Small Diamonds Lead Price Gains in September
1-carat RAPI rises for second straight month.
Category: Sanctions
New date of September 1, 2027, includes loose stones above 0.50 carats that meet the criteria.
Loose stones of 0.50 carats and up that meet criteria are allowed in until September 1, 2026.
Businesses tied to Kamlesh Pattni, some of which operate in Dubai’s DMCC, are included in list.
OFAC also names Moscow-based jeweler Miuz Diamonds, which belongs to Israeli billionaire Lev Leviev.
US and European clients demanding self-certification even for goods under 1 carat.
Gokhran has already bought miner’s first production of the year, according to Interfax.
The advent of G7 Russian sanctions is driving the need to identify and certify the mined source of diamonds — a move that’s as much a commercial necessity as a legal requirement.
Fresh off the success of its deal with De Beers, the government is concerned the new measures will be a step back for its diamond industry.
Government should reevaluate mandating that all diamonds bound for G7 nations pass through Antwerp, due to substantial delays and blockages.
Group recommends exemptions for goods purchased before March 1, 2024.
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