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The US Treasury’s Office of Foreign Assets Control has issued two general licenses that will allow the import of ‘grandfathered’ diamonds to the US. | Source: The Moscow Times
The US Treasury’s Office of Foreign Assets Control has issued two general licenses that will allow the import of ‘grandfathered’ diamonds to the US. | Source: The Moscow Times

US Sanctions revised as battle against Russian diamonds continues

The US Treasury’s Office of Foreign Assets Control has issued two general licenses that will allow the import of ‘grandfathered’ diamonds to the US.

‘Grandfathered’ diamond refers to rough and polished diamonds originating from Russia that were purchased before the implementation of sanctions on 1 March.

Under previous sanctions, these diamonds could not be imported to the US; however, that has changed. The first licence applies to diamond jewellery and allows the import of these products when purchased before 1 March.

The second licence applies to loose diamonds and allows for the import of non-industrial use stones with a weight of one carat or greater purchased before 1 March.

“Think of it as a permission slip. If you have diamond jewellery that was located outside the Russian Federation before 1 March, you can import that into the United States,” Sara Yood of the Jewelers Vigilance Committee told JCK Online.

“This specifically addresses many of the concerns that people in the industry have raised about heritage pieces and repairs.

She added: “The industry should see this as the government responding to their needs, especially at a time when the industry is facing a lot of challenges.”

US sanctions against the Russian diamond industry are expected to expand on 1 September. The current sanctions only apply to diamonds that are one carat and above. A general ban on directly importing diamonds from Russia has existed since 2022.

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