.RUSSIA’S DIAMOND field is under pressure. On January 1st the G7, a team of wealthy countries, and the European Association prohibited imports of rough precious stones extracted in Russia– a third of the total extracted worldwide in 2022. On January 3rd the EU included Russia’s state exploration firm, and its own leader, to its decrees checklist.
This is actually the 1st phase of a comprehensive penalties plan: in March the G7 as well as EU will definitely disallow Russian jewels that have been actually cut as well as perfected abroad. In September they will certainly offer a qualification system to verify where precious stones were unearthed. These solutions add up to the greatest change to the business in years.
Why has it taken so long to establish injunctions on Russia’s gemstone industry– and also what influence will they possess?