The U.S. Treasury’s Office of Foreign Assets Control (OFAC) has issued two general licenses that will allow the import of previously banned “grandfathered” diamonds in the United States.
The term “grandfathered” refers to rough or polished diamonds that were mined in Russia or whose origin cannot be determined, but were purchased prior to the implementation of Russian diamond sanctions on March 1, 2024. Under past rules, many of those gems were not allowed to be imported into the United States.
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