.RUSSIA'S gemstone industry is actually under pressure. On January first the G7, a group of rich countries, and the European Alliance banned bring ins of rough diamonds unearthed in Russia-- a third of the overall removed worldwide in 2022. On January 3rd the EU included Russia's condition mining provider, as well as its ceo, to its sanctions checklist. This is the 1st period of a detailed sanctions scheme: in March the G7 as well as EU will certainly disallow Russian gems that have actually been reduced and refined abroad. In September they will certainly offer a license program to confirm where gemstones were actually mined. These solutions add up to the biggest change to business in decades. Why has it taken such a long time to impose decrees on Russia's precious stone business-- and also what influence will they have?