The U.S. Department of the Treasury's Office of Foreign Assets Control has notified the Jewelers Vigilance Committee (JVC) of two important amendments to the Clean Diamond Trade Act, designed to improve the statistical data relating to the U.S. import and export of rough diamonds.

"This effort to improve the data gathered on imports and exports of rough diamonds will further strengthen the U.S. industry's efforts to end the trade in conflict diamonds," Cecilia Gardner, president and chief executive officer of the JVC and director of the U.S. Kimberley Process Authority, said in a statement.

The first amendment emphasizes that, regardless of the value of the shipment, Customs will not release a shipment of rough diamonds, without the formal entry documents, or a "formal entry for consumption."

The amendment clarifies the already existing requirement for such documentation for imports, but it also makes clear that the documents are required for all shipments, including those valued at $2,500 and under.

The second amendment requires all U.S. rough diamond importers and exporters to file an annual report by April 1 of the year following the reported period. The report should be emailed to the U.S. Department of State's Office of the Special Advisor for Conflict Diamonds (e-mail: USKimberleyProcess@state.gov) with the first report for the calendar year 2007 due Sept. 1, 2008.

The report should include contact information regarding the identity of the importer or exporter (name, address, telephone number, fax, and e-mail address) and the total amount of import/export activity for each of the three harmonized tariff codes (7102.10, 7102.21 and 7102.31) that cover rough diamonds for the year reported, JVC says.

Companies should include the total amount of carats of each classification of rough diamonds imported and exported, the total number of import and exported shipments and information on remaining stockpiles or rough diamonds as of the end of the reporting year. The report should include both number of carats and approximate value.

Failure to file the annual report can expose a rough diamond importer or exporter to a civil fine of $10,000 per violation, or criminal penalties of up to $50,000 in fines and 10 years imprisonment.

"The data contained in the annual reports filed by rough diamond traders is protected by U.S. privacy laws and will not be subject to disclosure," said Sue Saarnio, special advisor for conflict diamonds at the U.S. Department of State. "The new regulations will enhance our statistical data gathering and reporting for purposes of complying with our obligations under the Kimberley Process."

Saarnio along with Vincent Dantone, program manager for trade policy enforcement programs at the U.S. Customs and Border Protection, and Kristen Nespoli of the U.S. Census Bureau will be at JVC's exhibit booth, L-13, at the JCK Las Vegas show at the Sands Expo and Convention Center, June 1 and June 2, to provide guidance to rough diamond importers and exporters on the Kimberley Process and Clean Diamond Trade Act regulations.

"Efforts to facilitate data collection of rough diamond trading in the U.S. meet the industry's goals of improving international implementation of the Kimberley Process," said Eli Izhakoff, chairman and CEO of the World Diamond Council.

For more information about amendments to the Clean Diamond Trade Act and for JVC's legal compliance products and services, visit Jewelers Vigilance Committee.