.RUSSIA'S precious stone market is actually struggling. On January 1st the G7, a group of wealthy nations, and the European Association prohibited imports of tough precious stones extracted in Russia-- a 3rd of the overall extracted worldwide in 2022. On January 3rd the EU added Russia's condition exploration firm, as well as its ceo, to its own injunctions listing. This is actually the first stage of a complete penalties plan: in March the G7 and also EU will certainly outlaw Russian treasures that have been cut as well as polished abroad. In September they are going to launch a qualification plan to confirm where precious stones were unearthed. These steps amount to the greatest adjustment to the business in many years. Why has it taken such a long time to impose sanctions on Russia's diamond field-- as well as what effect will they have?