.RUSSIA'S DIAMOND market is under pressure. On January first the G7, a team of wealthy countries, as well as the European Union disallowed imports of harsh rubies mined in Russia-- a 3rd of the total removed worldwide in 2022. On January 3rd the EU incorporated Russia's state mining company, and also its own president, to its injunctions list. This is actually the 1st stage of a detailed sanctions program: in March the G7 and EU will certainly disallow Russian jewels that have actually been cut as well as refined abroad. In September they will definitely present a license system to validate where diamonds were actually mined. These steps add up to the biggest adjustment to your business in decades. Why has it taken as long to impose decrees on Russia's ruby industry-- as well as what effect will they possess?