Conflict Diamonds Act of 2001

Conflict Diamonds Act of 2001 - Prohibits a person from entering, or aiding or abetting any attempt to enter, into the U.S. customs territory any diamond (including one set in jewelry) that has been mined in, or mined and set in, and exported directly from, the Republic of Sierra Leone, the Republic of Angola, or the Republic of Liberia, except for one whose country of origin has been certified as Sierra Leone or Angola by their internationally recognized governments in accordance with specified United Nations Security Council resolutions.

Prohibits a person from entering, or aiding or abetting any attempt to enter, into the U.S. customs territory any diamond directly from a country that is subject to a similar UN Security Council resolution, or that: (1) is not a signatory to an international agreement that establishes a certification system for exports and imports of rough diamonds; (2) that has not unilaterally implemented such a system; or (3) that is not a "cooperating country" (a country that is acting in good faith to establish and enforce a unilateral certification system meeting certain standards or taking action to ensure that it is not facilitating trade in conflict diamonds).

Authorizes the President to prohibit the importation of diamonds or diamond jewelry exported from any country except for rough diamonds whose country of origin has been certified as either Angola or Sierra Leone, if there are reasonable grounds to believe that such prohibition is necessary to carry out certain UN Security Council resolutions banning the exportation or importation of conflict diamonds, that is, diamonds that have at any time been in the possession of any person belonging to or associated with armed insurgents, rebel forces, or any other movement using violence against civilians or internationally recognized governments.

Sets forth both civil and criminal penalties for violations of this Act.

Expresses the sense of Congress that the President should engage in negotiations to conclude an international agreement to eliminate trade in conflict diamonds as soon as possible.

Declares that the overall negotiating objective of the United States is to establish an effective global certification system covering the major exporting and importing countries of rough diamonds that will eliminate trade in conflict diamonds.