.RUSSIA’S precious stone industry is struggling. On January first the G7, a team of abundant nations, and also the European Union banned imports of rugged rubies mined in Russia– a 3rd of the total drawn out worldwide in 2022. On January 3rd the EU incorporated Russia’s condition exploration business, and also its own leader, to its own sanctions listing.
This is actually the 1st stage of a detailed penalties scheme: in March the G7 and also EU will definitely prohibit Russian jewels that have been cut and also perfected abroad. In September they are going to launch a qualification scheme to verify where diamonds were actually extracted. These procedures add up to the greatest improvement to the business in many years.
Why has it taken so long to establish penalties on Russia’s ruby field– and also what effect will they have?