.RUSSIA’S gemstone field is under pressure. On January first the G7, a group of abundant nations, and also the European Alliance prohibited bring ins of tough rubies mined in Russia– a 3rd of the total extracted worldwide in 2022. On January 3rd the EU added Russia’s condition exploration business, and also its own ceo, to its sanctions listing.
This is the initial period of a detailed sanctions program: in March the G7 and also EU are going to prohibit Russian treasures that have been reduced and perfected abroad. In September they are going to offer a license program to verify where precious stones were mined. These steps add up to the largest modification to your business in many years.
Why possesses it taken so long to enforce decrees on Russia’s precious stone industry– and what influence will they possess?