.RUSSIA'S ruby market is actually struggling. On January first the G7, a team of wealthy countries, and the European Alliance prohibited imports of tough precious stones mined in Russia-- a third of the overall extracted worldwide in 2022. On January 3rd the EU included Russia's state exploration company, and its president, to its own sanctions list. This is actually the 1st phase of a comprehensive sanctions scheme: in March the G7 as well as EU will definitely outlaw Russian gems that have actually been cut and also polished abroad. In September they are going to present a qualification program to validate where rubies were actually extracted. These actions add up to the most significant change to your business in many years. Why possesses it taken so long to impose penalties on Russia's diamond field-- and also what impact will they have?