U.S. issues new rough diamond import/export regulations

U.S. issues new rough diamond import/export regulations The U.S. government announced new regulations governing the import and export of rough diamonds.
   The rules, which are aimed at strengthening U.S. commitment to the international Kimberley Process Certification Scheme, amend current rules by requiring all rough diamond imports to be entered under a formal entry using a Customs and Border Protection entry summary (CBP Form 7501).
   'Informal entries of rough diamonds valued less than $2,500 will no longer be allowed,' said the States Department in a May 21 statement. 'Rough diamond importers and exporters also will be required to file an annual report that includes total import and export activity and stockpile information beginning September 2008.'
   The United States adopted the Clean Diamond Trade Act in April 2003 to implement international standards adopted by the Kimberley Process Certification Scheme. The purpose of the scheme is to prevent diamonds from being used to finance civil wars, such as the case with Sierra Leone, Liberia and Angola in the 1990s.
   In addition to the certificates, rough diamonds must be shipped in tamper-resistant containers. Rough diamonds may only be imported from or exported to the 74 countries, which are signatories to the Kimberley Process. Rough diamonds from Cote d'Ivoire are prohibited from entering the United States because of a diamond embargo imposed in the United Nations Security Council resolution 1643 of December 2005, the State Department said.
   Both U.S. rough diamond importers and exporters must maintain copies of their Kimberley Process certificates for five years. All Kimberley Process certificates must also be faxed to the U.S. Census Bureau at (800) 457-7328.
   For more information about the regulation, access the Federal Register notice at edocket.access.gpo.gov/2008/E8-11318.htm.