INTRODUCTION

Dear Friends,

We need your help to ensure that new US government regulations do not severely harm the US diamond and jewelry trade. To date 1,592 members of the trade have signed on to the Rapaport US Diamond Protocol (USDP). Please join us.

The Rapaport Group strongly supports honest, effective, and efficient US sanctions against Russian diamonds and other diamond sources that violate human rights, such as Zimbabwe. However, we are deeply concerned that efforts by the G7 group and US regulations in support of President Biden’s executive order of December 22, 2023, will harm our trade.

If improperly implemented compliance regulations will force small companies out of business, reduce fair market competition, restrict US access to non-sanctioned diamonds and restrain US trade.

The key point is that effective US sanction regulations and enforcement should start and stop at the border. Once polished diamonds are in the US there should not be any sanction compliance requirements. There should not be any restrictions or reporting requirements for diamond trading within the US.

Another important factor is the President’s executive order’s requirement that “The Secretary of Homeland Security, with the concurrence of the Secretary of the Treasury, shall prescribe rules and regulations to collect, including through an authorized electronic data interchange system.”

We are asking for your urgent support for the Rapaport US Diamond Protocol. It places the burden of government regulation and enforcement on US government agencies such as US customs and not on US businesses or trade organizations.

The matter is urgent as the G7 calls for “phased restrictions on the import of Russian diamonds processed in third countries targeting March 1, 2024.” Furthermore, the EU states “as of 1 September 2024, the ban will be expanded to include lab-grown diamonds, jewellery, and watches containing diamonds.” The Jewelers Vigilance Committee (JVC) referring to the OFAC Feb. 8 determination, states “Specifically, this determination outlines that as of March 1, 2024, diamonds 1.0 carat and higher of Russian origin are banned from entering the U.S., regardless of where they are cut & polished.”

I urge you to support the Rapaport US Diamond Protocol by completing the form on this page.

We believe the best way forward is to present the US Diamond Protocol to US regulators and congressional representatives and work with them to ensure honest, effective, and efficient US regulations that restrict the flow of sanctioned Russian diamonds into the US without harming our trade.

Let’s work together to protect our trade

Thank you,

Martin Rapaport
Chairman
RAPAPORT