Treasury Demands 10-Min Reports on Rough Diamond Shipments
Published Date: 2/28/2025
Notice
Summary
The Treasury’s Office of Foreign Assets Control is asking for approval to keep collecting info on rough diamond shipments entering the U.S. Businesses and individuals in the diamond trade must report shipments within 15 days, but no changes are planned. This process affects about 73 reporters who spend roughly 10 minutes per report, with comments due by March 31, 2025.
Analyzed Economic Effects
3 provisions identified: 1 benefits, 2 costs, 0 mixed.
Must report rough-diamond arrivals in 15 days
If you are the ultimate consignee named on Customs Form 7501 for a shipment of rough diamonds, you must report receipt of that shipment to the relevant foreign exporting authority within 15 calendar days of the shipment's arrival at the U.S. port of entry.
Estimated reporting burden and frequency
OFAC estimates about 73 unique reporters will file roughly 402 reports per year (about 5.5 reports per reporter annually), with an average of 10 minutes per report and a total estimated annual burden of about 67 hours.
Flexible submission methods allowed
The required report need not follow any particular form and may be submitted electronically or by mail or courier, giving reporters flexibility in how they send the notification of receipt.
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