.RUSSIA’S DIAMOND market is actually struggling. On January 1st the G7, a group of abundant nations, and the European Union disallowed imports of rough precious stones extracted in Russia– a 3rd of the complete removed worldwide in 2022. On January 3rd the EU included Russia’s state exploration firm, and its leader, to its own decrees checklist.
This is the very first stage of a detailed penalties system: in March the G7 and EU are going to outlaw Russian gems that have been reduced and polished abroad. In September they will definitely launch an accreditation scheme to validate where rubies were actually extracted. These procedures amount to the largest adjustment to business in many years.
Why has it taken such a long time to impose sanctions on Russia’s ruby market– and also what impact will they have?