WFDB warns of new US customs requirements for diamond traders
World Federation of Diamond Bourses president Yoram Dvash has advised that, as of April, US customs will require the reporting of diamonds’ country of mining origin and country of origin details.
This mandatory information must be submitted through a signed declaration.
Notably, importers will still need to provide a self-certification statement confirming the absence of Russian diamonds greater than 0.50 ct in their shipments.
The new requirements will apply to all diamonds and diamond-mounted jewellery, regardless of size.
Several critical issues remain unanswered, especially concerning polished diamonds.
This presents a challenge for businesses, particularly for diamonds acquired or imported prior to the implementation of these new requirements.
There are no allowances regarding the handling of existing diamond stocks, or "grandfather goods", or for diamonds with unverifiable mining origins.
“We will continue to monitor developments and provide updates as additional guidance becomes available,” Dvash says.
Meanwhile, commenting on the natural diamond market, Dvash says 2024 was one of the most challenging years for the diamond industry in the past 30 to 40 years, owing to excess supply, low Chinese demand and increased sales of synthetic diamonds.
To remedy this, major producers have been reducing supply of rough diamonds, but industry-wide marketing campaigns such as those by De Beers and the Natural Diamond Council are helping to grow demand.
Dvash urges that these efforts be sustained over several years to realise true market recovery. The bourse itself is also working on marketing efforts, targeting younger people in the US, India and Europe in particular.
The bourse is also working with the Shanghai Diamond Exchange to boost demand for natural diamonds in China.
“We all recognise that recovery will be gradual, but we hope to see a more positive trend in 2025,” Dvash concludes.
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