.RUSSIA'S gemstone market is actually struggling. On January first the G7, a group of wealthy countries, and the European Association outlawed imports of harsh rubies unearthed in Russia-- a third of the overall removed worldwide in 2022. On January 3rd the EU included Russia's state mining company, and its president, to its sanctions list. This is actually the very first phase of an extensive penalties program: in March the G7 as well as EU will prohibit Russian jewels that have actually been actually cut as well as perfected abroad. In September they will certainly offer a qualification plan to validate where precious stones were mined. These steps amount to the largest improvement to the business in many years. Why has it taken such a long time to establish decrees on Russia's diamond industry-- as well as what impact will they have?