.RUSSIA'S precious stone industry is actually struggling. On January first the G7, a group of rich nations, and also the European Union banned bring ins of rough gemstones extracted in Russia-- a 3rd of the total extracted worldwide in 2022. On January 3rd the EU added Russia's condition mining business, and its leader, to its penalties listing. This is the initial phase of a complete sanctions scheme: in March the G7 as well as EU are going to prohibit Russian jewels that have actually been actually cut and also refined abroad. In September they are going to present an accreditation system to validate where rubies were actually extracted. These solutions add up to the most significant change to the business in years. Why has it taken such a long time to enforce decrees on Russia's gemstone market-- and also what influence will they possess?