.RUSSIA'S precious stone industry is actually under the gun. On January first the G7, a team of abundant countries, and also the European Union prohibited 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 state mining company, and also its own leader, to its penalties listing. This is the 1st phase of a thorough injunctions scheme: in March the G7 and EU will disallow Russian gems that have actually been actually cut as well as refined abroad. In September they are going to introduce a license system to confirm where precious stones were actually unearthed. These procedures amount to the greatest improvement to business in many years. Why has it taken such a long time to impose sanctions on Russia's gemstone industry-- and also what effect will they have?