.RUSSIA'S gemstone sector is actually under pressure. On January first the G7, a team of rich nations, and also the European Union banned imports of rough rubies mined in Russia-- a 3rd of the overall extracted worldwide in 2022. On January 3rd the EU added Russia's condition exploration firm, as well as its president, to its own penalties listing. This is the very first phase of a detailed penalties plan: in March the G7 and also EU will definitely disallow Russian treasures that have actually been actually reduced as well as perfected abroad. In September they will certainly present a license plan to validate where diamonds were actually unearthed. These steps amount to the biggest modification to business in many years. Why has it taken so long to establish decrees on Russia's gemstone industry-- and what effect will they have?