.RUSSIA’S gemstone industry is actually under pressure. On January first the G7, a team of abundant nations, as well as the European Association banned bring ins of harsh diamonds extracted in Russia– a 3rd of the complete removed worldwide in 2022. On January 3rd the EU included Russia’s condition exploration business, as well as its leader, to its own sanctions list.
This is actually the 1st stage of a thorough decrees plan: in March the G7 and EU will disallow Russian jewels that have been cut and polished abroad. In September they are going to introduce a qualification plan to validate where diamonds were actually mined. These measures add up to the most significant adjustment to your business in decades.
Why possesses it taken so long to establish penalties on Russia’s diamond field– as well as what effect will they have?