OFAC amends Rough Diamonds Control Regulations 

The US Department of the Treasury’s Office of Foreign Assets Control (‘OFAC’) has issued an amendment to the Rough Diamonds Control Regulations (31 CFR, part 592.) OFAC states that the update is to ‘clarify several reporting requirements and remove another; clarify which entity may issue Kimberley Process Certificates for the export of rough diamonds from the United States; clarify the steps necessary to validate a Kimberley Process Certificate; add two definitions that define rough diamond packaging requirements and Kimberley Process voided certificates; and make certain technical and conforming changes to the penalties section of the regulations.’

The Kimberley Process, initiated in South Africa in 2000 in response to concern over trade in conflict diamonds, requires participants to use The Kimberley Process Certification Scheme which ‘both safeguards the shipment of “rough diamonds” and certifies them as conflict free.’ Participants in the scheme account for around 99.8% of the global production of rough diamonds and include 81 countries. The amendment came into effect on 19 June.

For further information, see:
https://www.treasury.gov/resource-center/sanctions/Programs/Documents/fr83_28370.pdf