.RUSSIA'S DIAMOND business is actually under the gun. On January 1st the G7, a group of wealthy nations, and also the European Union banned imports of rough gemstones mined in Russia-- a third of the complete extracted worldwide in 2022. On January 3rd the EU added Russia's condition exploration business, and its own chief executive, to its sanctions listing. This is actually the 1st period of a detailed penalties plan: in March the G7 and EU are going to disallow Russian gems that have actually been cut and perfected abroad. In September they will definitely offer a license scheme to verify where gemstones were actually mined. These measures amount to the largest adjustment to the business in decades. Why possesses it taken so long to enforce decrees on Russia's ruby sector-- as well as what influence will they have?