Summary: S.2027 — 107th Congress (2001-2002)All Information (Except Text)

There is one summary for S.2027. Bill summaries are authored by CRS.

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Introduced in Senate (03/18/2002)

Clean Diamond Trade Act - Directs the President to prohibit the import of rough diamonds from countries that do not take measures meeting the requirements of the United Nations Security Council Resolutions on trade in conflict diamonds. Excludes imports for personal use and previously exported and reimported diamonds. Authorizes the President to prohibit the import of polished diamonds on the same basis.

Directs the President to prohibit the entry of polished diamonds and jewelry containing them if there is credible evidence such diamonds are conflict diamonds.

Subjects diamonds imported in violation of these requirements to the seizure and forfeiture laws as well as all criminal and civil laws. Earmarks proceeds for the Leahy War Victims Fund and other specified purposes.

Requires periodic reports on the effectiveness of the U.N. requirements and the requirements of this Act in preventing the importation of conflict diamonds.

Expresses the sense of Congress that: (1) the President should negotiate an international arrangement to eliminate the conflict diamond trade and seek U.N. resolutions concerning the diamond trade in additional countries; (2) this Act should not impede the legitimate diamond trade; and (3) companies in diamond extraction and trade should contribute financially to countries seeking to implement effective measures to stop trade in conflict diamonds.