Diamonds Polished Outside Russia Will Be Banned for Import
Starting March 1, non-industrial diamonds of 1 carat or greater, mined in Russia but with another country of origin cannot be entered into the U.S., whether by import or into a foreign-trade zone, unless the Office of Foreign Assets Control licensed that import.
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Rough diamonds are considered substantially transformed when they are polished or cut, and most of the world's diamonds are polished and cut in India.
Starting Sept. 1, non-industrial diamonds with a weight of 0.5 carats or greater that were mined in Russia and polished in India cannot enter the U.S.
OFAC also said jewelry and unsorted diamonds of Russian origin can't enter the U.S. beginning March 1. "These prohibitions are intended to implement the December 2023 G7 commitments to impose phased restrictions on the importation of diamonds mined or extracted in Russia. OFAC intends to issue additional public guidance regarding these determinations," the Feb. 8 announcement said.