.RUSSIA'S precious stone industry is under the gun. On January first the G7, a group of wealthy nations, and also the European Union outlawed imports of tough gemstones unearthed in Russia-- a third of the complete drawn out worldwide in 2022. On January 3rd the EU included Russia's condition exploration company, and its own ceo, to its own decrees checklist. This is the initial period of an extensive sanctions program: in March the G7 as well as EU will ban Russian jewels that have actually been cut as well as fine-tuned abroad. In September they will present a certification program to verify where rubies were actually mined. These procedures add up to the most significant change to the business in years. Why has it taken as long to establish decrees on Russia's ruby business-- and also what impact will they have?