.RUSSIA’S precious stone field is under pressure. On January 1st the G7, a group of abundant countries, and the European Union outlawed bring ins of tough gemstones mined in Russia– a 3rd of the complete removed worldwide in 2022. On January 3rd the EU included Russia’s state exploration business, and its own president, to its own sanctions checklist.
This is actually the very first stage of a complete decrees plan: in March the G7 and EU will certainly prohibit Russian gems that have been reduced and refined abroad. In September they are going to introduce a license system to verify where rubies were actually unearthed. These solutions amount to the largest improvement to the business in years.
Why possesses it taken as long to impose sanctions on Russia’s diamond field– as well as what effect will they possess?