.RUSSIA’S gemstone field is actually struggling. On January 1st the G7, a group of abundant countries, as well as the European Alliance outlawed bring ins of rough diamonds mined in Russia– a 3rd of the overall extracted worldwide in 2022. On January 3rd the EU incorporated Russia’s state exploration business, as well as its own president, to its penalties list.
This is the very first period of a complete sanctions plan: in March the G7 as well as EU will definitely outlaw Russian gems that have been cut as well as fine-tuned abroad. In September they are going to offer a certification program to confirm where diamonds were mined. These measures add up to the largest improvement to your business in many years.
Why has it taken so long to enforce injunctions on Russia’s diamond field– and also what effect will they have?