.RUSSIA'S ruby market is actually struggling. On January first the G7, a team of wealthy countries, as well as the European Alliance prohibited imports of harsh gemstones unearthed in Russia-- a 3rd of the total extracted worldwide in 2022. On January 3rd the EU incorporated Russia's state exploration company, and also its own president, to its penalties listing. This is actually the 1st stage of an extensive sanctions plan: in March the G7 and also EU will definitely disallow Russian gems that have been cut and polished abroad. In September they will certainly present a license plan to validate where gemstones were unearthed. These actions add up to the biggest modification to your business in decades. Why possesses it taken such a long time to establish sanctions on Russia's diamond market-- as well as what impact will they possess?