.RUSSIA'S precious stone market is actually struggling. On January 1st the G7, a team of wealthy countries, as well as the European Union banned imports of harsh rubies extracted in Russia-- a third of the overall drawn out worldwide in 2022. On January 3rd the EU included Russia's condition exploration provider, and its own president, to its own penalties list. This is the first phase of a comprehensive sanctions scheme: in March the G7 and EU will definitely prohibit Russian jewels that have been actually cut and also polished abroad. In September they will certainly present a qualification system to confirm where diamonds were actually extracted. These procedures add up to the largest improvement to your business in many years. Why possesses it taken as long to establish penalties on Russia's ruby field-- and also what effect will they possess?