.RUSSIA’S DIAMOND field is under the gun. On January 1st the G7, a group of wealthy countries, as well as the European Association banned bring ins of harsh rubies extracted in Russia– a third of the complete extracted worldwide in 2022. On January 3rd the EU incorporated Russia’s condition exploration business, and its ceo, to its own penalties listing.
This is actually the initial stage of a thorough sanctions program: in March the G7 as well as EU are going to ban Russian treasures that have been actually reduced and polished abroad. In September they will definitely introduce a qualification plan to confirm where precious stones were unearthed. These measures amount to the biggest modification to business in decades.
Why possesses it taken so long to impose penalties on Russia’s precious stone market– as well as what effect will they have?