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Register the Rapaport Emergency Russian Diamond Sanctions: Webinar here

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Summary of the Situation: Russian Diamond Sanctions

• New sanctions: Starting March 1, 2024, it will be illegal to import Russian-origin diamonds and diamond jewelry into the US, even if processed outside Russia. US companies cannot trade in such diamonds globally.
• Lack of guidelines: Currently, the US government has not issued clear guidelines on how these new rules will be implemented, leading to confusion and potential harm to the diamond trade.

Industry Concerns: Russian Diamond Sanctions

• Unclear regulations: The lack of clear regulations creates uncertainty for businesses, particularly regarding re-importing previously exported diamonds.
• Negative impact on trade: You are concerned that the new rules, without proper implementation, could unnecessarily hinder legitimate diamond trade activities.
• Focus on free trade: You prioritize maintaining free trade within the US diamond market, including estate jewelry and recycled diamonds.

What Actions can you take: Russian Diamond Sanctions

• Working together: You emphasize the importance of collaboration between industry and government to develop effective regulations that meet the intended goals.
• Rapaport US Diamond Protocol: You will submit a proposal to the US government, advocating for:
  • Declarative statements on diamond origin during import.
  • Conditional use of blockchain technology for traceability if required by the government.
  • Excluding estate and recycled diamonds from additional restrictions.

What You Can Do: Russian Diamond Sanctions

• Stay informed: Monitor further developments from the US government regarding the implementation of these new regulations.
• Participate in the process: Engage in constructive dialogue with the government and relevant industry organizations to ensure that the regulations are clear, enforceable, and minimize adverse impacts on legitimate trade.
• Seek legal advice: Consult with legal professionals familiar with international trade and sanctions to understand how these regulations might impact your specific business activities.

Resources for Additional Information: Russian Diamond Sanctions

Here are some resources where you can find more information about the new US sanctions on Russian diamonds:

• US Treasury Department:
  • Press Release: https://ofac.treasury.gov/sanctions-programs-and-country-information/rough-diamond-trade-controls
  • Office of Foreign Assets Control (OFAC) website: https://ofac.treasury.gov/
• Rapaport:
  • News article on the sanctions: https://about.rapaport.com/sanctions/
  • Rapaport US Diamond Protocol: https://about.rapaport.com/sanctions/ (information might not be publicly available)
• News articles:
  • Search for news articles using keywords like “US diamond ban”, “Russian diamond sanctions”, or “Rapaport US Diamond Protocol”. Be sure to choose reputable sources.

Can you re-import diamonds: Russian Diamond Sanctions

Unfortunately, the lack of clear guidelines currently makes it difficult to definitively answer this question about re-importing diamonds previously exported from the US. However, it’s crucial to exercise caution and seek guidance from the following resource:

• US Customs and Border Protection (CBP): Contact CBP directly to inquire about the specific requirements and procedures for re-importing diamonds under the new sanctions. They have a trade portal and a helpline available for inquiries: https://www.cbp.gov/

#Russia Sanctions, #diamondtrade, #ethicaldiamonds, #knowyourdiamonds, #Rapaport ,#tradecompliance, #saynoblooddiamonds, #US diamantsanctions,