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U.S. Treasury Permits Import of ‘Grandfathered’ Russian Diamonds September 11, 2025 (0 comments)
New York, NY--The U.S. Treasury's Office of Foreign Assets Control (OFAC) has issued two General Licenses allowing some Russian-origin diamonds and jewelry into the U.S. if they were outside Russia before sanctions took effect.
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According to a report by AGTA, General License 103 permits jewelry located outside Russia before March 1, 2024, and not re-exported after that date. The Jewelers Vigilance Committee (JVC) said this includes antique pieces and items sent for repair.
General License 104 covers non-industrial diamonds of one carat or more that were outside Russia before March 1, 2024. These stones may be imported into the U.S. until September 1, 2025. The rule also extends to diamonds of 0.5 carats or larger for imports taking place on or after September 1, 2024.
AGTA CEO John W. Ford, Sr. said diamonds owned by companies before March 1, 2024, do not provide financial benefit to Russia. The report noted Ford and CIBJO president Gaetano Cavalieri lobbied for the European Union to adopt a similar exemption. The EU has since extended its compliance deadline to March 1, 2025, and introduced its own grandfathering clause.
The U.S. government requires jewelers to self-certify compliance. The JVC has urged businesses to keep documentation in case of review.
Sanctions remain in place. The U.S. banned direct imports of Russian diamonds in April 2022. G7 nations and the EU followed with similar bans in January 2024. Additional restrictions took effect on March 1, 2024, covering diamonds exceeding one carat that are cut or polished outside of Russia. Another phase began on September 1, 2024, banning stones of 0.5 carats or more, even if processed elsewhere.
Industry groups have also rejected an EU rule requiring all diamonds of one carat or more to pass through Antwerp. Ford called the plan "not rational." JVC President Sara Yood said it may not serve African diamond producers. U.S. industry leaders want multiple entry points and support continuing the self-certification system.
Learn more in this report by AGTA.