.RUSSIA’S precious stone field is actually struggling. On January 1st the G7, a team of abundant countries, as well as the European Union prohibited bring ins of rugged diamonds extracted in Russia– a third of the complete drawn out worldwide in 2022. On January 3rd the EU added Russia’s state exploration provider, and also its ceo, to its own decrees list.
This is actually the first phase of a complete penalties scheme: in March the G7 and also EU are going to disallow Russian treasures that have been actually cut and also perfected abroad. In September they will definitely launch a license scheme to validate where rubies were actually mined. These procedures amount to the most significant change to your business in many years.
Why has it taken as long to impose penalties on Russia’s precious stone market– and what influence will they have?