.RUSSIA’S precious stone field is actually under the gun. On January 1st the G7, a team of rich nations, and the European Association prohibited bring ins of rough diamonds unearthed in Russia– a 3rd of the overall drawn out worldwide in 2022. On January 3rd the EU included Russia’s state mining company, and its leader, to its own decrees checklist.
This is the 1st stage of an extensive penalties scheme: in March the G7 and also EU will ban Russian gems that have actually been actually cut and polished abroad. In September they will present a license system to confirm where diamonds were actually unearthed. These procedures add up to the largest modification to business in years.
Why has it taken such a long time to impose decrees on Russia’s diamond market– and what influence will they possess?