.RUSSIA'S ruby business is under the gun. On January first the G7, a team of abundant nations, and the European Alliance prohibited bring ins of rough diamonds unearthed in Russia-- a 3rd of the total extracted worldwide in 2022. On January 3rd the EU added Russia's state mining company, and also its president, to its own sanctions list. This is actually the very first phase of a complete penalties scheme: in March the G7 as well as EU are going to disallow Russian gems that have actually been reduced as well as perfected abroad. In September they will offer a qualification scheme to confirm where rubies were unearthed. These steps add up to the biggest change to your business in years. Why possesses it taken such a long time to enforce penalties on Russia's diamond sector-- as well as what effect will they have?