.RUSSIA'S ruby business is actually under pressure. On January 1st the G7, a group of wealthy countries, and the European Alliance outlawed imports of rugged diamonds extracted in Russia-- a 3rd of the complete drawn out worldwide in 2022. On January 3rd the EU included Russia's condition mining provider, and also its own ceo, to its penalties checklist. This is actually the initial stage of an extensive sanctions system: in March the G7 and also EU will ban Russian gems that have been cut and also refined abroad. In September they will offer a qualification scheme to verify where gemstones were extracted. These procedures amount to the most significant adjustment to the business in years. Why possesses it taken such a long time to establish decrees on Russia's precious stone market-- and what influence will they possess?