Polished diamonds cut out of Russian rough outside of Russia may be imported into the US

As follows from the clarification given by the Office of Foreign Assets Control (OFAC) of the US Department of the Treasury to the Jewelers Vigilance Committee (JVC), polished diamonds cut from Russian rough in other countries may be imported into the US, Rapaport said in a report published yesterday. The sanctions imposed by the United States restrict direct imports of Russian rough and polished diamonds to the United States.
“On Friday, March 11, President Joe Biden issued an executive order restricting the import of Russian diamonds into the US. Yesterday’s clarification from OFAC, as explained by the JVC, indicates that the order is limited to the US importation of Russian rough diamonds and diamonds polished in Russia. The order places no restrictions on the US importation of polished diamonds sourced from Russian rough but polished outside Russia. The order does prohibit the sale of luxury goods to any person or entity located in Russia,” Rapaport said in its report.
The report also notes that the RapNet trading platform has suspended all Russian companies and that the Rapaport Group will also not take part in any trading or promotional activities with Russian companies.
“The situation is developing, and additional sanctions, rules and clarifications may be issued in the near future,” Rapaport said.

Vladimir Malakhov, Rough&Polished