.RUSSIA'S gemstone business is under the gun. On January first the G7, a group of abundant nations, and also the European Union outlawed imports of harsh gemstones extracted in Russia-- a 3rd of the complete extracted worldwide in 2022. On January 3rd the EU added Russia's state mining company, as well as its own president, to its own decrees list. This is actually the very first period of a complete sanctions system: in March the G7 and EU will definitely ban Russian jewels that have been actually cut as well as perfected abroad. In September they will certainly present a license program to validate where rubies were actually unearthed. These procedures add up to the greatest change to the business in many years. Why has it taken such a long time to impose decrees on Russia's precious stone market-- and what influence will they have?