.RUSSIA’S DIAMOND industry is struggling. On January first the G7, a group of rich countries, and also the European Union banned bring ins of harsh gemstones extracted in Russia– a 3rd of the total drawn out worldwide in 2022. On January 3rd the EU added Russia’s condition mining firm, as well as its own ceo, to its own decrees listing.
This is actually the 1st phase of a thorough sanctions plan: in March the G7 and also EU are going to ban Russian jewels that have been actually cut and refined abroad. In September they are going to present an accreditation scheme to validate where gemstones were extracted. These actions add up to the biggest adjustment to the business in years.
Why has it taken as long to establish decrees on Russia’s ruby industry– and also what influence will they have?