US Tightens Noose on Russian Diamonds: New Sanctions to Spark Major Market Shake-Up Starting March

USA Announces New Sanctions on Russian Diamonds

In a recent development announced by the US Office of Foreign Assets Control (OFAC) on February 8, 2024, the United States is set to enforce stricter sanctions on Russian diamonds in the upcoming month. This new round of sanctions will encompass both loose diamonds and those incorporated into jewelry if they originate, wholly or partially, from Russian diamond mine or if they have undergone significant transformations outside of the Russian Federation.

Implementation Timeline

Starting March 1, diamonds of 1 carat or larger will be subjected to these sanctions, and the restriction will extend to diamonds over 0.50 carat from September 1. The specifics regarding the implementation of these restrictions and the verification processes for the diamonds’ origins when imported into the US remain undefined.

International Collaboration on Russian Diamonds

This move aligns with the collective stance of the Group of Seven (G7) nations—comprising Canada, France, Germany, Italy, Japan, the US, the UK, and the European Union—announced last December, aiming to tighten the noose on the importation of Russian diamonds. The new sanctions aim to close previous loopholes that allowed diamonds polished in countries other than Russia, such as India, to evade restrictions.

Traceability and Certification of the Diamonds

Furthermore, the G7 nations are in the process of creating a system to trace the origins of rough diamonds, likely involving a centralized certification point in Belgium. This step is part of broader efforts to ensure the integrity of the diamond supply chain and curb the influx of Russian diamonds into global markets.

Further Reading

For more detailed information on this developing story, visit Rapaport.com.

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