Defend US Diamond Trade from Harmful Sanctions

We urgently need your help and support. The US is implementing sanction regulations that may significantly harm our US diamond trade.

Dear Daimond,    We urgently need your help and support. The US is implementing sanction regulations that may significantly harm our US diamond trade.     I urge you to go to Rapaport.com/sanctions and register your support for the Rapaport US Diamond Protocol. Please do it now!     The Rapaport US Diamond Protocol has three main points.     (1) Importers and exporters of diamonds into the US must sign a declaration that the diamonds being imported are not sourced from Russian or other US-sanctioned entities.     (2) US government agencies that require Source Verification should select and use blockchains of their choice to identify and/or trace the source of US diamond imports.      (3) Once diamonds are in the US, no restrictions or compliance requirements will be required. This includes diamonds and diamond jewelry already in the US, as well as any new diamonds imported after sanction regulations are implemented.    Sign Now Background    Rapaport supports effective Russian sanctions but is firmly opposed to efforts by the Belgium Government and the World Diamond Council to use US sanction regulations to harm US consumers, jewelers, and traders.     Belgium is using their position in the G7 to insist that all diamonds coming into the US go through Belgium. This is an outrageous power grab that will increase the cost and limit the flow of diamonds entering the US market.     The World Diamond Council WDC G7 Diamond Protocol is a terrible document that calls for unnecessary extensive trade compliance regulations that will destroy small to medium size jewelers, restrain US trade by restricting distribution of non-sanctioned diamonds, and outrageously have foreign trade organizations, like Dubai's DMCC and India's GJEPC, audit and approve their members compliance with US sanctions regulations.     Let me make it clear. The US imports over 50% of the world's polished diamonds. No foreign governments or trade organizations dominated by self-interested foreign companies should manipulate or control US government regulation of our diamond trade.      It is our intention to mount a political campaign, with hundreds of US jewelers and diamond traders asking our legislators and government regulators to implement laws and regulations that ensure effective sanctions while protecting the US trade.     We will be reaching out to US government officials next week and seek as many supporters as possible.      We need your immediate support for the Rapaport US Diamond Protocol at Rapaport.com/sanctions.      Please note we are also seeking US interns and members of the trade who want to get involved. Please email sanctions@rapaport.com.      Thank you for your time and consideration.     Martin Rapaport  Chairman  RAPAPORT     Sign Now THE RAPAPORT US DIAMOND PROTOCOL  October 31, 2023  Section 1.    All diamonds imported into the United States will require the following declarative statement by the importer and exporter:     "To the best of my knowledge the diamonds being imported have not been sourced from any US sanctioned entity."     Note: "sourced" diamonds include diamonds purchased from a sanctioned entity that have been substantially transformed by non-sanctioned entities. This includes diamonds purchased from Alrosa and manufactured outside of Russia.     US Customs or another designated government authority may maintain a list of companies allowed to export or import diamonds into the US.    Section 2.   In the event the US government wishes to implement a tracing capability for the import of diamonds into the US, the following protocols should be implemented:     All diamonds imported into the US shall have a unique US Blockchain Identification Number (USBIN) that links to the following information related to the import: name of blockchain; name of mining company; name of diamond manufacturer; import carat weight; import US$ value; invoice trail of diamonds from mine to importer, listing the names of all companies that have transacted the diamonds.     The USBIN must be prominently displayed in a clear tamper–proof sealed bag containing the diamonds. For the purpose of import, the blockchain information will be restricted to government auditing entities.   All diamonds already in the US may be entered into a government–approved blockchain and assigned a USBIN by the company exporting the diamonds from the US. Such diamonds may be reimported into the US using the USBIN.     It is the responsibility of US government designated entities such as US Customs and/or Office of Foreign Asset Control to audit and approve acceptable diamond blockchains, as well as to designate entities that are allowed or not allowed to be included in the USBIN supply chain.      Once polished diamonds are in the US, there are no restrictions on their trade or statements required on any invoices.    Other countries, such as members of the G7, may or may not accept the US Diamond Protocol and US-USBIN for the importation of diamonds into their country.  Sign Now Rapaport USA Inc., 133 East Warm Springs, Las Vegas, Nevada 89119, USA, 702-893-9400 Unsubscribe Manage preferences