.RUSSIA’S DIAMOND business is actually struggling. On January 1st the G7, a group of wealthy countries, and the European Alliance disallowed imports of rugged rubies mined in Russia– a third of the total drawn out worldwide in 2022. On January 3rd the EU added Russia’s state mining company, and also its own leader, to its decrees list.
This is the 1st period of a thorough penalties scheme: in March the G7 and also EU will disallow Russian gems that have been actually reduced and also polished abroad. In September they will present an accreditation scheme to confirm where rubies were extracted. These actions amount to the largest change to your business in years.
Why possesses it taken so long to enforce sanctions on Russia’s ruby business– and also what influence will they have?