.RUSSIA’S DIAMOND market is actually struggling. On January first the G7, a group of abundant nations, and also the European Association outlawed bring ins of rough precious stones unearthed in Russia– a 3rd of the complete extracted worldwide in 2022. On January 3rd the EU incorporated Russia’s state exploration company, and also its leader, to its own penalties list.
This is actually the initial period of a complete decrees program: in March the G7 as well as EU will ban Russian jewels that have actually been cut and fine-tuned abroad. In September they will launch a license scheme to validate where rubies were actually mined. These measures amount to the greatest improvement to your business in years.
Why has it taken such a long time to impose penalties on Russia’s diamond field– and what effect will they have?