.RUSSIA'S DIAMOND industry is under the gun. On January first the G7, a group of rich countries, as well as the European Union prohibited bring ins of rugged rubies mined in Russia-- a third of the complete extracted worldwide in 2022. On January 3rd the EU added Russia's condition mining company, as well as its chief executive, to its own penalties checklist. This is actually the very first stage of an extensive decrees system: in March the G7 and also EU will definitely ban Russian jewels that have been actually reduced as well as fine-tuned abroad. In September they will certainly present a license program to validate where gemstones were mined. These solutions amount to the largest change to business in decades. Why has it taken so long to establish penalties on Russia's precious stone industry-- and also what impact will they possess?