.RUSSIA'S precious stone sector is under pressure. On January first the G7, a team of wealthy nations, and the European Union disallowed bring ins of rough gemstones extracted in Russia-- a 3rd of the total extracted worldwide in 2022. On January 3rd the EU added Russia's state exploration firm, and its ceo, to its own sanctions listing. This is the first phase of an extensive penalties program: in March the G7 as well as EU will certainly ban Russian jewels that have actually been reduced as well as perfected abroad. In September they will definitely introduce a license system to verify where rubies were actually mined. These steps add up to the biggest modification to the business in many years. Why has it taken such a long time to establish sanctions on Russia's diamond sector-- and also what influence will they have?