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Diamond Import and Export Rules Clarified

The U.S. Treasury Department’s Office of Foreign Assets Control has issued a final rule that makes a number of amendments to the Rough Diamonds Control Regulations. This rule incorporates the following existing U.S. Census Bureau requirements for the submission of Kimberley Process Certificates in connection with the importation and exportation of rough diamonds: (i) importers or customs brokers must provide a copy of the KPC accompanying a shipment of rough diamonds to Census immediately after entry of the diamonds into the United States, (ii) the U.S. principal party in interest or U.S. authorised agent must provide a copy of the KPC to Census immediately after export from the United States, and (iii) any voided KPC must be provided to Census immediately upon voiding.

At the same time, this rule removes the requirement for all rough diamond importers and exporters to file annual reports detailing their import, export and stockpile information. Other changes include (i) clarifying the criteria that a KPC issuer must meet, (ii) clarifying the steps necessary to validate a KPC prior to exporting rough diamonds from the United States, and (iii) adding definitions for voided KPCs and tamper-resistant containers.

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