.RUSSIA'S DIAMOND market is actually under the gun. On January first the G7, a group of wealthy countries, and the European Alliance banned bring ins of harsh diamonds extracted in Russia-- a 3rd of the total extracted worldwide in 2022. On January 3rd the EU included Russia's state exploration firm, and also its own ceo, to its penalties checklist. This is the 1st phase of a thorough decrees plan: in March the G7 and also EU will certainly outlaw Russian jewels that have actually been cut and perfected abroad. In September they are going to offer a qualification system to validate where precious stones were mined. These steps add up to the biggest change to the business in decades. Why possesses it taken as long to enforce injunctions on Russia's gemstone sector-- and also what effect will they possess?