.RUSSIA'S precious stone sector is actually under pressure. On January 1st the G7, a team of wealthy nations, as well as the European Union outlawed bring ins of tough diamonds unearthed in Russia-- a third of the complete extracted worldwide in 2022. On January 3rd the EU incorporated Russia's state mining company, and also its chief executive, to its own sanctions checklist. This is actually the first period of an extensive penalties plan: in March the G7 and also EU will certainly outlaw Russian treasures that have been actually cut and polished abroad. In September they will launch a certification program to confirm where gemstones were mined. These actions add up to the greatest change to business in decades. Why possesses it taken such a long time to enforce penalties on Russia's gemstone business-- and what impact will they have?