Welcome to ALTR

Ban On Russian Diamonds Has Major Loophole. Congress Is Moving To Close It.

Across the industry, there was widespread support for the Russian diamond ban. All the big names in jewelry got on board, including Pandora (the world’s largest jewelry producer), Signet (the largest jewelry retailer in the U.S.), LVMH’s Tiffany, Richemont’s Cartier, Van Cleef & Arpels, Kering and many others.

But hidden behind the official statements was a major loophole: almost no diamonds used in jewelry and sold in America are legally classified as Russian because they typically undergo “substantial transformation” in another country through the cutting and polishing process. Since some 95% of the world’s diamonds are cut and polished in India, that is the official country of origin according to U.S. customs regulations.

Now a bipartisan group of 11 Congress members, led by Representatives Gerry Connoly (D-VA) and Justin Scott (R-GA), have written to the Biden administration and Treasury Secretary Janet Yellin, asking that the loophole be closed.

Click to read article.
EXCLUSIVE from the Lab Grown Diamond Symposium – Dubai 2023
Jul 10,2023
Know More
How Traditional Family Run Businesses Have Changed in the Diamond Industry
Jan 30,2023
Know More
Sustainability Trends in the Diamond Market and Holiday Jewelry Shopping Trends
Nov 30,2022
Know More