.RUSSIA’S precious stone market is under the gun. On January first the G7, a team of abundant countries, and also the European Union disallowed bring ins of rugged rubies extracted in Russia– a 3rd of the total removed worldwide in 2022. On January 3rd the EU added Russia’s state mining business, and its own leader, to its own sanctions list.
This is actually the very first stage of an extensive decrees scheme: in March the G7 and EU will definitely outlaw Russian treasures that have actually been actually reduced and perfected abroad. In September they will definitely launch a certification system to verify where diamonds were actually unearthed. These procedures add up to the biggest modification to the business in many years.
Why has it taken as long to enforce sanctions on Russia’s diamond field– and what effect will they have?