The U.S. Treasury’s Office of Foreign Assets Control (OFAC) recently renewed a general license that allows importers to bring older diamonds into the United States without running afoul of sanctions on Russian goods.
The license permits the import of rough or polished diamonds that were mined in the Russian Federation—or whose origin cannot be determined—as long as they were purchased prior to March 1, 2024 (for stones of 1 ct. or more) or Sept. 1, 2024 (between 0.5 and 1 ct.).
In most cases, importers can self-certify they’re importing goods bought before the sanctions. However, the Jewelers Vigilance Committee (JVC) warns that Customs officials may ask for evidence of when the stones were purchased.
OFAC’s original license, issued in August 2024, was set to expire on Sept. 1, 2025. The new general license extends the exemption for legacy, or “grandfathered,” goods until Sept. 1, 2026.
For stones purchased after last September, the current ban on Russian rough and polished diamonds weighing half a carat and above remains in effect. This generally requires self-certification, though importers may be asked to provide proof of their goods’ provenance.
JVC president and CEO Sara Yood says her group worked hard to get the license renewed.
She says the extension shows “there are still efforts around Russian sanctions, which I’m glad to see.”
(Photo: Getty Images)