.RUSSIA’S precious stone field is actually under the gun. On January 1st the G7, a group of rich nations, and the European Union banned bring ins of rugged gemstones extracted in Russia– a third of the total drawn out worldwide in 2022. On January 3rd the EU included Russia’s state mining provider, and its own chief executive, to its injunctions listing.
This is actually the first stage of a thorough injunctions program: in March the G7 as well as EU will definitely disallow Russian jewels that have been cut and perfected abroad. In September they will certainly offer a certification plan to validate where gemstones were unearthed. These steps amount to the largest modification to your business in decades.
Why has it taken so long to enforce sanctions on Russia’s diamond business– and also what impact will they have?