.RUSSIA’S precious stone market is struggling. On January 1st the G7, a team of rich countries, as well as the European Association banned bring ins of tough diamonds mined in Russia– a third of the total removed worldwide in 2022. On January 3rd the EU included Russia’s state mining company, and its own leader, to its own injunctions listing.
This is the very first phase of a thorough injunctions program: in March the G7 and also EU will definitely outlaw Russian treasures that have actually been cut as well as perfected abroad. In September they are going to introduce an accreditation scheme to verify where rubies were unearthed. These measures add up to the biggest adjustment to business in many years.
Why has it taken such a long time to enforce injunctions on Russia’s diamond business– and also what impact will they have?