The US department of state issued new regulations governing the import and export of rough diamonds as part of a government endeavour to strengthen the international Kimberley Process Certification Scheme (KPCS) to prevent rough diamonds from being used to finance civil wars.
Informal entries of rough diamonds valued less than $2,500 will no longer be allowed. 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 new regulations enhance US government oversight of the rough diamond trade in an effort to strengthen the international KPCS.
All US rough diamond imports and exports must be accompanied by KP certificates and be shipped in tamper-resistant containers. Rough diamonds may only be imported from or exported to the 74 countries, which are participants in the Kimberley process.
The US adopted the Clean Diamond Trade Act in April 2003 to implement international standards adopted by the KPCS.