The Department of the Treasury, specifically the Office of Foreign Assets Control (OFAC), is requesting the Office of Management and Budget (OMB) to review and approve the extension of an existing form related to the Rough Diamonds Control Regulations. According to these regulations, individuals or businesses receiving shipments of rough diamonds must report the receipt to the relevant foreign exporting authority within 15 days of entry into the U.S. This process affects those involved in the international diamond trade, with an estimated total of 73 respondents and about 67 total annual burden hours for reporting. The department is inviting public comments on this collection by March 31, 2025, and details can be submitted through the specified website.
Simple Explanation
The Treasury Department needs people who buy lots of diamonds from other countries to fill out a special form and send it back to the country they got the diamonds from. They’re checking with the big boss in charge to make sure this form is okay to keep using, and they want people to tell them if the form is too hard to fill out by the end of March.