Warning: Avoid Penalties Under Russian Diamond Sanctions – Vital Information

URGENT: Understand New Russian Diamond Sanctions Before They Impact Your Business

Don’t get caught off guard. Register for the Rapaport Emergency Webinar this Thursday, Feb 29th: Below #diamondsanctions #russiasanctions #compliance

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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:

Russian Diamond

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,

Russian Diamond Sanctions Take Effect THIS WEEK – Are You Prepared?
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1 thought on “Warning: Avoid Penalties Under Russian Diamond Sanctions – Vital Information”

  1. To navigate these sanctions, businesses are advised to stay informed about further developments, participate in constructive dialogues with the government and relevant industry organizations, and seek legal advice from professionals familiar with international trade and sanctions.

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