.RUSSIA'S precious stone sector is actually under the gun. On January 1st the G7, a team of rich countries, and also the European Union prohibited bring ins of rugged gemstones mined in Russia-- a 3rd of the overall extracted worldwide in 2022. On January 3rd the EU added Russia's condition exploration company, and also its own chief executive, to its own penalties list. This is the very first period of an extensive sanctions system: in March the G7 and EU will certainly outlaw Russian gems that have actually been cut as well as perfected abroad. In September they are going to offer a qualification scheme to confirm where diamonds were actually unearthed. These procedures amount to the biggest modification to business in years. Why possesses it taken so long to impose penalties on Russia's gemstone sector-- and what impact will they possess?