Grandfathered diamonds from Russia, imported into the U.S. before sanctions were imposed following Russia’s invasion of Ukraine, will no longer be banned from trade in the U.S., according to a report by IDEX Online.
The U.S. Office of Foreign Assets Control (OFAC) has issued new guidelines stating that these “grandfathered” diamonds, previously prohibited from trade, can now be sold.
Under OFAC’s new guidelines, diamond traders are now permitted to sell diamond jewelry purchased before March 1, as well as loose diamonds of 1 carat or more purchased before that date, or diamonds weighing 0.50 carats or more purchased before September 1. This easing of restrictions on the sale of loose diamonds will remain in effect until September 1, 2025.
Next Sunday, September 1, the next phase of the G7 sanctions on Russian diamonds is set to take effect. This includes a ban on trading Russian diamonds weighing 0.50 carats or more, even if they were cut and polished in other countries. However, this proposal is still facing resistance within the trade industry.
