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Guidance Regarding US Sanctions Against Russia

Notice to Rapaport Members

Mar 15, 2022 12:30 PM   By Rapaport
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  1. While the Rapaport Group recognizes the importance of Alrosa and Russia’s 30% supply of the world’s rough diamonds, we support US sanctions against Russian diamonds. We mourn the loss of life and ongoing suffering. We protest Russia’s act of war against Ukraine and pray for peace.

  2. On Friday, March 11, President Joe Biden issued an executive order restricting the import of Russian diamonds into the US. Yesterday’s clarification from OFAC, as explained by the JVC, indicates that the order is limited to the US importation of Russian rough diamonds and diamonds polished in Russia. The order places no restrictions on the US importation of polished diamonds sourced from Russian rough but polished outside Russia. The order does prohibit the sale of luxury goods to any person or entity located in Russia.

  3. We have suspended all Russian companies from RapNet. The Rapaport Group will also not participate in any trading or promotional activities with Russian companies.

  4. Additional information is available at our Russian Sanctions Resource Center, where we provide updates and Rapaport Statements regarding the sanctions. The situation is developing, and additional sanctions, rules and clarifications may be issued in the near future.

  5. RapNet members are encouraged to include rough diamond source information in the supplier comment field. This should be at the end of the comment field and written in the following manner: “Origin: Source,” where “Source” can be the mining country or the mining company. Example: “Origin: DTC,” “Origin: Canada,” “Origin: Lucara” or “Origin: Russia.”

  6. In the near future, RapNet will create a new “Origin” field where members can indicate a diamond’s rough source. Diamonds from known origins will be designated with an “O” in the search results. Diamonds of Russian rough origin will be marked with an “R” in the search results.
Martin Rapaport
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