - on all goods of 0.50-cts or above from Russia, regardless of where they're cut and polished - is due to take effect from next Sunday, 1 September, despite widespread opposition.
However, the Jewelers Vigilance Committee, which provides legal compliance information and education, says it has "learned that the United States is supporting a delay of implementation adopted by the EU to March 1, 2025, and potentially beyond, to ensure the details can be fully resolved."
Pic of Russian diamonds, courtesy Alrosa.