Latest Sanction Rules Correct Oversight – JCK Reports: New September Rules Will Allow “Grandfathered” Russian Diamonds

JCK Magazine
by Rob Bates
August 23, 2024

The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has issued two general licenses that will allow the import of previously banned “grandfathered” diamonds in the United States.

The term “grandfathered” refers to rough or polished diamonds that were mined in Russia or whose origin cannot be determined, but were purchased prior to the implementation of Russian diamond sanctions on March 1, 2024. Under past rules, many of those gems were not allowed to be imported into the United States.

These two new licenses change that. The first—general license 103—applies only to diamond jewelry and basically allows the import of all pieces purchased prior to March 1.

“Think of it as a permission slip,” says Sara Yood, president and CEO of the Jewelers Vigilance Committee. “If you have diamond jewelry that was located outside the Russian Federation before March 1, you can import that into the United States.”

Tap here to read Rob Bates’ reporting on the latest Russian Sanctions!