Comment Request for Rough Diamonds Reporting

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RAPAPORT… The Department of the Treasury is seeking public comment on requirements for shipments of rough diamonds. Comments must be made in writing by February 19, 2008.

Comments will be summarized and/or included in the request for Office of Management and Budget approval. All comments will become a matter of public record.

The government seeks comments on: 

(a) Whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information has practical utility;

(b) The accuracy of the agency’s estimate of the burden of the collection of information (at about 500 hours annually;)

(c) Ways to enhance the quality, utility, and clarity of the information to be collected;

(d) Ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and

(e) Estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.

Send feedback to:
Assistant Director Policy
Office of Foreign Assets Control, Dept. of the Treasury
1500 Pennsylvania Avenue NW.
Annex–2d Floor
Washington, DC 20220

Title: Requirement to report information about the shipment of rough diamonds.

OMB Number: 1505-0198.

Abstract: The ultimate consignee of rough diamond shipments, identified on Customs Form 7501 Entry Summary, is required to report specified information about the shipment of rough diamonds imported into the United States to the foreign exporting authority within 15 calendar days of the date that the shipment arrived at a U.S. port of entry pursuant to SEC 592.301(a)(3) of the Rough Diamonds Control Regulations, 31 CFR Part 592.

This collection of information is needed to monitor the integrity of international rough diamond shipments, and the information collected will be used to further the compliance, enforcement, and civil penalty programs of the Office of Foreign Assets Control of the Department of the Treasury (“OFAC”).

Current Actions: There are no changes being made to the notice at this time.

Type of Review: Extension of a currently approved collection.

Affected Public: Business organizations and individuals engaged in the international diamond trade.


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