.RUSSIA’S gemstone industry is struggling. On January first the G7, a team of rich nations, and also the European Union prohibited bring ins of rough diamonds mined in Russia– a 3rd of the overall drawn out worldwide in 2022. On January 3rd the EU incorporated Russia’s state mining company, and its own ceo, to its own decrees checklist.
This is the 1st stage of a detailed decrees plan: in March the G7 and also EU will definitely prohibit Russian treasures that have been actually reduced and also perfected abroad. In September they will offer a license system to confirm where gemstones were mined. These procedures add up to the biggest adjustment to the business in many years.
Why has it taken such a long time to establish injunctions on Russia’s precious stone industry– and also what effect will they possess?