.RUSSIA'S DIAMOND business is actually under the gun. On January first the G7, a team of wealthy nations, and also the European Alliance banned bring ins of rough diamonds mined in Russia-- a 3rd of the complete removed worldwide in 2022. On January 3rd the EU incorporated Russia's condition exploration firm, as well as its president, to its penalties checklist. This is the 1st period of an extensive sanctions plan: in March the G7 and EU are going to prohibit Russian jewels that have actually been actually reduced and also refined abroad. In September they are going to launch a certification plan to confirm where gemstones were extracted. These actions add up to the largest change to the business in decades. Why has it taken such a long time to establish sanctions on Russia's ruby sector-- and also what influence will they possess?