U.S. Seeks to Tighten Rules on Russian Diamonds – by Rob Bates (JCK Online – February 2, 2023)

JCK Online

As Russia’s invasion of Ukraine enters its second year, the United States is looking to tighten its regulations on Russian diamonds—and eliminate the rule that allows the importation of Russian-mined diamonds cut and polished elsewhere.

Belgian officials who spoke with Politico last week said that the European Union and United States hope to develop a “‘watertight’ traceability system” for diamonds as a way to limit Russian gems.

But people who have spoken with U.S. and EU officials believe they are seeking a traceability requirement, where the onus would be on importers to prove their diamonds didn’t come from a Russian mine.

If enacted, it would mean that U.S. companies could only import diamonds if they have proof of their non-Russian origin. “The Belgium government has suggested an international traceability requirement,” says Tom Neys, spokesperson for Antwerp World Diamond Centre, the Belgium industry group.

For the rest of this editorial: https://www.jckonline.com/editorial-article/u-s-rules-russian-diamonds/