Importers that bring jewelry containing diamonds into the United States will have to specify the gems’ “country of mining” beginning in April, according to rule changes posted last month by U.S. Customs and Border Protection (CBP).
“Country of mining” is defined as “where the diamonds were mined, extracted, produced, or manufactured wholly or in part.” (Current rules require information on “country of origin,” meaning where the diamonds are cut and polished.)
CBP’s bare-bones notice left the trade with a long list of questions. For one, it requires importers to list “country of mining” (singular) but doesn’t specify how importers should handle shipments of goods with diamonds that were extracted from multiple locales.
The notice also wasn’t clear if the requirement applies only to diamonds of 0.5 ct. and up—which are the only diamonds currently subject to sanctions. Furthermore, it didn’t say whether Customs would require some form of backup documentation for any required statements.
Some in the trade wonder whether so-called “grandfathered” diamonds—purchased before March 1, 2024—would be exempt. Last September, the Treasury Department’s Office of Foreign Assets Control (OFAC) issued two types of general license that allow the import of Russian diamonds bought before that date.
January’s notice also didn’t specify when in April the changes will take effect—it just says “April 2025.” (CBP did not respond to a list of questions sent by JCK last week.)
U.S. companies reacted to the new rule with alarm, though most didn’t want to be identified given the sensitivity of the issue.
“This cannot be complied with, frankly,” one New York dealer tells JCK. “They are surely not looking to put tens of thousands of people out of business.”
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(Photo courtesy of U.S. Customs and Border Protection)
Source : jckonline
