US Extends Deadline for Imports of Certain Russian Diamonds to 2027

The US government has extended the deadline allowing imports of loose "grandfathered" Russian diamonds by another year, according to reports from Rapaport and TASS.

The updated General License No. 104B, released on Wednesday by the Department of the Treasury's Office of Foreign Assets Control (OFAC), delays the deadline for certain categories to September 1, 2027. This follows a previous extension that set the deadline to September 1, 2026; the original directive had set it for September 1, 2025.

The license permits imports of Russian-origin diamonds weighing 1 carat or more, provided they were located outside Russia and were not exported or reexported from Russia on or after March 1, 2024. It also allows imports of diamonds weighing 0.5 carats or more, provided they were located outside Russia and were not exported or reexported from Russia on or after September 1, 2024.

These provisions trace back to General License No. 104, issued by OFAC in March 2024 after the US imposed sanctions on Russian-origin diamonds. That license allowed certain nonindustrial loose diamonds purchased before the sanctions took effect to enter the US. The guidelines covered Russian-origin stones that had not yet entered the US, including rough diamonds sent to India for cutting and polishing, provided the goods had left Russia before the applicable cutoff dates: March 1, 2024, for diamonds weighing 1 carat or more, and September 1, 2024, for 0.50- to 1-carat stones.

The US government made no changes to the original General License No. 103, which applies to the importation of diamond jewelry that was outside the Russian Federation before the March 2024 sanctions took effect.

Background: Sanctions Timeline

The extensions come amid a series of measures targeting Russian diamond imports. In December 2023, the Group of Seven (G7) countries announced restrictions on imports of diamonds mined or processed in Russia, effective January 1, 2024. On March 1, 2024, those restrictions were extended to Russian diamonds processed in other countries.

In February 2024, US authorities announced that imports of unsorted diamonds and diamond jewelry from Russia would be banned starting March 1. They also prohibited imports into the United States of non-industrial diamonds from Russia weighing 1 carat or more starting March 1, 2024, and those weighing 0.5 carats or more starting September 1, 2024, regardless of whether they had been processed in third countries.

In August 2024, US authorities authorized imports of certain categories of Russian diamonds until September 1, 2025, and that license was later extended for another year before the latest update to September 1, 2027.