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Update to Rough Diamonds Control Regulations

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On May 21, 2008, the Department of the Treasury's Office of Foreign Assets Control (OFAC) amended the Rough Diamonds Control Regulations, 31 C.F.R. part 592 (the "Regulations"), to add requirements designed to enhance the collection of statistics related to importations and exportations of rough diamonds. Specifically, OFAC is amending section 592.301 of the Regulations to add a note that explains that the U.S. Customs and Border Protection (CBP) will not release custody of an import of rough diamonds unless the import conforms with the CBP's formal entry for consumption requirements, as defined in the CBP regulations (see 19 C.F.R. 141.0a(f)). OFAC also is amending the Regulations to add a new section 592.502, which sets forth a requirement for all importers and exporters of rough diamonds to file an annual report with the Department of State detailing their import, export and stockpile information.