.RUSSIA’S DIAMOND business is actually under the gun. On January first the G7, a group of wealthy countries, and the European Union prohibited bring ins of rough rubies unearthed in Russia– a third of the complete drawn out worldwide in 2022. On January 3rd the EU added Russia’s state mining provider, and its chief executive, to its decrees checklist.
This is actually the initial phase of an extensive injunctions system: in March the G7 and also EU will prohibit Russian gems that have actually been cut and fine-tuned abroad. In September they are going to offer an accreditation system to verify where gemstones were actually mined. These procedures add up to the largest change to the business in decades.
Why has it taken such a long time to enforce penalties on Russia’s gemstone market– as well as what effect will they possess?