This past spring, the American Gem Society (AGS) sent a series of emails informing the AGS community of a resource page we created with updates on the U.S.-mandated Russian Sanctions. In addition to helpful tools and information, the page included a template that members could send to supply chain partners to ensure they were in compliance with the U.S. sanctions.
Recently, the State Department’s Head of the Office of Sanctions Coordination, Ambassador James O’Brien, led an interagency discussion with the U.S. offices of leading diamond retailers, manufacturers, and laboratories. The meeting focused on “the importance of the diamond industry’s robust implementation of Russia-focused sanctions and broader due diligence standards, including as applicable to Russian-backed actors around the globe. The United States remains committed to imposing economic consequences on Russia for its unprovoked war in Ukraine and destabilizing activities across Africa.”
In response to this meeting, the Jewelers Vigilance Committee (JVC) issued an alert to their members and has given us permission to share the alert with you. This alert outlines details of the sanctions and provides advice on ensuring compliance.
The American Gem Society would like to thank JVC for their role in keeping the industry informed, and for sharing this important information with the AGS community. Interested in staying up to date with the latest jewelry-specific legal guidance and compliance updates? Join JVC today!
We encourage you to bookmark our Russian Sanctions Resources page and utilize our created template. The Russian war on Ukraine continues, as do the sanctions. Therefore, it is the responsibility of each business to be in compliance to avoid significant fines.
As always, if you have any questions, please contact us here.