.RUSSIA’S DIAMOND field is under pressure. On January first the G7, a team of wealthy countries, and the European Alliance disallowed bring ins of rugged gemstones mined in Russia– a third of the complete extracted worldwide in 2022. On January 3rd the EU included Russia’s condition mining company, and also its ceo, to its penalties checklist.
This is actually the initial stage of a comprehensive penalties system: in March the G7 and also EU will outlaw Russian jewels that have been reduced as well as refined abroad. In September they are going to present an accreditation scheme to verify where rubies were actually mined. These procedures add up to the most significant improvement to your business in years.
Why has it taken such a long time to establish sanctions on Russia’s precious stone market– and what influence will they possess?