.RUSSIA’S DIAMOND field is actually under the gun. On January 1st the G7, a group of rich nations, as well as the European Association disallowed bring ins of rough precious stones unearthed in Russia– a 3rd of the overall drawn out worldwide in 2022. On January 3rd the EU included Russia’s condition mining firm, as well as its own president, to its own penalties checklist.
This is actually the first stage of a comprehensive decrees plan: in March the G7 and also EU will disallow Russian treasures that have been reduced and also fine-tuned abroad. In September they are going to offer an accreditation plan to validate where precious stones were actually unearthed. These steps amount to the biggest improvement to the business in decades.
Why has it taken such a long time to impose decrees on Russia’s diamond industry– and what effect will they have?