.RUSSIA'S precious stone business is actually under the gun. On January 1st the G7, a team of wealthy nations, and also the European Association banned bring ins of tough rubies mined in Russia-- a third of the total drawn out worldwide in 2022. On January 3rd the EU incorporated Russia's state mining business, as well as its own chief executive, to its own penalties checklist. This is actually the 1st phase of a thorough sanctions scheme: in March the G7 and also EU will certainly ban Russian gems that have actually been actually reduced and perfected abroad. In September they will definitely offer an accreditation scheme to validate where diamonds were actually extracted. These procedures amount to the greatest modification to the business in many years. Why possesses it taken so long to enforce sanctions on Russia's gemstone sector-- as well as what impact will they have?