.RUSSIA'S DIAMOND industry is under pressure. On January 1st the G7, a team of abundant nations, and the European Union prohibited imports of harsh rubies extracted in Russia-- a third of the complete drawn out worldwide in 2022. On January 3rd the EU included Russia's condition mining firm, and its own ceo, to its own penalties list. This is the first stage of an extensive sanctions plan: in March the G7 and EU are going to disallow Russian jewels that have actually been actually reduced as well as perfected abroad. In September they are going to introduce a license plan to validate where diamonds were extracted. These solutions amount to the most significant change to the business in years. Why has it taken so long to impose decrees on Russia's precious stone field-- and also what effect will they possess?